econ

the demand for labor is considered a derived demand since it depends on

consumer demands for the output produced

all of the following would explain a change in labor supply except

a decrease in the productivity of workers

which of the following statements concerning possible changes in productivity is true

as mpp1 rises the demand for workers rises because the firm is willing to pay higher wages

the income effect means that

if wages increase hours of work decrease

which of the following factors affects the demand for labor

changes in the price of the firms product

the substitution effect means that

if wages increase hours of work increase

benefits of union membership include all of the following except

flexible job descriptions

professor gary beckers theory of economic discrimination explains how firms that discriminate will

have higher labor costs

which of the following would NOT be considered to be leisure

having a dinner meeting with a client

wages for members of union are between ______ and ____- higher wages for nonunion workers

10%-20%

the united auto workers union is an example of a

industrial union

factors that might shift the market supply curve include all of these except

inflation

In perfectly competitive labor markets, we assume that:

information in the industry is widely available and accurate

the term "derived demand" suggests that

labor demand is derived from demand for the product it produces

assume that capital goods are a substitute for labor then a general increase in the prices of capital goods will

lead to an increase in the demand for labor

Non-work activities are known in economics as

leisure

the "income effect" for labor supply states that people work

less as wages rise because their ability to purchase "superior" goods like leisure increases

costs of union membership include all of the following except

less job security

which of the following is a benefit of union membership to the worker

managements authority is limited by the union contract

the change in total output due to the change in one variable input while holding all other inputs constant is the

marginal physical product

____________________ is the additional revenue earned from hiring one more worker

marginal revenue product of labor

a craft union represents workers

of a specific occupation

which of the following would be an example of a segmented markets approach to economic discrimination

requiring that a job candidate be a union member

Suppose that Congress passes a law that causes working conditions throughout the economy to improve The labor supply curve should shift _______________, and the number of workers available at any given wage rate will _____.

right increase

suppose that the labor force participation rate increases the labor supply curve should shift _________________ and the number of workers available at any given wage rate will ___________________

right increase

if the marginal revenue product of labor declines for all workers that a firm might hire the firms demand curve for labor

shifts to the left

when the individual labor supply curve is positively sloped the ________________ effect dominates and higher wages lead to __________________________ hours worked

substitution more

if Taylor gets a $3 million-per-concert pay increase and in response decides to play more hours, then

taylor's labor supply curve is upward sloping

the marginal physical product of labor is

the change in output a firm gains when it hires an additional worker

when people choose leisure over work as wages rise they are indicating that

the income effect is stronger that the substitution effect

which theory of economic discrimination states that union members earn higher wages than nonunion members leading to a wage differential

the insider outsider theory

If Congress were to increase the minimum age at which people can receive Social Security benefits by five years (from 62 currently to 67 as some people have proposed), then we would expect that:

the supply of labor would increase

which theory of economic discrimination suggests that discrimination does not necessarily benefit the person who discriminates

the theory of discriminatory tastes

theoretically how would a typical individual working at minimum wage react to an increase in the minimum wage other things being equal

this would increase the hours of work the individual is willing to work

the union wage differential

varies substantially across employment sectors

the ultimate power of a union is the willingness of its members to _______________ if no agreement is reached during negotiations

withhold their labor services (strike)

competition in labor markets may fail to eliminate wage differentials because

women continue to choose to work in occupations with more flexible career paths

In perfectly competitive labor markets, we assume that:

Labor is homogeneous ( all workers are of equal quality)

which of the following is NOT a reason for a shift in the entire labor demand curve

a change in the market wage rate

one of the reasons that competition may fail to eliminate gender wage discrimination is

a lock of worker mobility

professor gary beckers theory about economic discrimination includes which of the following ideas

all of these reflect beckers views

factors that affect the elasticity of demand for labor include all of the following except

demographics

An individuals supply of labor is

differently sloped in relation to the wage rate, depending on the wage rate

the ________________ splits the labor market into primary and secondary sectors

dual labor market hypothesis

the "substitution effect" for labor supply states that people work

more as wages rise because their ability to purchase goods increases

robotic manufacturing has made labor demand for factory workers

more elastic

factory jobs are no longer plentiful in the united states this is due to all of the following except

more foreign direct investment into the united states