Question 1

Explain what is meant by "derived demand" as it relates to factors of production.

Accepted Answer

The demand for a factor of production is

Question 2

Which of the following government-subsidized programs have benefited the middle-income and upper-income quintiles more than the poor?

Accepted Answer

A)  higher education 
B)  school lunch programs 
C)  food banks 
D)  housing subsidies 
A)  higher education 
B)  school lunch programs 
C)  food banks 
D)  housing subsidies

Question 3

Which of the following best explains why firefighters are generally paid higher wages than those with comparable skills?

Accepted Answer

A)  Firefighters, on average, spend more years receiving training than do individuals in other professions. 
B)  Firefighting is dangerous work. 
C)  Firefighters are always on call. 
D)  Firefighters work more hours each month than do workers in most other professions. 
A)  Firefighters, on average, spend more years receiving training than do individuals in other professions. 
B)  Firefighting is dangerous work. 
C)  Firefighters are always on call. 
D)  Firefighters work more hours each month than do workers in most other professions.

Question 4

If the private-sector wage of biologists was significantly greater than that of music professors, what might happen if a university tried to pay its entire faculty the same salary?

Accepted Answer

Those individuals who are able to comman

Question 5

When should the profit-maximizing firm continue hiring additional labour?

Accepted Answer

A) as long as MRC = MRP B) as long as MRC > MRP C) as long as the MP of labour > 0 D) as long as MRC < MRP A) as long as MRC = MRP B) as long as MRC > MRP C) as long as the MP of labour > 0 D) as long as MRC < MRP

Question 6

Which of the following does NOT account for differences in income?

Accepted Answer

A)  province of employment 
B)  preferences toward leisure 
C)  education 
D)  age 
A)  province of employment 
B)  preferences toward leisure 
C)  education 
D)  age

Question 7

One disadvantage to a minimum wage as a policy tool to reduce relative poverty is that it tends to cause unemployment. Under what circumstances will the negative impact of unemployment be the lowest?

Accepted Answer

A)  when the supply of labour and demand for labour are both relatively elastic 
B)  when the supply of labour is relatively elastic and the demand for labour is relatively inelastic 
C)  when the supply of labour is relatively inelastic and the demand for labour is relatively elastic 
D)  when the supply of labour and demand for labour are both relatively inelastic 
A)  when the supply of labour and demand for labour are both relatively elastic 
B)  when the supply of labour is relatively elastic and the demand for labour is relatively inelastic 
C)  when the supply of labour is relatively inelastic and the demand for labour is relatively elastic 
D)  when the supply of labour and demand for labour are both relatively inelastic

Question 8

What is one of the arguments against employment equity programs?

Accepted Answer

A)  Someone may be hired on some basis other than productivity. 
B)  They violate the law of diminishing returns. 
C)  Workers will be required to invest in greater levels of human capital. 
D)  Firms will continue to maximize profits. 
A)  Someone may be hired on some basis other than productivity. 
B)  They violate the law of diminishing returns. 
C)  Workers will be required to invest in greater levels of human capital. 
D)  Firms will continue to maximize profits.

Explain what is meant by "derived demand" as it relates to factors of production.

Which of the following government-subsidized programs have benefited the middle-income and upper-income quintiles more than the poor?

Which of the following best explains why firefighters are generally paid higher wages than those with comparable skills?

If the private-sector wage of biologists was significantly greater than that of music professors, what might happen if a university tried to pay its entire faculty the same salary?

When should the profit-maximizing firm continue hiring additional labour?

Which of the following does NOT account for differences in income?

One disadvantage to a minimum wage as a policy tool to reduce relative poverty is that it tends to cause unemployment. Under what circumstances will the negative impact of unemployment be the lowest?

What is one of the arguments against employment equity programs?

The Role and Method of Economics

Scarcity, Trade-Offs, and Production Possibilities

Supply and Demand

Bringing Supply and Demand Together

Elasticity

Market Efficiency and Market Failure

Production and Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

The Environment

Filters

Exam 11: Labour Markets and the Distribution of Income

Explain what is meant by "derived demand" as it relates to factors of production.

Which of the following government-subsidized programs have benefited the middle-income and upper-income quintiles more than the poor?

Which of the following best explains why firefighters are generally paid higher wages than those with comparable skills?

If the private-sector wage of biologists was significantly greater than that of music professors, what might happen if a university tried to pay its entire faculty the same salary?

When should the profit-maximizing firm continue hiring additional labour?

Which of the following does NOT account for differences in income?

One disadvantage to a minimum wage as a policy tool to reduce relative poverty is that it tends to cause unemployment. Under what circumstances will the negative impact of unemployment be the lowest?

What is one of the arguments against employment equity programs?

The Role and Method of Economics

Scarcity, Trade-Offs, and Production Possibilities

Supply and Demand

Bringing Supply and Demand Together

Elasticity

Market Efficiency and Market Failure

Production and Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

The Environment

Filters