One of the Effects of Gas Prices Rising from About

question 171

True/False

One of the effects of gas prices rising from about $2 to about $4 per gallon was airlines ordering new, fuel-efficient aircraft.

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Definitions:

Compensating Differential

Additional wage or payment provided to workers to compensate for undesirable aspects of a job, such as risk or unpleasant conditions.

Compensating Wage Differential

A financial adjustment to salaries that aims to balance out less desirable aspects of a job, such as hazardous conditions or irregular hours.

Supply Of Labor

The supply of labor refers to the total hours that workers wish to work at a given real wage rate.

Labor Economists

Specialists who study the dynamics of the labor market, including employment, wages, and labor productivity.