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