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TEST BANK for Labor Economics 6th Edition by George Borjas. ISBN-.
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TEST BANK for Labor Economics 6th Edition by George Borjas. ISBN-.
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, Chap 01_6eStudent: ___________________________________________________________________________
1. Which is not a decision made by potential workers in the United States?
A. Deciding whether or not to participate in the labor force.
B. Determining how to divide one's time between work and leisure.
C. Choosing how much to produce to maximize firm profit.
D. Choosing how much education to receive.
E. Deciding which occupation to pursue.
2. Which of the following is not a leading actor in labor markets?
A. Consumers
B. Firms
C. Workers
D. Government
E. Unions
3. When forming theories, economists must be careful to
A. include all known facts and details.
B. omit crucial factors.
C. mirror the real world as realistically but as simply as possible.
D. consider historical behavior and policies.
E. limit the analysis to two variables.
4. Which of the following is a positive (rather than a normative) question?
A. What effect does increasing welfare assistance by 20% have on female labor supply?
B. Should the U.S. allow unlimited immigration?
C. Should the "Highly Qualified Teacher" provision of No Child Left Behind be eliminated?
D. Should there be a minimum wage?
E. Should trade unions be allowed to lobby Congress?
5. Which of the following is a normative (rather than a positive) statement?
A. The (nominal) minimum wage is $7.25 per hour.
B. Public education should be funded primarily at the state level.
C. The federal debt exceeds $8 trillion.
D. At its peak, unemployment exceeded 10% during the 2007 recession.
E. The average wage of high-school dropouts has fallen by 20% since 1970.
6. Suppose labor supply can be described as ES = 0.1w - 1,000 where w is yearly salary. How many workers
are willing to work when the yearly salary is $20,000?
A. 100
B. 200
C. 500
D. 1,000
E. 2,000
7. Suppose labor supply can be described as ES = 0.1w - 1,000 where w is yearly salary. What yearly salary
must be paid to encourage 6,000 workers to accept jobs?
A. $30,000
B. $40,000
C. $50,000
D. $60,000
E. $70,000
,8. Suppose labor supply can be described as ES = 0.1w - 1,000 where w is yearly salary. How many more
workers are willing to work at a yearly salary of $40,000 than at a yearly salary of $35,000?
A. 50
B. 100
C. 500
D. 1,000
E. 5,000
9. The labor demand curve shows how many workers the firm is willing to hire
A. at any particular time.
B. at a particular amount of labor supplied.
C. at any given wage.
D. into high-skill jobs.
E. when demand for the firm's output is low.
10. An outward shift in the labor demand curve implies that.
A. employers are now looking to hire more workers at any given wage.
B. employers are now looking to hire more workers if the wage increases.
C. employers are now looking to hire fewer workers regardless of the wage.
D. demand for the firm's output likely fell.
E. a greater number of workers are now more willing to work at any given wage.
11. The labor supply curve shows how many workers are willing to work
A. in a particular industry.
B. at any given time.
C. at the minimum wage.
D. at any given wage.
E. in order to maximize the firm's profit.
12. An upward-sloping labor supply curve implies that
A. a firm can always hire more workers, even without increasing the wage.
B. more workers are willing to work when wages are low.
C. more workers are willing to work as the market wage increases.
D. labor supplied is fixed.
E. there is a continuously increasing demand for labor.
13. What type of questions can be answered with economic tools without interjecting any value judgment as
to whether the particular outcome is desirable or harmful?
A. Normative questions.
B. Positive questions.
C. Labor questions.
D. Econometric questions.
E. Public policy questions.
14. What type of questions cannot be answered with theory or facts alone?
A. Normative questions.
B. Positive questions.
C. Factual questions.
D. Empirical questions.
E. Econometric questions.
15. In part labor economics concerns:
A. How labor markets work.
B. The study of education decisions.
C. The study of how households decide where to live.
D. The study of income inequality.
E. All of the above.
, 16. What is the difference between normative and positive economics?
A. Normative economics concerns the how and why of economic activity while positive economics
concerns what should be.
B. Positive economics concerns what is, while normative economics concerns what should be.
C. Both concern the how and why of economic activity, while only positive economics also concerns
what should be.
D. Neither deals with the how and why of economic activity, but normative economics concerns what
should be.
E. Positive economics is used in Microeconomics, while normative economics is used in
Macroeconomics.
17. The government is a player in the U.S. labor market in part because the government
A. determines who can go to college.
B. assigns potential workers to particular industries.
C. sets workplace worker safety regulations.
D. suggests a minimum wage for firms to pay.
E. funds employer-based health insurance benefits.
18. A firm's labor demand curve is typically
A. a vertical line.
B. a horizontal line.
C. upward-sloping.
D. downward-sloping.
E. associated with a slope equal in absolute value to the slope of the labor supply curve.
19. The typical labor supply curve
A. is u-shaped.
B. equals the marginal product of labor.
C. slopes up.
D. slopes down.
E. depends on the size of the firm.
20. A firm's demand for labor is derived in part from
A. government policy.
B. consumer demand for the firm's product.
C. unionized workers.
D. the firm's sunk costs.
E. the value of the firm's stock price.
21. The market for economists in Greenland has recently experienced an increase in the number of
economists employed and an increase in the wage of economists. What could explain such a change?
A. The demand for economists recently increased while the supply of economists remained unchanged.
B. The demand for economists recently decreased while the supply of economists remained unchanged.
C. The demand for economists remained unchanged while the supply of economists increased.
D. The demand for economists remained unchanged while the supply of economists decreased.
E. The demand for economists recently decreased while the supply of economists recently increased.
22. Which of the following affects the wage a firm is willing to pay its workers?
A. The productivity of workers.
B. Consumer demand for the goods and/or services that the firm creates.
C. The amount of fringe benefits the firm is required by law to pay.
D. The level of payroll taxes the firm must pay.
E. All of the above affect the wage a firm is willing to pay its workers.
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