Podcast
Questions and Answers
Who are the propounders of the Bargaining Theory of Wages?
Who are the propounders of the Bargaining Theory of Wages?
- Both a and b
- Francis A. Walker
- Joseph E. Stiglitz and George A. Akerlof
- John Davidson and Francis Ysidro Edgeworth (correct)
Which theory of wages suggests that workers are paid a wage equal to the additional value created by the last unit of labor employed?
Which theory of wages suggests that workers are paid a wage equal to the additional value created by the last unit of labor employed?
- Efficiency Wage Theory
- Residual Claimant Theory
- Marginal Productivity Theory (correct)
- Bargaining Theory of Wages
According to the Residual Claimant Theory, what does labor receive after all other factors of production have been compensated?
According to the Residual Claimant Theory, what does labor receive after all other factors of production have been compensated?
- Additional value created by labor
- Market-clearing wage
- Compensation equal to capital
- Residual income (correct)
What is the main idea behind the Efficiency Wage Theory?
What is the main idea behind the Efficiency Wage Theory?
Which theory proposes that wages are influenced by the bargaining power of employers and workers?
Which theory proposes that wages are influenced by the bargaining power of employers and workers?
According to the Marginal Productivity Theory of Wages, what determines the wage level?
According to the Marginal Productivity Theory of Wages, what determines the wage level?
Which economist is associated with the Subsistence Theory of Wages (The Iron Law of Wages)?
Which economist is associated with the Subsistence Theory of Wages (The Iron Law of Wages)?
What does the Wage Fund Theory propose?
What does the Wage Fund Theory propose?
Who refined the Wage Fund Theory initially proposed by Adam Smith?
Who refined the Wage Fund Theory initially proposed by Adam Smith?
What happens according to the Subsistence Theory of Wages if wages rise above a certain level?
What happens according to the Subsistence Theory of Wages if wages rise above a certain level?
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