129. The determinants of labor supply include:
130. The quantity of labor supplied is determined by the:
131. The supply of labor is determined by the:
132. For any competitive labor market, changes that increase the opportunity cost of work will:
133. For any competitive labor market, changes that decrease the number of workers will:
134. For any competitive labor market, what change would have to occur to cause the labor supply to
increase and shift the supply curve right?
135. For any competitive labor market, what change would have to occur to cause the labor supply to
decrease and shift the supply curve left?
136. If it is a cultural norm to believe that “a busy person is an important person,” then we would expect
the labor:
137. If it is a cultural norm to practice an afternoon “siesta” (nap), it is likely that the labor:
138. If we compare the Baby Boom generation of workers to the number of workers who came before and
will come after them, we realize that, all other things equal, the Baby Boomer’s labor:
139. If the U.S. experiences an enormous surge of immigration, we could predict it would make the labor
supply:
140. A slump in one industry could increase the relative attractiveness of another industry:
141. Human capital is defined as the:
142. The set of skills, knowledge, experience, and talent that determine the productivity of workers is
called:
143. The more human capital workers have, the:
144. All of the following are examples of human capital except:
145. An example of human capital is:
146. All of the following are examples of human capital except:
147. Markets that require workers with similar human capital:
148. When labor is substitutable between two markets, we should expect:
149. Workers compete against workers who have:
150. When a worker has a rare skill or talent, supply in that labor market:
151. When a rare skill contributes to the production of something that consumers value highly the:
152. We can expect producers to pay:
153. In general, when people talk about investing, they mean that they:
154. A “capitalist” is someone who:
155. In the capital market, the rental price is what a:
156. In the capital market, the purchase price is what a:
157. The rental price of capital is the:
158. The intersection of supply and demand in the capital market determines the market equilibrium price
and quantity in the:
159. Which of the following is not how economists describe the term “economic rent?:
160. Tom has a PhD in history and teaches at the local college where he earns $75,000 a year. Truth be
161. Economists refer to the pattern of income that people derive from different factors of production as
the:
162. The factor distribution of income:
163. When considering the factor distribution of income, which of the following income would go to
owners of physical capital?
164. When considering the factor distribution of income, which of the following income is represented as
proprietor income?
165. When considering the factor distribution of income, into whose income would corporate profits be
included?
166. Minimum wages are:
167. A minimum wage law is a:
168. If the labor market worked efficiently, then an effective minimum wage law would:
169. The evidence on how minimum wage laws affect the real world:
170. An efficiency wage is a wage that:
171. One reason that an efficiency wage leads to greater worker productivity is that:
172. A monopsony is characterized as a market which has:
173. A market which consists of many sellers and only one buyer is called a:
174. In the market for labor, the monopsonist is the sole:
175. A “company town” is one in which:
176. A monopsony is an example of:
177. The most common way for workers to hold market power is when:
178. In general, the larger the membership of a union the:
16–43
179. In the U.S., some of the most powerful unions:
Chapter 16 Test Bank Summary
Category
# of Quest
ions
AACSB: Knowledge Application
88
AACSB: Reflective Thinking
91
Accessibility: Keyboard Navigation
170
Blooms: Apply
88
Blooms: Understand
91
Difficulty: 02 Medium
91
Difficulty: 03 Hard
88
Learning Objective: 16-01 Describe how factors of production contribute to output.
34
Learning Objective: 16-
02 Graph the demand curve for a factor of production and explain its relationship to ma
rginal productivity.
15
Learning Objective: 16-
03 Graph the supply curve for a factor of production; and explain what determines the s
upply of labor.
41
Learning Objective: 16-
04 Explain how to find the equilibrium price and quantity for a factor of production.
18
Learning Objective: 16-
05 Use graphs to demonstrate the effect of a shift in supply or demand and describe wh
at causes these curves to shift.
32
Learning Objective: 16-06 Explain the importance of human capital in the labor market.
11
Learning Objective: 16-
07 Describe the similarities and differences between the markets for land and capital an
d the market for labor.
14
Learning Objective: 16-
08 Describe two reasons why a wage might rise above the market equilibrium and how
this affects the labor market.
6
16–44
Learning Objective: 16-
09 Describe several causes of imperfectly competitive labor markets and their effect on
workers and employers.
8
Topic: Demand for Labor
15
Topic: Equilibrium in the Labor Market
18
Topic: Factors of Production
34
Topic: Human Capital
11
Topic: Market Power in Labor Markets
8
Topic: Minimum Wage and Efficiency Wage
6
Topic: Physical Capital and Land
14
Topic: Shifts in the Labor Market
32
Topic: Supply for Labor
1
Topic: Supply of Labor
40