Exam 19: Factor Markets and the Distribution of Income

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Use the following to answer questions: Figure: Income and Leisure Opportunities -(Figure: Income and Leisure Opportunities) Given Keisha's preferences and opportunities for income and leisure shown in the figure Income and Leisure Opportunities, Keisha sees leisure as:

(Multiple Choice)

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Question 361

In the United States just after the turn of the twenty-first century, approximately _____ of total income in the economy took the form of compensation of employees.

(Multiple Choice)

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Question 362

Unions and efficiency wages usually lead to wages that are below the equilibrium level.

(True/False)

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Question 363

When labor is hired in a competitive market, the value of the marginal product of labor is computed by:

(Multiple Choice)

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Question 364

The competitive labor market for economists is in equilibrium. Suppose that more college students decide to major in economics. How will this affect the labor market?

(Essay)

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Question 365

Use the following to answer questions: Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers) Look at the figure The Demand for Bricklayers. If the price for bricks laid in the wall is $0.10 a brick, the marginal product of the second bricklayer is _____ bricks.

(Multiple Choice)

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Question 366

Efficiency wages reduce unemployment.

(True/False)

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Question 367

The marginal productivity theory of income distribution assumes that factor markets are:

(Multiple Choice)

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Question 368

If the marginal product is _, the value of marginal product must be _.

(Multiple Choice)

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Question 369

Showing 361 - 369 of 369

Use the following to answer questions: Figure: Income and Leisure Opportunities -(Figure: Income and Leisure Opportunities) Given Keisha's preferences and opportunities for income and leisure shown in the figure Income and Leisure Opportunities, Keisha sees leisure as:

In the United States just after the turn of the twenty-first century, approximately _____ of total income in the economy took the form of compensation of employees.

Unions and efficiency wages usually lead to wages that are below the equilibrium level.

When labor is hired in a competitive market, the value of the marginal product of labor is computed by:

The competitive labor market for economists is in equilibrium. Suppose that more college students decide to major in economics. How will this affect the labor market?

Use the following to answer questions: Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers) Look at the figure The Demand for Bricklayers. If the price for bricks laid in the wall is $0.10 a brick, the marginal product of the second bricklayer is _____ bricks.

Efficiency wages reduce unemployment.

The marginal productivity theory of income distribution assumes that factor markets are:

If the marginal product is _, the value of marginal product must be _.

First Principles

Economic Models: Trade-Offs and Trade 25

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas: Meddling With Markets

Elasticity

Taxes

International Trade

Decision Making by Individuals Firms

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods Common Resources

The Economics of the Welfare

Uncertainty, Risk, and Private Information

Filters

Exam 19: Factor Markets and the Distribution of Income

Use the following to answer questions: Figure: Income and Leisure Opportunities -(Figure: Income and Leisure Opportunities) Given Keisha's preferences and opportunities for income and leisure shown in the figure Income and Leisure Opportunities, Keisha sees leisure as:

In the United States just after the turn of the twenty-first century, approximately _____ of total income in the economy took the form of compensation of employees.

Unions and efficiency wages usually lead to wages that are below the equilibrium level.

When labor is hired in a competitive market, the value of the marginal product of labor is computed by:

The competitive labor market for economists is in equilibrium. Suppose that more college students decide to major in economics. How will this affect the labor market?

Use the following to answer questions: Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers) Look at the figure The Demand for Bricklayers. If the price for bricks laid in the wall is $0.10 a brick, the marginal product of the second bricklayer is _____ bricks.

Efficiency wages reduce unemployment.

The marginal productivity theory of income distribution assumes that factor markets are:

If the marginal product is _____, the value of marginal product must be _____.

First Principles

Economic Models: Trade-Offs and Trade 25

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas: Meddling With Markets

Elasticity

Taxes

International Trade

Decision Making by Individuals Firms

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods Common Resources

The Economics of the Welfare

Uncertainty, Risk, and Private Information

Filters

If the marginal product is _, the value of marginal product must be _.