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wrightjb wrightjb
wrote...
Posts: 298
A week ago

Question 1.

Along an upward-sloping labor supply curve, as the wage rate increases, the opportunity cost of leisure ________, causing individuals to supply a ________ quantity of labor.



increases; greater



decreases; greater



increases; lower



remains constant; constant



Question 2.

Consider this quote from an article in the Wall Street Journal: "The stock of educated workers isn't increasing fast enough to keep up with rising demand.... Employers are paying the typical four-year college graduate [without graduate school] 75% more than they pay high-school grads. Twenty-five years ago, they were paying 40% more. Employers insist on ever better-educated, skilled workers. "

Source: David Wessel, "Lack of Well-Educated Workers Has Lots of Roots, No Quick Fix," Wall Street Journal, April 19, 2007, Page A2.

Which of the following best explains the rapid increase in the wage differential between college graduates and high school graduates?



The demand for college educated workers shifted to the right while the supply of college educated workers shifted to the left.



The demand for high-school educated workers shifted to the left faster than the supply of college educated workers shifted to the right.



The demand for college educated workers shifted to the right faster than the supply of college educated workers shifted to the right.



The supply of high-school educated workers shifted to the right faster than the demand for college educated workers shifted to the right.

Textbook 

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sadeensadeen
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Posts: 318
A week ago
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Answer 1

increases; greater



Answer 2

The demand for college educated workers shifted to the right faster than the supply of college educated workers shifted to the right.

1

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