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Author Question: The percentage of workers whose wages are set by explicit contracts increases. This should (Read 131 times)

luvbio

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Question 1

Suppose that workers in the food service industry go on strike during an economic downturn because they are unwilling to accept a cut in their wages unless they know that workers in other industries are receiving similar wage cuts. This example is consistent with the


◦ efficiency wage explanation of unemployment.
◦ explicit contract explanation of unemployment.
◦ social contract explanation of unemployment.
◦ relative-wage explanation of unemployment.

Question 2

The percentage of workers whose wages are set by explicit contracts increases. This should


◦ make it more difficult for the labor market to reach an equilibrium after a change in the demand for labor.
◦ make it easier for the labor market to reach an equilibrium after a change in the demand for labor.
◦ have no impact on the movement of the labor market toward equilibrium after a change in the demand for labor.
◦ cause the labor market to always be at an equilibrium, even if there is a change in the demand for labor.


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Marked as best answer by luvbio on Apr 19, 2019

hramirez205

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hramirez205

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