Refer to the table shown. \[\begin{array}{l} \begin{array} { | c | c | } \hline \text { Number wf Warkers } & \text { Tatal Praduct per Huur }\\ \hline 1 & 24 \\ \hline 2 & 44 \\ \hline 3 & 60 \\ \hline 4 & 74 \\ \hline 5 & 84 \\ \hline 6 & 90 \\ \hline 7 & 92 \\ \hline \end{array} \end{array}\] If the price per unit of product is $2, the marginal revenue product of the fourth worker is:

A) 14. B) 28. C) 32. D) 40. A) 14. B) 28. C) 32. D) 40.

Exam 17: Work and the Labor Market

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Refer to the table shown. Number wf Warkers Tatal Praduct per Huur 1 24 2 44 3 60 4 74 5 84 6 90 7 92 If the price per unit of product is $2, the marginal revenue product of the fourth worker is:

(Multiple Choice)

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Question 41

The elasticity of labor demand is higher when:

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Question 42

Some suggest that many New York taxi drivers set an income goal for the week and finish work once they have achieved that goal. If this is true, on busy days when the effective hourly wage is higher, taxi drivers will:

(Multiple Choice)

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Question 43

How do you explain the fact that,over the last century,real wages in the U.S.increased substantially while the average number of hours worked per person fell?

(Essay)

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Question 44

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

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Question 45

Entrepreneurship could best be classified as:

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Question 46

Demonstrate graphically and explain verbally a monopsony labor market.

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Question 47

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

(Multiple Choice)

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Question 48

The elasticity of labor supply:

(Multiple Choice)

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Question 49

Two members of the Kenyan parliament from coffee-growing areas said that no firm should have a monopoly to market Kenyan coffee. The retail coffee company Tetu Coffee has sparked a storm in the industry by promising to earn the country Sh400 (Kenyan Shilling)billion annually if given exclusive licenses to market Kenyan coffee. The members of parliament said the coffee bean farmers should be free to sell their beans to the highest bidder. If all coffee growers had to sell their produce to Tetu Coffee, this would be a(n):

(Multiple Choice)

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Question 50

The effect of a change in the wage rate on the number of hours people are willing and able to work is stronger when the:

(Multiple Choice)

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Question 51

The opportunity cost of leisure:

(Multiple Choice)

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Question 52

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

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Question 53

A labor supply elasticity of 1.4 means that a wage increase of:

(Multiple Choice)

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Question 54

If the marginal income tax rate falls from 50 percent to 40 percent:

(Multiple Choice)

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Question 55

The information revolution is:

(Multiple Choice)

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Question 56

A market in which there is only a single seller and a single buyer is a:

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Question 57

Suppose both wages and employment decrease. These changes most likely were caused by:

(Multiple Choice)

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Question 58

If a large group of people are willing to enter the labor market when wages rise, the market labor supply will be highly elastic even if individuals' supply curves are inelastic.

(True/False)

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Question 59

If there are a number of inexpensive substitutes for labor in the production process, labor:

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Question 60

Showing 41 - 60 of 150

Exam 17: Work and the Labor Market

Refer to the table shown. Number wf Warkers Tatal Praduct per Huur 1 24 2 44 3 60 4 74 5 84 6 90 7 92 If the price per unit of product is $2, the marginal revenue product of the fourth worker is:

The elasticity of labor demand is higher when:

Some suggest that many New York taxi drivers set an income goal for the week and finish work once they have achieved that goal. If this is true, on busy days when the effective hourly wage is higher, taxi drivers will:

How do you explain the fact that,over the last century,real wages in the U.S.increased substantially while the average number of hours worked per person fell?

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

Entrepreneurship could best be classified as:

Demonstrate graphically and explain verbally a monopsony labor market.

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

The elasticity of labor supply:

The effect of a change in the wage rate on the number of hours people are willing and able to work is stronger when the:

The opportunity cost of leisure:

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

A labor supply elasticity of 1.4 means that a wage increase of:

If the marginal income tax rate falls from 50 percent to 40 percent:

The information revolution is:

A market in which there is only a single seller and a single buyer is a:

Suppose both wages and employment decrease. These changes most likely were caused by:

If a large group of people are willing to enter the labor market when wages rise, the market labor supply will be highly elastic even if individuals' supply curves are inelastic.

If there are a number of inexpensive substitutes for labor in the production process, labor:

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