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Question: Why do wage rates differ? Which of the following is required for all workers to earn identical wa…
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Question: Why do wage rates differ? Which of the following is required for all workers to earn identical wa...

Question: Why do wage rates differ? Which of the following is required for all workers to earn identical wa...

Show transcribed image text Why do wage rates differ? Which of the following is required for all workers to earn identical wages? Check all that apply. All jobs require the performance of similar types of tasks. Workers can move from one labor market to another at zero cost. Workers cannot have a college degree. Other than the amount they pay, all jobs are considered equally attractive to all workers. Why demand and supply differ among labor markets The following graph shows the annual percentage increase in productivity (measured as output per hour of work) and real wages in the United States for three different time periods. Use the graph to answer the following questions. True or False: The graph Illustrates that there is a positive relationship between productivity growth and wage growth. False True Notice that compensation begins to grow even more slowly than productivity after 1973. That is, compared to the 1948-1973 period, the height of the compensation bars is shorter with respect to the productivity bars during the 1974-1995 and 1996-2003 periods. One explanation for the slower growth in compensation is that the compensation measures do not capture the substantial improvements in working conditions that have occurred over the past few decades. According to this explanation, the difference between productivity and compensation growth might be smaller if we could account for: Reductions in job tenure Reductions in fringe benefits Worsening nonpecuniary job characteristics Workers' preferences being met at a higher rate

Why do wage rates differ? Which of the following is required for all workers to earn identical wages? Check all that apply. All jobs require the performance of similar types of tasks. Workers can move from one labor market to another at zero cost. Workers cannot have a college degree. Other than the amount they pay, all jobs are considered equally attractive to all workers. Why demand and supply differ among labor markets The following graph shows the annual percentage increase in productivity (measured as output per hour of work) and real wages in the United States for three different time periods. Use the graph to answer the following questions. True or False: The graph Illustrates that there is a positive relationship between productivity growth and wage growth. False True Notice that compensation begins to grow even more slowly than productivity after 1973. That is, compared to the 1948-1973 period, the height of the compensation bars is shorter with respect to the productivity bars during the 1974-1995 and 1996-2003 periods. One explanation for the slower growth in compensation is that the compensation measures do not capture the substantial improvements in working conditions that have occurred over the past few decades. According to this explanation, the difference between productivity and compensation growth might be smaller if we could account for: Reductions in job tenure Reductions in fringe benefits Worsening nonpecuniary job characteristics Workers' preferences being met at a higher rate

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