Real Wages and Productivity—Are Workers’ Paychecks Keeping Up?
1.Using the Chapter 13 Web-based Question: “Real Wages and Productivity—Are Workers’ Paychecks Keeping Up?”Historically, over the long run, real wages grow at about the same pace as labor productivity. But has real compensation per hour kept up with output per hour over the latest 3 years shown? Go to the Bureau of Labor Statistics website, www.bls.gov/lpc/ to find the answer. What you are looking for is the most current information on percentage changes in output per hour of all persons in the business sector (labor productivity) and percentage changes in real compensation per hour.
[Hint: This is not a 5 minute look up assignment. You will need to learn to navigate around the Bureau of Labor Statistics website to answer this. Also this question does not ask you to cut and paste the tables of info, but rather asks you to interpret the info. The tutorial or FAQ sections on the BLS site may help if you are impatient.]
2.Using the Chapter 13 “Origin of Idea” module, identify those who gave us the concepts of “monopsony” and “human capital,” and explain what those terms mean in your own words.
3.In terms of the Supply and Demand for labor, how are the minimum wage and union wages similar and how are they different? Think about the markets for these two and use economic analysis in your answer. Chapter 13 is your guide to this one.
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