Chapter 9 Labor, Employment, and Wages

When deciding between jobs, people consider

• the salary.
• vacation time.
• their satisfaction with the work.
• All of the above

The demand for labor could decrease if

• the products that workers make become popular.
• there is a decrease in the number of foreign workers.
• there is a decrease in demand for the products that workers make.
• there is a decrease in the supply of labor available.

One of the key elements in the productivity of workers is

• their age.
• their education and training.
• their grades from school.
• their previous job.

An economist would explain the huge salaries commanded by entertainers and professional athletes as

• the result of union negotiations.
• famous people getting anything they want.
• the result of supply and demand.
• a tragedy.

If minimum wage is set above the equilibrium wage rate, it will

• shift the demand curve for labor to the right.
• result in fewer workers entering the labor market.
• result in employers being willing to hire fewer workers.
• cause a shortage in the labor market.

Another name for money wage is

• real wage
• nominal wage
• minimal wage
• Both a and b

Increasing your educational level can

• increase your income.
• increase your probability of remaining employed.
• increase your lifetime income.
• All of the above.

If the union and the employer are unable to reach an agreement, the union may

• sue the employer in court.
• strike.
• retreat.
• raise dues.

The American Federation of Labor (AFL) and the Congress of Industrial Organizations (CIO)

• consisted of workers with similar skills.
• merged in the 1950's.
• have developed a strong relationship that continues today.
• have doubled their membership over the years.

Government regulations

• protect workers against occupational injuries and illnesses.
• specify minimum standards for potentially unsafe products.
• increase costs to taxpayers.
• All of the above.