Exam 11: Factor Markets

Which one of the following will lead NOT lead to a shift in the labor supply curve?

The contribution of an additional worker to the total revenue of a firm is known as the:

All else equal, an increase in the overall price level of goods and services in the economy will lead to _____ in the quantity of labor hired and _____ in the wage rate.

The four different types of factors of production include, land, labor, capital, and:

In the nearly six decades between 1950 and 2018, female participation in the labor force increased from 34 percent to 57 percent. The impact of this can be shown though a _____ shift in the labor _____ curve.

Use Table: Marginal Revenue Product. The table lists the number of workers and the marginal revenue product per hour that is generated by each worker for a firm in a perfectly competitive market. If the marginal product of the fourth worker is 6, then we can conclude that the price of the good is: ​

Use Figure: Minimum Wage and Job Loss II. If the government sets a minimum wage of $12 per hour, then how many workers will be unemployed? ​ Minimum Wage and Job Loss II

Which of the following can increase simultaneously the equilibrium quantity of workers hired and the equilibrium wage rate?

Use Figure: Equilibrium in the Labor Market. Which one of the following can shift the equilibrium from point D to point A? Figure: Equilibrium in the Labor Market

Use Table: Marginal Revenue Product. The table lists the number of workers and the marginal revenue product per hour that is generated by each worker for a firm in a perfectly competitive market. If the hourly wage of workers is $10 per hour, then the firm will hire _____ workers. ​

A firm in a perfectly competitive market is looking to hire an additional worker. The price of the good produced by the firm is $6, and the marginal product of the worker is 12. Therefore, the marginal revenue product of the worker is:

All else equal, an increase in the marginal product of workers will lead to _____ in the marginal revenue product of the firm, and the firm will hire _____ workers.

Which of the following can decrease simultaneously the equilibrium quantity of workers hired and the equilibrium wage rate?

Which one of the following will NOT lead to a rightward shift of the labor supply curve?

A firm's labor demand curve is equivalent to its marginal _____ curve.

Use Figure: Minimum Wage and Job Loss II. If the government sets a minimum wage of $12 per hour, then how many of the total workers who are unemployed are new entrants into the labor market who were not present at the competitive wage? ​ Minimum Wage and Job Loss II

Use Figure: Minimum Wage and Job Loss II. If the government sets a minimum wage of $12 per hour, then how many of the total workers who are unemployed were previously employed and lost their job after the hike in minimum wage? ​ Minimum Wage and Job Loss II

Use Table: Derived Demand for Capital. The table lists the units of capital and the marginal revenue product per hour that are generated by each unit for a firm in a perfectly competitive market. If the marginal product of the fourth unit of capital is 5, then we can conclude that the price of the good is:

A local Starbucks needs exactly five baristas to make coffee during a shift. In this case, the demand curve for baristas is perfectly _____, and an increase in minimum wage above the equilibrium wage will lead to _____ in the wage of workers.

Stewarton is a beach town with many restaurants. In the summer, tourists often visit Stewarton, which creates an increased demand for these restaurants. Given this, which of the following will NOT be true in the labor market for restaurant workers in the summer?