« previous next »

Author Question: Colleges and universities often do not pay salaries that are market-driven. For example, it is ... (Read 88 times)

jparksx

  • Hero Member
  • *****
  • Posts: 570
on: Jun 29, 2018
Colleges and universities often do not pay salaries that are market-driven. For example, it is typical for a history professor to make the same as an economics professor. What kinds of problems are likely to result from this kind of a pay scale?
 
  What will be an ideal response?

Question 2

Growth in potential GDP in the United States is estimated to be about
 
  A) 8.25 per year. B) 5.0 per year. C) 3.2 per year. D) 1.5 per year.


jharrington11

  • Sr. Member
  • ****
  • Posts: 365
Reply #1 on: Jun 29, 2018
Answer to Question 1

If the salary for the history professor is above the market-clearing level that he or she is likely to earn working anywhere else than that is going to result in an excess of applicants vis--vis the number of available positions (i.e. an excess supply of labor). In addition, if the salary paid to economists is lower than the going rate that economists could earn in the private sector then that will lead to a shortage of economics professors (i.e. and excess demand for labor).

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

The word drug comes from the Dutch word droog (meaning "dry"). For centuries, most drugs came from dried plants, hence the name.

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Many types of edible fungi are grown for the market. Many types of edible fungi are grown for the market.
Oceanic circulation, which is driven mainly by the prevailing winds, moderates earth's climate. Oceanic circulation, which is driven mainly by the prevailing winds, moderates earth's climate.
W. A. Rogers’s engraving, “Out of the Game,” showed one injured boy tending to another. It appeared W. A. Rogers’s engraving, “Out of the Game,” showed one injured boy tending to another. It appeared
A typical camshaft-driven high-pressure pump used to increase fuel pressure to 2,000 PSI or higher. A typical camshaft-driven high-pressure pump used to increase fuel pressure to 2,000 PSI or higher.
Diffusion as an entropy-driven process Diffusion as an entropy-driven process
Stock Market Question Stock Market Question
Video: Pneumonia Animation

For a complete list of videos, visit our video library