Exam 17: Work and the Labor Market

The same year that Derek Jeter, one-time shortstop for the New York Yankees, received an annual salary of $23.2 million, the president of the United States received an annual salary of $400,000. If the president of the United States actually contributed more to society than Derek Jeter, we can conclude that:

If an increase in the hourly wage rate from $5 to $6 causes a worker to work 5 hours rather than 4, the worker's elasticity of labor supply is equal to:

If the law of diminishing marginal product holds true and workers emigrate from Haiti, the marginal product of the workers remaining in Haiti will:

Wages under a bilateral monopoly are determined by:

Historically, technology has:

The derived demand curve for labor shows the:

On average, women receive ________ of the pay that men receive.

According to economic theory, which of the following types of discrimination is the easiest to eliminate?

When wages rise, the opportunity cost of:

Suppose that the marginal revenue product of labor is currently 40 and the marginal revenue product of capital is 30. If both inputs have the same cost, the firm should:

Which of the following will not shift the demand for labor to the right?

The higher the after-tax wage, the greater the quantity of labor supplied.

The opportunity cost of leisure:

If a union gains significant monopoly power in a competitive market, employment:

The optimal level of employment for a monopsonist corresponds to the point where labor:

Labor demand is less elastic when:

A labor supply elasticity of 0.1 means that a wage increase of 10 percent will:

The focal point phenomenon:

Which of the following statements best illustrates "Luddite reasoning"?

Which of the following factors most likely would explain why a U.S. company would choose to operate in the United States despite much lower wages in Mexico?