Which of the following can change the supply of labor in, say, labor market A?
a.a change in the wage rate in labor market A.
b.a change in the wage rate in, say, labor markets B or C.
c.a positive change in the overall pleasantness of working in labor market A.
d.a negative change in the working conditions in labor market A.
e.b, c, and d
139.Which of the following can change the wage rate in labor market A?
a.An increase in the price of the product that employees in labor market A produce.
b.A negative change in the working conditions in labor market A.
c.A rise in the wage rate in labor market B.
d.a and c
e.a, b, and c
140.Which of the following statements is true?
a.A person who chooses to work at a job that pays $40,000 a year instead of a job that pays $80,000 a year is considered (by economists) to be irrational.
b.The wage rate paid in one labor market can affect the supply of labor in another labor market.
c.The wage rate paid in one labor market can affect (albeit indirectly) the wage rate paid in another labor market.
d.The demand for every type of labor is always the same.
e.b and c
141.Which of the following statements is false?
a.There are no special nonpecuniary aspects to any job.
b.Nonpecuniary aspects of a job refer to the nonmoney aspects of a job.
c.A change in the wage rate can change the quantity demanded and quantity supplied of labor.
d.A change in the supply of labor can affect the wage rate.
142.For wage rates to be the same in various labor markets, four conditions must exist: (1) demand for every type of labor must be __________; (2) no special __________ aspects to any job; (3) all labor is ultimately __________ and can __________ be trained for different types of employment; and (4) all labor is mobile at __________.
a.heterogeneous; money; homogeneous; costlessly; minimum cost
b.the same; nonpecuniary; homogeneous; costlessly; zero cost
c.high; training; homogeneous; costlessly; zero cost
d.high; nonpecuniary; heterogeneous; costlessly; minimum cost
e.none of the above
143.Which of the following does not affect wages?
a.number of persons who can do a particular job
b.degree of effort employees exert while on the job
c.own abilities and skills
e.none of the above; i.e., all of the factors affect wages
144.Marginal productivity theory states that
a.firms in price searcher product markets pay factors their marginal factor cost.
b.firms in perfect factor markets pay factors their equilibrium wages.
c.firms that are more productive, earn higher profits.
d.firms in perfect product and factor markets pay factors their marginal revenue products.
e.none of the above
145.Consider two labor markets, A and B. Wages in labor market A rise. This could be due to
a.decreasing wages in labor market B.
b.the negative nonpecuniary aspects of work in labor market A rise.
c.the number of people who can do the work that is done in labor market A increases.
d.the demand for the product that employees in labor market A produce falls.
e.a and d
146.Consider two labor markets, C and D. Wages in labor market D fall. This could be due to
a.the marginal revenue curve in the product market (that employees in labor market D supply with goods) shifts to the left.
b.increase in the marginal physical product of the employees in labor market D.
c.increase in the price and marginal revenue of the product that employees in labor market D produce.
d.b and c
e.a, b, and c
147.Suppose wages for construction workers are higher in Hawaii than in Florida. This could be because the
a.moving costs between Florida and Hawaii are so high that construction workers in Florida do not relocate to Hawaii.
b.product price of what construction workers in Hawaii produce is higher than the product price of what construction workers in Florida produce and the moving costs between Florida and Hawaii are zero.
c.moving costs between Florida and Hawaii are zero.
d.marginal physical product of construction workers in Hawaii is higher than the marginal physical product of construction workers in Florida and the moving costs between Florida and Hawaii are zero.
e.b and d
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