Exam 16: The Markets for Labor, Capital, and Land

If a large number of skilled workers retire at about the same time through early retirements or buyouts,what will happen to the wages of skilled workers,other things being equal?

Which of the following are examples of job amenities?

The law of diminishing marginal product is a reason why the demand curve for labor is downward sloping.

While unions represent only a fraction of the unskilled workers in the U.S.labor market,any wage increase won by unionized workers is most likely shared with non-union unskilled workers.

The demand curve for labor slopes downward because:

Bob's Baubles,Inc.,sells its product for $3 each in a perfectly competitive market.If it increases its workforce from 1,000 to 1,001,its output goes from 615 to 625 per day.Bob should hire the 1,001^st worker only if:

An increase in the demand for a product will cause output to:

Ultimately,the source of growth in real wages is the growth in labor productivity.

Would the owner of a profit-maximizing fast-food establishment hire another worker for $55 per day if that worker added faster service,increasing sales and revenue by $98 per day? Why or why not?

Which of the following is not likely to incorporate a great deal of economic rent?

Unions,by nature,must ____ their membership in order to ____ wages.

If leisure is a normal good for a worker,and the income effect of a wage change dominates the substitution effect,then if wages increase:

The provisions of which of the following labor legislation allowed the president to seek a court injunction to prevent a strike for 80 days if the nation's economy is at risk?

The price of any productive resource is ____ related to ____ the final good or service:

Exhibit 16-1 Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace.They are contemplating enacting a law that would fix the wage rate at W_A.Their aides,who were all excellent economics students,have returned with the results of an investigation into the matter,as portrayed below. Refer to Exhibit 16-1.If the wage law were enacted,in the market for computer programmers a ____ would result.

Which of the following statements are true regarding profit maximizing firms?

Increases in income from sources other than employment can cause the labor supply curve to shift to the left.

Exhibit 16-1 Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace.They are contemplating enacting a law that would fix the wage rate at W_A.Their aides,who were all excellent economics students,have returned with the results of an investigation into the matter,as portrayed below. Refer to Exhibit 16-1.If the government was to impose a wage rate of W_A on the computer software programming industry:

Exhibit 16-2 The following lists possible capital investments that a business might pursue. Refer to Exhibit 16-2.If the interest rate is 15 percent,how many projects would the firm invest in?

In an industry where some firms were unionized and others were not,the union would oppose which of the following?