CORRECTLY ANSWER ALL THREE MULTIPLE CHOICE QUESTIONS AND VERIFY THE TRUE FALSE QUESTIONS ARE CORRECT
16-Which of the following statements is true?
Income earned by a worker with a college degree grows more rapidly than a worker without a college degree during their early working years.
A worker with a college degree always earns less than a worker without a college degree.
A worker with a college degree initially earns more than a worker without a college degree but the latter surpasses the former in due course of time.
A worker without a college degree initially earns more than a worker with a college degree but the latter surpasses the former in due course of time.
Both the workers earn equal incomes after a certain period of time.
17. Why has the inequality of income become greater?
The demand for skilled workers has declined.
The demand for skilled workers has remained constant and the demand for unskilled workers has declined.
The government policies went against the unskilled workers.
The demand for skilled workers has increased and the demand for unskilled workers has not kept pace.
The demand for unskilled workers increased as they could be hired for lower wages.
19 An increase in the income tax rates:
makes the labor supply curve more inelastic.
increases the opportunity cost of leisure.
lowers the opportunity cost of leisure.
shifts the labor supply curve to the right.
shifts the labor demand curve to the right.
VERIFY THESE TRUE FALSE ANSWERS ARE CORRECT
1. Households’ expenditure on goods and services are sources of revenue for the firms.TRUE
2. If the government sets a minimum wage which is more than the equilibrium wage, the firms tend to demand more labor.FALSE
3- A market is classified as a monopsony will arise when there is only one seller of the product.FALSE
4- In 2001, Alex Rodriguez, a baseball player, was given a contract paying about $25 million per year. This contract was significantly higher than that of any other player in baseball. One explanation for “A-Rod” receiving such high compensation is the superstar effect.
5- Statistical discrimination is legal under the disparate impact standard but illegal under the treatment standard.
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