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18 Cards in this Set
- Front
- Back
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1.What is the difference between “nominal wage” and “real wage”?
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2.What are the characteristics of a purely competitive labor market?
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3.What is a monopsony?
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4.What special economic problem occurs when the MRC is greater than the prevailing wage rate?
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5. Identify some examples of monopsony power.
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6.How can labor unions increase the wages f their membership?
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7.What is the difference between an “exclusive” and an “inclusive” union?
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8.What is the significance of the bilateral monopoly model?
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9.Identify the primary arguments for and against the minimum wage.
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10.What creates “wage differentials”?
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11.What does Marginal Revenue Productivity represent?
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12.What are non-competing groups?
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13.What is human capital?
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14.What are ‘compensating differences”?
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15.Identify some factors that contribute to “market imperfections”.
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16.Identify some typical factors that are part of an incentive pay plan.
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17.What are some negative effects of pay for performance?
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18.Identify some of the arguments for and against current CEO compensation pay practices.
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