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199. Multiple Choice: Beyond some point, a higher wage may ...
Question Beyond some point, a higher wage may induce an individual to work ________, and
the labor supply curve may then ________.
200. Multiple Choice: Consider the labor market for account...
Question Consider the labor market for accountants. As more people earn accounting
degrees, we should expect to see:
201. Multiple Choice: An increase in wealth will cause the ...
Question An increase in wealth will cause the labor supply curve to:
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202. Multiple Choice: A leftward shift in the labor supply ...
Question A leftward shift in the labor supply curve will result if:
203. Multiple Choice: Which of the following will not shift...
Question Which of the following will not shift the labor supply curve?
204. Multiple Choice: A leftward shift in the labor supply ...
Question A leftward shift in the labor supply curve might result from which of the following?
205. Multiple Choice: Which of the following will not shift...
Question Which of the following will not shift the labor supply curve?
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206. Multiple Choice: When a person becomes better educated...
Question When a person becomes better educated and is able to produce a better product,
the person's education is referred to as:
207. Multiple Choice: When a person receives more education...
Question When a person receives more education, this is referred to as increasing his or her
________. When a firm buys a new copy machine, this is referred to as purchasing
________.
208. Multiple Choice: Alex's boss notices that with each co...
Question Alex's boss notices that with each course Alex takes, he becomes a more
knowledgeable and efficient worker. This is an example of:
209. Multiple Choice: Factors of production are different f...
Question Factors of production are different from inputs in that factors of production:
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210. Multiple Choice: Derived demand for a factor means:
Question Derived demand for a factor means:
211. Multiple Choice: The factor distribution of income ref...
Question The factor distribution of income reflects that:
212. Multiple Choice: In the United States, payments to lab...
Question In the United States, payments to labor account for:
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213. Multiple Choice: Firms will continue to hire workers a...
Question Firms will continue to hire workers as long as:
214. Multiple Choice: Suppose a firm sells a good for a per...
Question Suppose a firm sells a good for a perfectly competitive price of $5. The equilibrium
wage rate is $10. The first worker it hires produces five units. Two workers produce
a total of nine units. If it hires two workers, the value of marginal product for the
second worker is ________.
215. Multiple Choice: Suppose a firm sells a good for a per...
Question Suppose a firm sells a good for a perfectly competitive price of $5. The equilibrium
wage rate is $10. The first worker it hires produces five units. Two workers produce
a total of nine units. Given this information, the firm will:
216. Multiple Choice: The firm's value of marginal product ...
Question The firm's value of marginal product curve:
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217. Multiple Choice: The firm's value of marginal product ...
Question The firm's value of marginal product curve slopes downward:
218. Multiple Choice: Although horses were once a very impo...
Question Although horses were once a very important factor of production, the development
of automobiles and other machinery reduced the demand for their use. This is an
example of:
219. Multiple Choice: In a perfectly competitive labor mark...
Question In a perfectly competitive labor market, the equilibrium wage in the industry:
220. Multiple Choice: When each factor is paid an amount eq...
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Question When each factor is paid an amount equal to the value of the marginal product of
the last unit of that factor employed in the factor market as a whole, this is referred
to as:
221. Multiple Choice: In the factor market for land, equili...
Question In the factor market for land, equilibrium rental prices will be ________ the value of
marginal product of land.
222. Multiple Choice: Scenario: The Decision to Hire LaborA...
Question Scenario: The Decision to Hire Labor
Assume that both the product market and the labor market are perfectly
competitive. The price of this firm's product is $5. The firm's total product with
respect to labor is given in the table that follows.
Reference: Ref 19-13
(Scenario: The Decision to Hire Labor) Look at the scenario The Decision to Hire
Labor. What is the VMP of the third worker to this firm?
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223. Multiple Choice: Scenario: The Decision to Hire LaborA...
Question Scenario: The Decision to Hire Labor
Assume that both the product market and the labor market are perfectly
competitive. The price of this firm's product is $5. The firm's total product with
respect to labor is given in the table that follows.
Reference: Ref 19-13
(Scenario: The Decision to Hire Labor) Look at the scenario The Decision to Hire
Labor. The marginal product of the fourth worker is:
224. Multiple Choice: Scenario: The Decision to Hire LaborA...
Question
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Scenario: The Decision to Hire Labor
Assume that both the product market and the labor market are perfectly
competitive. The price of this firm's product is $5. The firm's total product with
respect to labor is given in the table that follows.
Reference: Ref 19-13
(Scenario: The Decision to Hire Labor) Look at the scenario The Decision to Hire
Labor. If this profit-maximizing firm hires two workers, what is the equilibrium wage
rate in the labor market?
225. Multiple Choice: Scenario: The Decision to Hire LaborA...
Question Scenario: The Decision to Hire Labor
Assume that both the product market and the labor market are perfectly
competitive. The price of this firm's product is $5. The firm's total product with
respect to labor is given in the table that follows.
Reference: Ref 19-13
(Scenario: The Decision to Hire Labor) Look at the scenario The Decision to Hire
Labor. How many workers will this perfectly competitive, profit-maximizing firm
choose to hire if the equilibrium wage is $30?
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226. Multiple Choice: Scenario: The Decision to Hire LaborA...
Question Scenario: The Decision to Hire Labor
Assume that both the product market and the labor market are perfectly
competitive. The price of this firm's product is $5. The firm's total product with
respect to labor is given in the table that follows.
Reference: Ref 19-13
(Scenario: The Decision to Hire Labor) Look at the scenario The Decision to Hire
Labor. Look at the scenario The Decision to Hire Labor. Holding everything else
constant, if the demand for this firm's product decreases, then:
227. Multiple Choice: Scenario: The Decision to Hire LaborA...
Question
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Scenario: The Decision to Hire Labor
Assume that both the product market and the labor market are perfectly
competitive. The price of this firm's product is $5. The firm's total product with
respect to labor is given in the table that follows.
Reference: Ref 19-13
(Scenario: The Decision to Hire Labor) Look at the scenario The Decision to Hire
Labor. Look at the scenario The Decision to Hire Labor. This firm experiences
diminishing marginal product after it hires the ________ worker.
228. Multiple Choice: Large disparities in wages are often ...
Question Large disparities in wages are often used as:
229. Multiple Choice: People who have higher levels of huma...
Question People who have higher levels of human capital will tend to:
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230. Multiple Choice: If a union is able to bargain for a w...
Question If a union is able to bargain for a wage that is higher than the equilibrium, this
means that:
231. Multiple Choice: Time allocation refers to:
Question Time allocation refers to:
232. Multiple Choice: Leisure is considered a normal good, ...
Question Leisure is considered a normal good, since people:
233. Multiple Choice: If a person's marginal utility from a...
Question If a person's marginal utility from an additional hour of leisure is less than the
marginal utility gained from goods bought with the wages earned from an additional
hour of labor, then this person should:
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234. Multiple Choice: A person's optimal labor supply choice:
Question A person's optimal labor supply choice:
235. Multiple Choice: Within the labor–leisure framew...
Question Within the labor–leisure framework, when an individual's income effect is stronger
than the substitution effect from a wage increase, it will result in:
236. Multiple Choice: When a person receives a wage increas...
Question When a person receives a wage increase, changes in his or her labor supply
depend on:
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237. Essay: Reference: Ref 19-10 (Table: Product...
Question
Reference: Ref 19-10
(Table: Production Function for Shaheer's Framing Shop) Shaheer runs a framing
shop that creates custom picture frames for his customers. The table shows the
daily production function for his framing shop. He can hire a worker at a daily
competitive wage of $60, and he sells a custom frame at a competitive price of $10.
a) Calculate the marginal product of labor for each worker in the first empty column.
b) Calculate the value of the marginal product of labor for each worker in the second
empty column.
238. Essay: The corn-based ethanol boom has drama...
Question The corn-based ethanol boom has dramatically increased the price of farm acreage.
Using the concept of derived demand, explain how this happened. What role does
the elasticity of supply play in the market for land?
Answer
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239. Essay: Reference: Ref 19-11 (Table: Framing...
Question
Reference: Ref 19-11
(Table: Framing Shop Production Function) Shaheer runs a framing shop that
makes custom picture frames for his customers. The table Framing Shop
Production Function shows the daily production function for his framing shop. He
can hire a worker at a daily competitive wage of $70, and he sells a custom frame
at a competitive price of $10.
a) Complete the table by calculating the value of the marginal product of labor
(VMPL) for each worker.
b) How many workers should Shaheer hire to maximize his profit?
240. Essay: Reference: Ref 19-12 (Table: Framing...
Question
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Reference: Ref 19-12
(Table: Framing Shop Employment and Production) Shaheer runs a framing shop
that makes custom picture frames for his customers. The table Framing Shop
Employment and Production shows the daily production function for his framing
shop. He can hire a worker at a daily competitive wage of $70, and he sells a
custom frame at a competitive price of $10.
a) How many workers should Shaheer hire to maximize his profit?
b) Suppose that Shaheer is able to employ more sophisticated tools, which allow
his workers to be twice as productive. How many workers will he employ?
241. Essay: Suppose that two police officers are ...
Question Suppose that two police officers are identical in every way. One officer is employed
in Chicago, a metropolis of 5 million people, and the other officer is employed in
Madison, Indiana, a rural town of 25,000 people. Which officer is likely to receive
the higher wage? What is a likely source of this wage difference?
242. Essay: John and Deanna are married with two ...
Question John and Deanna are married with two children. Both adults have college degrees,
but Deanna has chosen not to enter the labor force, while John has worked
continuously for 10 years. Suppose Deanna decides to enter the labor force and
gets a job with John's employer. She is offered a salary that is $15,000 below
John's. Is Deanna being discriminated against because she is a woman? Support
your answer.
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243. Essay: You overhear an economist refer to th...
Question You overhear an economist refer to the price of leisure. What does this mean? How
can leisure have a price?
244. Essay: The supply curves for goods and servi...
Question The supply curves for goods and services are almost universally upward sloping.
How is it that labor supply can be downward sloping in certain cases?
245. Essay: The competitive labor market for econ...
Question The competitive labor market for economists is in equilibrium. Suppose that more
college students decide to major in economics. How will this affect this labor
market?
246. Essay: While reading the local newspaper you...
Question While reading the local newspaper you notice an article about a man who won a
sizable prize in the state lottery. This prize amounts to monthly payments for the
rest of the man's lifetime. The man is quoted as saying, “As soon as I receive that
first lottery payment, I will only work when I want to, rather than because I have to.”
How would an economist explain what has happened to this man's labor supply
curve?
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