SOLVED

21) The entry of China and other developing countries into the global economy ________ the value of marginal product of factory workers in the United States and ________ their wage rate. A) increases;Â lowers B) decreases;Â raises C) decreases;Â lowers D) increases;Â raises 22) The entry of China and other developing countries into the global economy ________ the wages of low-skilled workers and ________ the wages of high-skilled workers in the United States. A) lowers;Â lowers B) raises;Â raises C) raises;Â lowers D) lowers;Â raises 23) Globalization has ________ the price of many goods, which has caused the value marginal product of unskilled labor to ________ and the demand for unskilled labor to ________. A) decreased; decrease; decrease B) decreased; decrease; increase C) decreased; increase; increase D) increased; increase; increase 24) In the United States, globalization has caused the demand for unskilled labor to ________ and the demand for skilled labor to ________. A) decrease; increase B) decrease; decrease C) increase; increase D) increase; decrease Wage rate (dollars per hour) Quantity of labor demanded (hours per day) Quantity of labor supplied (hours per day) 2 80 50 4 70 55 6 60 60 8 50 65 10 40 70 25) The table above shows the demand for labor and supply of labor schedules for low-skilled labor. If the labor market is competitive, what is the wage rate of low-skilled labor and what is the quantity of low-skilled labor employed? A) $6 an hour; 60 hours a day B) $6 an hour; 65 hours a day C) $4 an hour; 70 hours a day D) $4 an hour; 55 hours a day 26) The above figure shows the demand and supply curves for high-skilled and low-skilled labor. The wage rate A) of high-skilled labor is $7.00 and of low-skilled labor is $6.00. B) of high-skilled labor is $9.00 and of low-skilled labor is $7.00. C) of high-skilled labor is $6.00 and of low-skilled labor is $4.00. D) of high-skilled labor is $9.00 and of low-skilled labor is $4.00. 27) The above figure shows the demand and supply curves for high-skilled and low-skilled labor. The wage differential between high-skilled and low-skilled labor is A) $4.00. B) $5.00. C) $6.00. D) $7.00. 28) The above figure shows the supply and demand curves for high-skilled and low-skilled labor. Low-skilled workers earn a wage rate of A) $15 per hour. B) $12 per hour. C) $9 per hour. D) $6 per hour. 29) The above figure shows the supply and demand curves for high-skilled and low-skilled labor. High-skilled workers earn a wage rate of A) $15 per hour. B) $12 per hour. C) $9 per hour. D) $6 per hour. 30) The above figure shows the supply and demand curves for high-skilled and low-skilled labor. The figure shows that high-skilled workers earn a wage rate greater than low-skilled workers because A) the supply of high-skilled labor is greater than the supply of low-skilled labor. B) high-skilled labor has a lower value of marginal product. C) of both the cost of acquiring skills and the differences in the value of marginal products. D) of discrimination.