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Which of the following is likely to be the largest source of earning differences between an...

Which of the following is likely to be the largest source of earning differences between an accountant and an elementary school teacher?

A) Employment discrimination

B) Differences in preferences for salary and type of work

C) Tournament pay

D) Differences in worker attitudes, such as honesty and reliability

True or False: Other things constant, workers with higher productivity will earn higher wages.

True or False: Hard work necessarily leads to a high income.

Consider two occupations (A and B) in which people have the same skills and abilities. When employed, workers in the two occupations work the same number of hours per day. In occupation A, employment is stable throughout the year, while employment in occupation B is characterized by seasonal layoffs.The annual wage will be lower in occupation ___ (A or B)

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Answer #1

1. B) Differences in preferences for salary and type of work

Explanation: Such a wage difference exists because people have a difference in their preferences for salary and types of work.

2. True

Explanation: Income tends to be equal to the marginal productivity of a worker.

3. False

Explanation: Income depends on the marginal output and not on the efforts put.

4. Occupation B

Explanation: The labor supply for occupation B will be less.

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