--%>

Theory of wage differentials according to Adam Smith

Adam Smith’s theory of wage differentials is least consistent along with a case wherein a: (i) chef in a five-star restaurant earns a higher wage than a cook into a fast food restaurant. (ii) security guard for a U.S. firm into Baghdad is paid more than a security guard in Denver. (iii) bulldozer operator is paid more per hour in the winter in Alaska than in the summer. (iv) gas station in a small town pays clerks higher wages than are paid through an almost the same gas station across the street. (v) window washer in a high-rise building is paid more than any janitor in identical building.

Hey friends please give your opinion for the problem of Economics that is given above.

   Related Questions in Managerial Economics

  • Q : Hiring additional workers exceeds the

    One purpose that firms hire labor at the point where w is equal to P x MPPL is: (1) if w < P x MPPL, the cost (w) of hiring additional workers exceeds the gains (P x MPPL) of hiring them, therefore they would hire fewer workers. (2) when w > P x

  • Q : Spencer and Sieglemans definition of

    What is Spencer and Siegleman’s definition of Managerial economics?

  • Q : Managerial Economics according to

    Illustrates the managerial Economics according to Spencer and Siegleman?

  • Q : Determined equilibrium wage from the

    Within a purely competitive labor market, there the firm: (w) sets the wage that the household should accept. (x) should accept the wage demanded by the household. (y) and household arrive at the wage by bargaining. (z) and household should take the e

  • Q : Highest income of supply of labor This

    This worker’s weekly income in this demonstrated figure would be the highest at: (w) point a. (x) point b. (y) point c. (z) point d. How can I solve my Economics problem? Please suggest me the correct answer.

  • Q : Social Welfare and Labor Market

    A labor market operates inefficiently when labor is hired only up to a point where, that the last worker: (1) VMP = w. (2) VMP minus MRC exceeds zero and is maximized. (3) P x MPPL = w. (4) added total revenue equals added total cost.

    Q : Diminishing Returns and Increasing Costs

    I have a problem in economics on Diminishing Returns and Increasing Costs. Please help me in the following question. The concave (or bowed out) production possibilities frontier means that the opportunity costs are: (i) Constant (ii) Increasing (iii)

  • Q : Explain about leading indices Explain

    Explain about leading indices.

  • Q : States the Delphi Survey method of

    States the Delphi Survey method of Demand Forecasting?

  • Q : Income Effects and Substitution Effects

    When the substitution effect of a higher wage rate is more powerful than the income effect, in that case the: (1) supply curve of labor will be positively sloped. (2) demand for leisure increases as income rises. (3) human capital eff