48. Most federal judges earn less than half th salary that they earn in private

Question

48. Most federal judges earn less than half th salary that they earn in private legal practice. Which of the following does not help to explain their choice? The judge is satisfied with his choice a. The desire for prestige b. The desire for power c. Judges do not maximize utility d. The desire to serve their country e. The security of a lifetime appointment 49. Equilibrium wage a. Is the same in all labor markets b. ccurs where the supply of labor curve begins to bend backwards Cannot be calculated because there are so many labor markets c. d. Occurs where the market demand for labor equals the market supply of labor e. Is irrelevant because of unions. 50. The equilibrium wage for workers in fast food chains was $2.75 an hour. As the birth rate declined, there were fewer teenagers, the primary source of labor for this industry Which of the following is true? a. The supply of labor curve shifted to the right, which decreased the equilibrium wage b. The supply of labor curve shifted to the left, which increased the equilibrium wage c. The supply of labor curve shifted to the left, but there was no change in equilibrium wage d. The supply of labor curve shifted to the right, but there was no change in equilibrium Wage e. The demand for labor curve shifted to the right, which decreased the equilibrium wage

Explanation / Answer

48 c

49 d

50 b

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