Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Labor Market
| Question | Answer |
|---|---|
| Number of hours that a worker is willing to work is determined by the tradeoff between | increasing marginal utility for leisure and decreasing marginal utility for income |
| One reason why an individuals labor supply curve is upward slowing because of the | increasing opportunity cost of labor as leisure time decreases |
| if consumers wanted to increase wages and the number of jobs available for apple pickers, the best strategy would be to | buy more apples |
| an upward sloping supply curve illustrates, ceteris paribus that | a greater quantity of labor would be supplied at higher wage rates |
| the elasticity of labor supply does not demand on | the demand for labor |
| if household income and wealth increases over the time, the supply of labor | shift to the left |
| a competivite firm should continue to hire workers until the | MRP is eqaul to the market wage rate |
| if Kendra's income effect outweighs her substitution effect, her labor supply curve will | bend backwards |
| Which of the following is true about the equilibrum market wage | there is no unemployment in the market aat this wage |
| at the market equilibrum wage | the market demand curve for labor intersects the market supply curve of labor |
| the cost effiecienty of labor is equal to the | MPP of labor divided by the wage rate |
| the marginal revenue product of labor establishes | an upper limit on the wage rate an employer is willing to pay |
| the diminishing returns to a factor may be due to | crowding or overuse of other factors as production is increase |
| the efficiency decision involves choosing the input combination or process that | results in a given rate of output for the least cost |
| if the elasticity of labor supply is .25 at 12% increase in wage rates will induce | 3.00 percent increase in the quantity of labor supplied |
| employment will definitely rise when productivity | rises and wages fall |
| a change in the wage rate causes a | movement along the labor demand curve |
| when the minimum wage is raised in a competitive market, ceteris paribus | some workers are better off and some workers are worse off |
| opportunity wage is defined as | the highest wage an individual would earn in his or her best alternative employment. |
| Which are the following is not a determinant of the market supply of labor? | the MRP of labor |
Created by:
Spf392