Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. \[\begin{array} { | c | c | } \hline \text { Number of Workers } & \text { Pizzas Baked Per Day } \\ \hline 0 & 0 \\ \hline 1 & 10 \\ \hline 2 & 18 \\ \hline 3 & 24 \\ \hline 4 & 30 \\ \hline 5 & 32 \\ \hline \end{array}\] How many workers will Joe hire if he must pay each one $35 a day?

A) 1 B) 2 C) 3 D) 4 A) 1 B) 2 C) 3 D) 4

The following table provides information about production at the XYZ-TV Company. \[\begin{array} { | c | c | c | c | } \hline \text { Number of Workers } & \text { TVs Produced } & \text { Marginal Product } & \begin{array} { c } \text { Value of Marginal } \\ \text { Product } \end{array} \\ \hline 0 & 0 & \cdots & \cdots \\ \hline 1 & 35 & 35 & \$ 35,000 \\ \hline 2 & 68 & 33 & \$ 33,000 \\ \hline 3 & 99 & 31 & \$ 31,000 \\ \hline 4 & 128 & 29 & \$ 29,000 \\ \hline 5 & 155 & 27 & \$ 27,000 \\ \hline \end{array}\] How many workers will the XYZ-TV Company hire if the going wage for TV production workers is $30,000?

A) 0 B) 1 C) 2 D) 3 A) 0 B) 1 C) 2 D) 3

High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. \[\begin{array} { | c | c | } \hline \text { Number of Workers } & \text { Chairs Produced Per Hour } \\ \hline 0 & 0 \\ \hline 1 & 10 \\ \hline 2 & 18 \\ \hline 3 & 24 \\ \hline 4 & 28 \\ \hline 5 & 30 \\ \hline \end{array}\] For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $120?

A) 0 B) 3 C) 5 D) More than 5 A) 0 B) 3 C) 5 D) More than 5

Exam 6: Measuring the Price Level and Inflation

Data for an economy shows that the unemployment rate is 6 percent, the participation rate 60 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?

(Multiple Choice)

4.7/5

(40)

Question 21

The number of unemployed divided by the labor force equals the:

(Multiple Choice)

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(33)

Question 22

Data for an economy shows that the unemployment rate is 10%, the participation rate 80 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?

(Multiple Choice)

4.9/5

(30)

Question 23

Two groups of workers not counted as unemployed in the official unemployment statistics are ______ workers.

(Multiple Choice)

5.0/5

(37)

Question 24

The introduction of a new technology that increases the productivity of labor will:

(Multiple Choice)

4.8/5

(41)

Question 25

The participation rate is the number of people:

(Multiple Choice)

4.8/5

(36)

Question 26

Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of Workers Pizzas Baked Per Day 0 0 1 10 2 18 3 24 4 30 5 32 How many workers will Joe hire if he must pay each one $35 a day?

(Multiple Choice)

4.9/5

(30)

Question 27

Government health and safety regulations or anti-discrimination laws can reduce real wages by:

(Multiple Choice)

4.8/5

(37)

Question 28

If there is a floor on wages created by a minimum wage, union contracts, or other factors, then a decline in the marginal productivity of low-skilled workers will the demand for low-skilled workers and the number of unemployed workers.

(Multiple Choice)

4.8/5

(28)

Question 29

Structural unemployment is:

(Multiple Choice)

4.8/5

(31)

Question 30

Globalization the wages of workers in the exporting industries and the wages of workers in the import-competing industries.

(Multiple Choice)

4.9/5

(38)

Question 31

The following table provides information about production at the XYZ-TV Company. Number of Workers TVs Produced Marginal Product Value of Marginal Product 0 0 \@cdots \@cdots 1 35 35 \ 35,000 2 68 33 \ 33,000 3 99 31 \ 31,000 4 128 29 \ 29,000 5 155 27 \ 27,000 How many workers will the XYZ-TV Company hire if the going wage for TV production workers is $30,000?

(Multiple Choice)

4.9/5

(36)

Question 32

All of the following describe trends in labor markets EXCEPT:

(Multiple Choice)

4.9/5

(29)

Question 33

If the price of TVs produced by the XYZ-TV Company falls from $1,000 to $750 per TV set, then the:

(Multiple Choice)

4.8/5

(37)

Question 34

The labor force equals the number of people:

(Multiple Choice)

4.9/5

(37)

Question 35

High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of Workers Chairs Produced Per Hour 0 0 1 10 2 18 3 24 4 28 5 30 For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $120?

(Multiple Choice)

4.8/5

(42)

Question 36

One trend in labor markets is:

(Multiple Choice)

4.7/5

(45)

Question 37

Factors increasing the labor supply and thereby contributing to the slowdown in real-wage growth that began in the 1970s include __ and _.

(Multiple Choice)

4.8/5

(31)

Question 38

If the price of tables sold by All-Oak Table Co. increases from $400 to $500, then the:

(Multiple Choice)

4.7/5

(39)

Question 39

Who from among the following would be classified as out of the labor force?

(Multiple Choice)

4.8/5

(32)

Question 40

Data for an economy shows that the unemployment rate is 6 percent, the participation rate 60 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?

The number of unemployed divided by the labor force equals the:

Data for an economy shows that the unemployment rate is 10%, the participation rate 80 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?

Two groups of workers not counted as unemployed in the official unemployment statistics are ______ workers.

The introduction of a new technology that increases the productivity of labor will:

The participation rate is the number of people:

Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of Workers Pizzas Baked Per Day 0 0 1 10 2 18 3 24 4 30 5 32 How many workers will Joe hire if he must pay each one $35 a day?

Government health and safety regulations or anti-discrimination laws can reduce real wages by:

If there is a floor on wages created by a minimum wage, union contracts, or other factors, then a decline in the marginal productivity of low-skilled workers will the demand for low-skilled workers and the number of unemployed workers.

Structural unemployment is:

Globalization the wages of workers in the exporting industries and the wages of workers in the import-competing industries.

All of the following describe trends in labor markets EXCEPT:

If the price of TVs produced by the XYZ-TV Company falls from $1,000 to $750 per TV set, then the:

The labor force equals the number of people:

One trend in labor markets is:

Factors increasing the labor supply and thereby contributing to the slowdown in real-wage growth that began in the 1970s include __ and _.

If the price of tables sold by All-Oak Table Co. increases from $400 to $500, then the:

Who from among the following would be classified as out of the labor force?

Thinking Like an Economist

Comparative Advantage

Supply and Demand

Macroeconomics: the Birds-Eye View of the Economy

Measuring Economic Activity: Gdp and Unemployment

Economic Growth, Productivity, and Living Standards

Workers, Wages, and Unemployment

Saving and Capital Formation

Money, Prices, and the Federal Reserve

Financial Markets and International Capital Flows

Short-Term Economics Fluctuations: An Introduction

Spending and Output in the Short Run

Stabilizing the Economy: the Role of the Fed

Aggregate Demand, Aggregate Supply, and Inflation

Filters

Exam 6: Measuring the Price Level and Inflation

Data for an economy shows that the unemployment rate is 6 percent, the participation rate 60 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?

The number of unemployed divided by the labor force equals the:

Data for an economy shows that the unemployment rate is 10%, the participation rate 80 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?

Two groups of workers not counted as unemployed in the official unemployment statistics are ______ workers.

The introduction of a new technology that increases the productivity of labor will:

The participation rate is the number of people:

Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of Workers Pizzas Baked Per Day 0 0 1 10 2 18 3 24 4 30 5 32 How many workers will Joe hire if he must pay each one $35 a day?

Government health and safety regulations or anti-discrimination laws can reduce real wages by:

If there is a floor on wages created by a minimum wage, union contracts, or other factors, then a decline in the marginal productivity of low-skilled workers will ______ the demand for low-skilled workers and ______ the number of unemployed workers.

Structural unemployment is:

Globalization ______ the wages of workers in the exporting industries and ______ the wages of workers in the import-competing industries.

All of the following describe trends in labor markets EXCEPT:

If the price of TVs produced by the XYZ-TV Company falls from $1,000 to $750 per TV set, then the:

The labor force equals the number of people:

One trend in labor markets is:

Factors increasing the labor supply and thereby contributing to the slowdown in real-wage growth that began in the 1970s include ______ and _____.

If the price of tables sold by All-Oak Table Co. increases from $400 to $500, then the:

Who from among the following would be classified as out of the labor force?

Thinking Like an Economist

Comparative Advantage

Supply and Demand

Macroeconomics: the Birds-Eye View of the Economy

Measuring Economic Activity: Gdp and Unemployment

Economic Growth, Productivity, and Living Standards

Workers, Wages, and Unemployment

Saving and Capital Formation

Money, Prices, and the Federal Reserve

Financial Markets and International Capital Flows

Short-Term Economics Fluctuations: An Introduction

Spending and Output in the Short Run

Stabilizing the Economy: the Role of the Fed

Aggregate Demand, Aggregate Supply, and Inflation

Filters

If there is a floor on wages created by a minimum wage, union contracts, or other factors, then a decline in the marginal productivity of low-skilled workers will the demand for low-skilled workers and the number of unemployed workers.

Globalization the wages of workers in the exporting industries and the wages of workers in the import-competing industries.

Factors increasing the labor supply and thereby contributing to the slowdown in real-wage growth that began in the 1970s include __ and _.