Question
In: Economics
1. Higher education tends to lead to higher salaries because education: a) increases productivity b) enables...
1. Higher education tends to lead to higher salaries because education:
a) increases productivity
b) enables graduates to repay loans.
c) confers on one a higher social status.
d) requires time to acquire.
2. What changes in a labor market graph if the workers of a company form a union?
a) The labor market supply curve shifts to the right.
b) The labor market supply curve shifts to the left.
c) The labor market demand curve shifts to the right.
d) The labor market demand curve shifts to the left.
3. Explain the logic of efficiency wages.
Solutions
Expert Solution
ANSWER-
1.) Higher education tends to lead to higher salaries because education:
Answer- (a) increases productivity.
Explanation - Higher level of education leads to increase in persons knowledge and skills which increases prodcutivit.
2.) What changes in a labor market graph if the workers of a company form a union?
Answer - (c) The labor market demand curve shifts to the right.
Explanation - When the wokers form a union it leads to restricting the supply of labor and increasing the demand for labor and when demand for labor rises the labor market demand curve shifts to right.
3.) Explain the logic of efficiency wages.
Answer - The efficiency wages theory explains that the labor productivity increases when the wages of the labor is increased as the labor fell more motivated to work when the wages are increased.
Rahul Sunny answered 2 years agoRelated Solutions
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