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ECON2302 - KC - Ch18

Economics Chapter 18 review

QuestionAnswer
Jose receives a pay raise at his part-time job from $9 to $11 per hour. He used to work 12 hours per week, but now he decides to work 15 hours per week. For this price range, his labor supply curve is upward sloping.
Suppose an influenza pandemic were to significantly decrease the population of a country. We would predict a decrease in the marginal product of land in that country. True or false? TRUE
Sally runs a hair styling salon. Sally is a profit-maximizing owner whose firm operates in a competitive market. The marginal cost of a haircut is $11.What is the maximum wage that Sally will pay her stylists? There is insufficient information to answer this question.
A change in the supply of any one factor alters the earnings of all other factors. True or false? TRUE
In the United States, technological advances help explain persistently rising employment in the face of rising wages. True or false? TRUE
Which of the following is correct? An increase in the supply of other factors, such as capital, will increase the demand for labor.
Consider the labor market for short-order cooks. An increase in immigration will cause equilibrium wages to decrease and equilibrium emploment to increase.
The supply of labor in any one market depends on the opportunities available in other markets. True or false? TRUE
If men's preferences for work change such that more men want to be stay-at-home fathers, the wages paid to men who remain in the workplace would rise, all else equal. True or False? TRUE
For a snow-removal business, the capital stock would include inputs such as snow blowers and shovels. True or false? TRUE
Labor-saving technological advances decrease the marginal productivity of labor. True or false? TRUE
An increase in the output price will increase the firm's demand for labor, all else equal. True or false? TRUE
An increase in immigration will lower the equilibrium wage, all else held constant. True or false? TRUE
The Black Death in 14th century Europe resulted in a lower marginal product of land.
Created by: debra473
 

 



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