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End ot CHaptu Answer True (T) or False (F): 1. The amount of pay a worker gets for a certain amount of work is called wages. 2. A worker who is paid by the piece is guaranteed the same fixed amount of pay every week. 3. Wages are a cost of doing business for employers. 4. In general, both employers and workers want wages to be as high as possible. 5. If employers need a service offered by an employee, that means there is a demand for that service. 6. As wages go up, the demand for workers usually goes up also. 7. When many employers want to hire workers with a certain skill, wages will go up. 8. The more workers there are in an area with a certain skill, the higher wages will be. 9. The market clearing wage is the wage that both employer and employee agree on. 10. Wages for workers with the same skill are almost always the same in every area of the country -11. A skill that t is rare and highly valued will earn a higher wage than a skill that almost everyone has 12. Median means the middle point. 13. In general, people with a higher level of education earn more than people with less education. labor union and bargain as a group with employers. law 14. Workers can often get higher wages when they join together in a 15. Every worker in the United States is covered by the minimum wage
ocino Alternative Schoal Ind ON TO ECONOMICS een ge. w, ni- as Think About It 1. What is meant by the market clearing wage? 2. What effect does competition among employers have on wages? 3. What effect does labor specializa- tion have on wages? 4. What effect does education have on a persons income?
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