2. Alternative explanations of wage disparities Suppose that a labor economist claims that recipients of economics Ph.D.s gain little in terms of acquired productive skills from their graduate studies but that, instead, the degree simply reflects a high level of inherent mathematical ability.

Which one of the following characterizes the labor economist's perspective on the link between education and wages?

A. Compensating differentials
B. Human capital
C. Signaling
D. The superstar phenomenon

A famous rapper has earned enormous sums of money by supplying creative music to millions of fans. Which of the following statements characterize this market in which some earn astronomical incomes while others (who may have similar talent) earn very little? Check all that apply.

A. Because of technology, his music is essentially a public good
B. The best recording artists have high levels of human capital
C. The best recording artists earn dramatically more than good or mediocre artists
D. Customers in this type of market prefer having twice as much of a good from a recording artist half as talented as the superstar
E. Nearly all customers in the market desire the good supplied by the superstar.

Question

04-05-2020
Business

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2. Alternative explanations of wage disparities Suppose that a labor economist claims that recipients of economics Ph.D.s gain little in terms of acquired productive skills from their graduate studies but that, instead, the degree simply reflects a high level of inherent mathematical ability.

Which one of the following characterizes the labor economist's perspective on the link between education and wages?

A. Compensating differentials
B. Human capital
C. Signaling
D. The superstar phenomenon

A famous rapper has earned enormous sums of money by supplying creative music to millions of fans. Which of the following statements characterize this market in which some earn astronomical incomes while others (who may have similar talent) earn very little? Check all that apply.

A. Because of technology, his music is essentially a public good
B. The best recording artists have high levels of human capital
C. The best recording artists earn dramatically more than good or mediocre artists
D. Customers in this type of market prefer having twice as much of a good from a recording artist half as talented as the superstar
E. Nearly all customers in the market desire the good supplied by the superstar.

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Munali Munali · Answer 1 · 2020-05-06T02:42:46+02:00

Answer:

2.

C. Signaling.

3.

E. Nearly all customers in the market desire the good supplied by the superstar.

C. The best recording artists earned dramatically more than good or mediocre artists.

Explanation:

The corrects answers to the given questions are

2. C Signaling

According to signaling theory productivity is not dependent on education however education serves as a signal for higher productivity.

3.

E. Nearly all customers in the market desire the good supplied by the superstar.

C. The best recording artists earned dramatically more than good or mediocre artists.

The fans eagerly wait for their favorite artist to perform and this lets the artist earn enormous amount of money. The rapper has selected the strategy to supply creative music to his millions of fans who will keep listening to the music again and again this will enhance his popularity and will ultimately result in more money

nikitavidya0 nikitavidya0 · Answer 2 · 2021-12-02T18:30:22+01:00

2. The link between education and wages is established with the signaling theory of education.

3. The best recording artists earn dramatically more than good or mediocre artists and Nearly all customers in the market desire the good supplied by the superstar.

The signaling theory states that people's future ability to be productive and earn more wages could be judged based on their educational level.

However, it also explains the independent behavior of productivity from education and does not guarantee efficient productivity from highly educated people.

The markets where one person may earn enormously more than others are seen in the music industry. It is because artists who can spend more on music are able to reduce their musical flaws than those who do not have much money to make great musical recordings.

Similarly, products that are endorsed by super starts earn more sellings than others as customers trust products more that are endorsed by their favorite celebrities.

Learn more about signaling theory and here:

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