Using a Traditional Labor Market Explanation of the Influence of Fairness

question 80

Multiple Choice

Using a traditional labor market explanation of the influence of fairness, we would assert that:

• A) the dissatisfaction with unfair wages by just one or few workers is sufficient to push wages up.
• B) unemployment caused by the imposition of minimum-wage laws is fundamentally unfair.
• C) workers do not complain about unfair wages if there is a glut of unemployed workers.
• D) if enough workers do not feel that their wages are fair, there will be a reduction in the supply of labor, and wage rates will increase.

---

Definitions:

Research and Development

These are activities undertaken by companies or governments in pursuit of new knowledge, innovations, and product development.

GDP

Gross Domestic Product is the sum value of all finished goods and services made within a country's borders over a certain timeframe, measured in monetary terms.

Industrial Countries

Nations with highly developed economies, characterized by significant industrial activity, advanced technological infrastructure, and higher standards of living.

Percentage

A proportion or part in relation to a whole, represented as a fraction of 100.