Describe verbally the effect on wage rates and employment
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Which industries and occupations have the highest rates of unionization? Which the lowest? Speculate on the reasons for such large differences.
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What is meant by investment in human capital? Use this concept to explain (a) wage differentials and (b) the long-run rise of real wage rates in the US.
Suppose the formerly competing firms in question 3 form an employers' association that hires labor. Describe verbally the effect on wage rates and employment.
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Explain the tax benefit rule as it applies to refunds of state and local income taxes, as well as federal income taxes.
Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the services of labor.
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