Question 1

Institutional discrimination exists when employers refuse to hire certain workers based on factors not related to job performance.

Accepted Answer

A) True 
 B)False

Question 2

Comparable worth laws are laws that mandate comparable pay for:

Accepted Answer

A) people with comparable abilities. 
B) comparable work. 
C) everyone. 
D) people with comparable levels of seniority. 
A) people with comparable abilities. 
B) comparable work. 
C) everyone. 
D) people with comparable levels of seniority.

Question 3

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

Accepted Answer

A) demand intersects labor supply. 
B) supply intersects marginal factor cost. 
C) demand intersects marginal factor cost. 
D) supply intersects marginal revenue product. 
A) demand intersects labor supply. 
B) supply intersects marginal factor cost. 
C) demand intersects marginal factor cost. 
D) supply intersects marginal revenue product.

Question 4

Among jobs that you like, you would be wise to choose a job in a field in which:

Accepted Answer

A) labor demand and labor supply are both increasing. 
B) labor supply and labor demand are both decreasing. 
C) labor supply is decreasing while labor demand is increasing. 
D) labor supply is increasing while labor demand is decreasing. 
A) labor demand and labor supply are both increasing. 
B) labor supply and labor demand are both decreasing. 
C) labor supply is decreasing while labor demand is increasing. 
D) labor supply is increasing while labor demand is decreasing.

Question 5

A monopolist will hire workers up to the point at which the wage equals the marginal:

Accepted Answer

A) physical product of labor. 
B) physical product of labor times the price of output. 
C) physical product of labor times marginal revenue. 
D) cost of labor. 
A) physical product of labor. 
B) physical product of labor times the price of output. 
C) physical product of labor times marginal revenue. 
D) cost of labor.

Question 6

The elasticity of labor demand does not depend on the:

Accepted Answer

A) elasticity of demand for the firm's product. 
B) relative importance of the factor in the production process. 
C) possibility of and cost of substitution in production. 
D) elasticity of labor supply. 
A) elasticity of demand for the firm's product. 
B) relative importance of the factor in the production process. 
C) possibility of and cost of substitution in production. 
D) elasticity of labor supply.

Question 7

Suppose a firm is contractually obligated to pay workers $25 per hour despite the fact that the market-clearing wage is $19 per hour. If there are 500 qualified applicants but only 350 job openings, it is likely that:

Accepted Answer

A) the firm will hire 350 workers at $25 per hour and 150 workers at $19 per hour. 
B) the firm will go bankrupt. 
C) jobs will have to be rationed in some way, and the firm may use non-job-related qualities to do so. 
D) the market eventually will clear at a wage rate between $19 and $25. 
A) the firm will hire 350 workers at $25 per hour and 150 workers at $19 per hour. 
B) the firm will go bankrupt. 
C) jobs will have to be rationed in some way, and the firm may use non-job-related qualities to do so. 
D) the market eventually will clear at a wage rate between $19 and $25.

Question 8

A firm's demand curve for labor services:

Accepted Answer

A) is independent of the demand for the firm's output. 
B) will not change if technology changes. 
C) depends on the amount of other inputs used by the firm. 
D) is not related to the price of the firm's output. 
A) is independent of the demand for the firm's output. 
B) will not change if technology changes. 
C) depends on the amount of other inputs used by the firm. 
D) is not related to the price of the firm's output.

Question 9

Wages under a bilateral monopoly are determined by:

Accepted Answer

A) the positions of the labor supply and demand curves. 
B) the bargaining power of monopsonists and unions. 
C) marginal factory cost. 
D) labor productivity. 
A) the positions of the labor supply and demand curves. 
B) the bargaining power of monopsonists and unions. 
C) marginal factory cost. 
D) labor productivity.

Question 10

If the demand for widgets decreases, this will:

Accepted Answer

A) increase the supply of inputs used to produce widgets. 
B) decrease the supply of inputs used to produce widgets. 
C) increase the demand for inputs used to produce widgets. 
D) decrease the demand for inputs used to produce widgets. 
A) increase the supply of inputs used to produce widgets. 
B) decrease the supply of inputs used to produce widgets. 
C) increase the demand for inputs used to produce widgets. 
D) decrease the demand for inputs used to produce widgets.

Exam 17: Work and the Labor Market

Institutional discrimination exists when employers refuse to hire certain workers based on factors not related to job performance.

Comparable worth laws are laws that mandate comparable pay for:

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

Among jobs that you like, you would be wise to choose a job in a field in which:

A monopolist will hire workers up to the point at which the wage equals the marginal:

The elasticity of labor demand does not depend on the:

Suppose a firm is contractually obligated to pay workers $25 per hour despite the fact that the market-clearing wage is $19 per hour. If there are 500 qualified applicants but only 350 job openings, it is likely that:

A firm's demand curve for labor services:

Wages under a bilateral monopoly are determined by:

If the demand for widgets decreases, this will:

Economics and Economic Reasoning

The Production Possibility Model, Trade, and Globalization

Economic Institutions

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Using Supply and Demand

Describing Supply and Demand: Elasticities

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Market Failure Versus Government Failure

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Who Gets What the Distribution of Income

The Logic of Individual Choice: the Foundation of Supply and Demand

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