ECN 361 Week 8 Discussions plus Quiz

(ECN 361 Week 8)

ECN 361 Week 8 Discussion Question 1, Participation, Responses

Using the theory of wage determination, explain why wages in developing countries, where levels of capital are small, are typically quite low.

ECN-361 Week 8 Discussion Question 2, Participation, Responses

In the 1980s, the dangerous Ebola virus entered the United States through contaminated monkeys that were imported for use in medical experiments. Suppose this virus had not been contained but had spread to the general population. Assume that the virus is lethal in half of the people who are exposed to it. Describe the resulting
effect on labor productivity

ECN 361 Week 8 Quiz (Questions & Answers)

1. Question: Government vouchers to purchase food, also known as food stamps, are an example of
2. Question: If the wages of a dentist increase, which of the following statements is not true?
3. Question: Figure 18-5 Refer to Figure 18-5. If the relevant labor supply curve is S₂ and the current wage is
4. Question: Suppose that an industrial accident at a factory destroys a significant number of high-speed blenders that bartenders use to mix frozen drinks. What will happen in the labor market for bartenders?
5. Question: Which of the following explains why soccer players make millions of dollars in Europe but do not in the United States?
6. Question: Scenario 18-4 Suppose that workers from northern Minnesota, North Dakota, and Montana decide to immigrate to southern Canada. Refer to Scenario 18-4. In the labor market in southern Canada, the equilibrium wage
7. Question: Scenario 19-3 In the small town of Hamilton, Montana, there is a local hardware store called Eddy’s Hardware. There are only two types of workers who apply for jobs at Eddy’s Hardware: cowboys and farm boys. Local politicians have received numerous complaints that Eddy’s Hardware is practicing wage discrimination against farm boys. Eddy’s Hardware denies the complaint and says the store is only trying to maximize Refer to Scenario 19-3. Which of the following statements would weaken the discrimination complaint against Eddy’s Hardware?
8. Question: Jake and Levi have 130 hours of college credit each from Impressive University. Each has 30 hours of economics. Jake has a bachelor’s degree, whereas Levi is three credits short of required physical education classes and therefore does not have a degree. Each of them has one year of experience as a market analyst for ABC Company. Assuming that the physical education class would not enhance Levi’s job performance, if Jake earns a higher salary than Levi, the ABC Company may subscribe to the
9. Question: Figure 18-5 Refer to Figure 18-5. Assume W ₁ = $15 and W ₂ = $12, and the market is always in A shift
10. ​ Question: Table 18-5 Refer to Table 18-5. What is the value for the cell labeled AA?