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econ 208 || QUESTIONS WITH ANSWERS 100% CORRECT!!
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  • Econ 208

e. may increase the wage paid to workers. correct answers An increase in the minimum wage a. will increase the wage paid to workers. b. will decrease the marginal physical product of workers. c. will decrease the employment of workers. d. will reduce unemployment. e. may increase the wag...

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  • August 19, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • e may increase the wage paid to workers

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  • Econ 208
  • Econ 208

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econ 208 || QUESTIONS WITH ANSWERS 100%
CORRECT!!
e.
may increase the wage paid to workers. correct answers An increase in the minimum wage
a.
will increase the wage paid to workers.
b.
will decrease the marginal physical product of workers.
c.
will decrease the employment of workers.
d.
will reduce unemployment.
e.
may increase the wage paid to workers.

d.
the more inelastic the supply curve for labour. correct answers For a monopsonistic hirer of
labour the gap between labour's marginal value product and its wage rate will be greater
Select one:
a.
the more elastic the firm's demand for labour.
b.
the more elastic the supply curve for labour.
c.
the more inelastic the firm's demand for labour.
d.
the more inelastic the supply curve for labour.

d.
the marginal expense of labour is equal to the marginal value product of labour. correct
answers A monopsonist will hire labour up to the point where
Select one:
a.
the marginal expense of labour is equal to marginal revenue.
b.
the marginal expense of labour is minimized.
c.
the marginal physical productivity of labour is maximized.
d.
the marginal expense of labour is equal to the marginal value product of labour.

b.
differences in the probability of being injured across industries. correct answers
Compensating differentials occur if wages are based on
Select one:
a.
wages needing to compensate for differences in the levels of capital across firms.
b.

, differences in the probability of being injured across industries.
c.
differences in marginal physical products.
d.
differences in the human capital of workers.

e.
shift to the right. correct answers When the price of the firm's product increases, the demand
curve for labour for a profit-maximizing firm operating in a competitive market will
Select one:
a.
be unaffected.
b.
become flatter.
c.
shift to the left.
d.
become steeper.
e.
shift to the right.

e.
increase leisure time. correct answers The decision to work less is a decision to
Select one:
a.
increase income.
b.
reduce leisure time.
c.
increase consumption.
d.
work harder.
e.
increase leisure time.

b.
the amount of labour hired depends upon how much output the firm can sell. correct answers
A firm's demand for labour is known as a "derived demand" because
Select one:
a.
the firm gains utility from hiring more labour.
b.
the amount of labour hired depends upon how much output the firm can sell.
c.
the wage rate paid to workers is derived from the market for labour.
d.
it is derived from the demand for capital.

b.

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