Exam (elaborations)

Test Bank for Contemporary Labor Economics, 12th Edition McConnell (All Chapters included)

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Course
International Economics

Institution
International Economics

Complete Test Bank for Contemporary Labor Economics, 12th Edition by Campbell R. McConnell, Stanley L. Brue, David A. Macpherson ; ISBN13: 9780357717417....(Full Chapters included Chapter 1 to 18)....Chapter 1: Labor Economics: Introduction and Overview Chapter 2: The Theory of Individual Labor Su...

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contemporary
labor
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12th edition
12e
mcconnell
9780357717417
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test bank

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TEST BANK

Contemporary Labor Economics
12th Edition by Campbell R. McConnell

Complete Chapters Test Bank
are included (Ch 1 to 18)

** Immediate Download
** Swift Response
** All Chapters included

,Chap 01 12e
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
1) Because resources are scarce relative to human wants, economics is best described as

A) the science of allocating productive resources fairly.
B) a science of choice.
C) the science of allocating goods and services fairly.
D) the set of natural laws that govern human behavior in the face of adverse conditions.

2) Labor economics is studied as a distinct subfield of economics because

A) the bulk of national income is received by labor.
B) the concepts of supply and demand must be revised somewhat when applied to labor
markets.
C) labor economics can be used to analyze major socioeconomic trends such as the surge
in the number of women workers.
D) All of these choices are correct.

3) The bulk of national income flows to

A) landowners in the form of rent.
B) capital owners in the form of interest.
C) capital owners in the form of profit.
D) workers in the form of wages and salaries.

4) As distinct from product market transactions, labor market transactions are unique in that

Version 1 1

, A) to the seller, the nonmonetary characteristics of the sale can be as important as the
price.
B) labor demand curves slope upward.
C) the price of labor is not determined by supply and demand factors.
D) they are less complex.

5) The concept of demand must be modified when applied to labor markets to reflect the
fact that

A) nonmonetary characteristics of jobs may be as important to workers as their pay.
B) labor demand curves slope upward from left to right.
C) the demand for labor is derived from the demand for the various products that labor
produces.
D) the demand for output is derived from the demand for labor used to produce that
output.

6) The "old" view of labor economics stresses ________, while the "new" view focuses
upon ________.

A) analysis; markets
B) description; analysis
C) description; institutions
D) institutions; description

7) Because scarcity forces people to make purposeful choices, labor market participants

A) work as many hours as possible.
B) respond to changes in perceived costs and benefits.
C) make choices that cannot be predicted.
D) must have perfect information.

Version 1 2

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Exam (elaborations)

Test Bank for Contemporary Labor Economics, 12th Edition McConnell (All Chapters included)

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