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1.1.Evaluate each of the following statements based on your knowledge of economic theory. You should state...

1.1.Evaluate each of the following statements based on your knowledge of economic theory. You should state whether you agree or disagree. Cite economic theory -- not hypothesis testing or anything based on the data -- to support your expectation. In this case, you should be drawing on theories about labor demand and supply, and the marginal (revenue) product of labor and labor market conditions.

a) Females have different years of education from men on average.

b) Females earn lower wages on average than males.

c) Black individuals earn lower wages on average than the general population.

d) Married individuals earn higher wages on average than unmarried individuals.

e) Older individuals earn wages that are higher than younger individuals.

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Answer #1

a) Females have different years of education from men on average.

I disagree with this statement.

b) b) Females earn lower wages on average than males.

I agree with this statement. Females are paid lower wages than males due to gender discrimination.

c) Black individuals earn lower wages on average than the general population.

I disagree with this statement. It is only true where racism based on color, caste etc. is practiced.

d) Married individuals earn higher wages on average than unmarried individuals.

I disgree with this statement. There is no relationship between marriage and labor wages.

e) Older individuals earn wages that are higher than younger individuals.

I disagree with this statement. There is no relationship between age and labor wages. However, highly experienced labor have higher wages than low experience workers.

If you have any doubts please comment...

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