Principles of Economics- Mankiw (5th) 423

Principles of Economics- Mankiw (5th) 423 - CHAPTER 19 E A...

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CHAPTER 19 EARNINGS AND DISCRIMINATION 435 for teenage workers. Give two reasons why a single minimum wage might distort the labor market for teenage workers more than it would the market for adult workers. 3. A basic finding of labor economics is that workers who have more experience in the labor force are paid more than workers who have less experience (holding constant the amount of formal education). Why might this be so? Some studies have also found that experience at the same job (called “job tenure”) has an extra positive influence on wages. Explain. 4. At some colleges and universities, economics professors receive higher salaries than professors in some other fields. a. Why might this be true? b. Some other colleges and universities have a policy of paying equal salaries to professors in all fields. At some of these schools, economics professors have lighter teaching loads than professors in some other fields. What role do the differences in teaching loads play? 5. Sara works for Steve, whom she hates because of his
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