FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 16: Wage Determination

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 61

Multiple Choice

Review LaterAdd Note

Review Later

If a firm is hiring variable resources D and F in imperfectly competitive input markets,it will maximize profits by employing D and F in such quantifies that:

A) MRP_D/MRC_D = MRP_F/MRC_F = 1.
B) MRP_D/MRC_D = MRP_F/MRC_F.
C) MRP_D/P_D = MRP_F/P_F = 1.
D) MRP_D/P_D = MRP_F/P_F.

E) C) and D)
F) A) and C)

Correct Answer

verified

Show Answer

Question 62

Multiple Choice

Review LaterAdd Note

Review Later

"Player drafts" of professional athletes:

A) increase the competitiveness of the labor market for professional athletes.
B) reduce the profitability of professional sports franchises.
C) promote monopsony in the hire of professional athletes.
D) increase salaries of professional athletes.

E) A) and C)
F) B) and C)

Correct Answer

verified

Show Answer

Question 63

Multiple Choice

Review LaterAdd Note

Empirical studies suggest that,other things equal,the smaller the number of hospitals in a city,the lower are nurses' wages.This is evidence that:

Compensating differences in wages,pay workers for:

Increases in the productivity of labor result partly from:

Use the labor demand data on the left and the labor supply data on the right in answering the following question: $\begin{array}{c}\underline{\text { Labor Demand Data }}\quad\quad\quad\quad\quad\quad\quad\quad\underline{\text { Labor Supply Data }}\\\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6\end{array}\begin{array}{c}\text {Marginal}\\\underline{\text {Product}}\\0\\14\\12\\9\\7\\4\\2\end{array}\begin{array}{c}\text { Product }\\\underline{\text { Price } }\\\$ 3 \\3 \\3 \\3 \\3 \\3 \\3 \end{array}\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6 \end{array}\begin{array}{c}\text { Wage}\\\underline{\text { Rate }} \\ \$ 11 \\11 \\11 \\11 \\11 \\11 \\11\end{array}\end{array}$ On the basis of the given information,we:

(Consider This) Which of the following statements is true about the relationship between take-home pay and fringe benefits for U.S.middle-class workers over the past several decades?

The XYZ Corporation's collective bargaining agreement indicates that it may hire either union or nonunion workers and that the latter are under no obligation to join the union.This agreement embodies:

Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings.One reason for this is to:

State right-to-work laws:

Marginal resource cost refers to the:

Compensating differences in wages:

If an industrial union is formed to bargain with a monopsonistic employer,then in this labor market:

A firm operating in a purely competitive resource market faces a resource supply curve that is:

The idea of compensating differences is used:

Unions might support a higher minimum wage because:

A firm hiring labor in a perfectly competitive labor market faces a:

A monopsonistic employer's marginal resource (labor) cost curve:

Labor unions may attempt to raise wage rates by:

If an exclusive union is successful in restricting the supply of labor,the: