Question 1) Distinguish between nominal and real wages.
Question 2) Write down those factors which have led to the increasing level of real wages in the U.S. historically.
Question 3) Find the equilibrium wage rate and employment level when given suitable data for a firm operating in a purely competitive product and labor market; a firm operating in a monopolistically competitive product market and a purely competitive labor market; and a firm operating in a purely competitive product market and a monopsonistic labor markets.
Question 4) Illustrate graphically how wage rates are determined in purely competitive and monopsonistic labor markets.
Question 5) Write down the methods used by labor organizations to increase wages and the impact each has on employment. Give specific examples.
Question 6) Demonstrate graphically how an inclusive (industrial) union and the exclusive (craft) union would affect wages and employment in a previously competitive labor market.
Question 7) Describe and show graphically wage determination in the bilateral monopoly model.
Question 8) Write down the main points in the cases for and against minimum wage.
Question 9) Describe the demand factors which create wage differentials.
Question 10) Describe the supply factors which create wage differentials.
Question 11) Explain salary systems in which pay is linked to performance rather than to time briefly.
Question 12) Explain the negative side effects of poorly planned incentive pay plans.