Business, 05.05.2021 19:40 mckayboyd1
Why wages differ
For each of the scenarios in the following table, indicate the most likely reason for the difference in earnings.
Scenario
Differences in Human Capital
Compensating Differential
Differences in Natural Ability
Labor Unions
An economics consulting firm hires Rina, a recent PhD graduate in economics, and pays her an annual wage of $76,000. It also hires Bob, a recent master's degree graduate in economics, and pays him an annual wage of $64,000.
Major league baseball pitchers earn more than minor league baseball pitchers.
Two automotive technicians have the same amount of schooling and work experience, but earn different wages. The first works the day shift for an auto manufacturer factory for an annual wage of $53,000 per year, and the second works the night shift for the same company for an annual wage of $64,000 per year.
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Why wages differ
For each of the scenarios in the following table, indicate the most likely reason...
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