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.
Atmospheric pressure decreases as altitude increases.
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Chinese workers on a railway in the far West. “Without them,” Leland Stanford, president of the Cent
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