Question 1

Because resources are scarce relative to human wants,economics is best described as:

Accepted Answer

A) the science of allocating productive resources fairly 
B) a science of choice 
C) the science of allocating goods and services fairly 
D) the set of natural laws that govern human behavior in the face of adverse conditions 
A) the science of allocating productive resources fairly 
B) a science of choice 
C) the science of allocating goods and services fairly 
D) the set of natural laws that govern human behavior in the face of adverse conditions B

Question 2

The concept of demand must be modified when applied to labor markets to reflect the fact that:

Accepted Answer

A) non-monetary characteristics of jobs may be as important to workers as their pay 
B) labor demand curves slope upward from left to right 
C) the demand for labor is derived from the demand for the various products that labor produces 
D) the demand for output is derived from the demand for labor used to produce that output 
A) non-monetary characteristics of jobs may be as important to workers as their pay 
B) labor demand curves slope upward from left to right 
C) the demand for labor is derived from the demand for the various products that labor produces 
D) the demand for output is derived from the demand for labor used to produce that output C

Question 3

Nobel Laureate Gary Becker's basic professional contribution is his:

Accepted Answer

A) application of traditional theories of anthropology to labor markets 
B) application of the economic perspective to law,sociology,demographics,and anthropology 
C) statistical verification of race and gender discrimination 
D) explanation of the limitations of the economic perspective in explaining labor markets 
A) application of traditional theories of anthropology to labor markets 
B) application of the economic perspective to law,sociology,demographics,and anthropology 
C) statistical verification of race and gender discrimination 
D) explanation of the limitations of the economic perspective in explaining labor markets B

Question 4

Because scarcity forces people to make purposeful choices,labor market participants:

Accepted Answer

A) work as many hours as possible 
B) respond to changes in perceived costs and benefits 
C) make choices that cannot be predicted 
D) must have perfect information 
A) work as many hours as possible 
B) respond to changes in perceived costs and benefits 
C) make choices that cannot be predicted 
D) must have perfect information

Question 5

As distinct from product market transactions,labor market transactions are unique in that:

Accepted Answer

A) to the seller,the nonmonetary characteristics of the sale can be as important as the price 
B) labor demand curves slope upward 
C) the price of labor is not determined by supply and demand factors 
D) they are less complex 
A) to the seller,the nonmonetary characteristics of the sale can be as important as the price 
B) labor demand curves slope upward 
C) the price of labor is not determined by supply and demand factors 
D) they are less complex

Question 6

Nobel Laureate Gary Becker is known for economic theories in all of the following areas except:

Accepted Answer

A) economics of households 
B) investment in human capital 
C) the "old" labor economics 
D) economics of discrimination 
A) economics of households 
B) investment in human capital 
C) the "old" labor economics 
D) economics of discrimination

Question 7

Labor economics is studied as a distinct subfield of economics because:

Accepted Answer

A) the bulk of national income is received by labor 
B) the concepts of supply and demand must be revised somewhat when applied to labor markets 
C) labor economics can be used to analyze major socioeconomic trends such as the surge in the number of women workers 
D) all of the above 
A) the bulk of national income is received by labor 
B) the concepts of supply and demand must be revised somewhat when applied to labor markets 
C) labor economics can be used to analyze major socioeconomic trends such as the surge in the number of women workers 
D) all of the above

Question 8

Which one of the following topics is most suited to microeconomic analysis?

Accepted Answer

A) The average level of real wages 
B) The unemployment rate 
C) The average level of labor productivity 
D) Mobility and migration decisions 
A) The average level of real wages 
B) The unemployment rate 
C) The average level of labor productivity 
D) Mobility and migration decisions

Question 9

The "old" view of labor economics stresses _____ while the "new" view focuses upon _____.

Accepted Answer

A) analysis ; markets 
B) description; analysis 
C) description; institutions 
D) institutions; description 
A) analysis ; markets 
B) description; analysis 
C) description; institutions 
D) institutions; description

Question 10

Which one of the following topics is most suited to macroeconomic analysis?

Accepted Answer

A) Labor supply decisions of married women 
B) Short-run labor demand in a particular industry 
C) The individual decision on how much education to obtain 
D) The impact of a recession on the country's unemployment rate 
A) Labor supply decisions of married women 
B) Short-run labor demand in a particular industry 
C) The individual decision on how much education to obtain 
D) The impact of a recession on the country's unemployment rate

Question 11

The bulk of national income flows to:

Accepted Answer

A) land owners in the form of rent 
B) capital owners in the form of interest 
C) capital owners in the form of profit 
D) workers in the form of wages and salaries 
A) land owners in the form of rent 
B) capital owners in the form of interest 
C) capital owners in the form of profit 
D) workers in the form of wages and salaries

Question 12

The three basic characteristics of the economic perspective are:

Accepted Answer

A) Relative scarcity,purposeful behavior,and adaptability 
B) Supply,demand,and equilibrium 
C) Description,institutions,and facts 
D) Prices,quantities,and incomes 
A) Relative scarcity,purposeful behavior,and adaptability 
B) Supply,demand,and equilibrium 
C) Description,institutions,and facts 
D) Prices,quantities,and incomes

Question 13

According to a newspaper account from Washington State,lottery winners in that state:

Accepted Answer

A) usually continued to work when prizes were $1 million or less and usually quit work when prizes exceeded $4 million 
B) usually continued to work,no matter how large the prize 
C) usually quit work,no matter how large the prize 
D) were less likely to quit work the larger was the prize 
A) usually continued to work when prizes were $1 million or less and usually quit work when prizes exceeded $4 million 
B) usually continued to work,no matter how large the prize 
C) usually quit work,no matter how large the prize 
D) were less likely to quit work the larger was the prize

Because resources are scarce relative to human wants,economics is best described as:

The concept of demand must be modified when applied to labor markets to reflect the fact that:

Nobel Laureate Gary Becker's basic professional contribution is his:

Because scarcity forces people to make purposeful choices,labor market participants:

As distinct from product market transactions,labor market transactions are unique in that:

Nobel Laureate Gary Becker is known for economic theories in all of the following areas except:

Labor economics is studied as a distinct subfield of economics because:

Which one of the following topics is most suited to microeconomic analysis?

The "old" view of labor economics stresses _ while the "new" view focuses upon _.

Which one of the following topics is most suited to macroeconomic analysis?

The bulk of national income flows to:

The three basic characteristics of the economic perspective are:

According to a newspaper account from Washington State,lottery winners in that state:

The Theory of Individual Labor Supply

Population, Participation Rates, and Hours of Work

Labor Quality: Investing in Human Capital

The Demand for Labor

Wage Determination and the Allocation of Labor

Alternative Pay Schemes and Labor Efficiency

The Wage Structure

Mobility,Migration,and Efficiency

Labor Unions and Collective Bargaining

The Economic Impact of Unions

Government and the Labor Market: Employment, Expenditures, and Taxation

Government and the Labor Market: Legislation and Regulation

Labor Market Discrimination

Job Search: External and Internal

The Distribution of Personal Earnings

Labor Productivity: Wages,Prices,and Employment

Employment and Unemployment

Filters

Exam 1: Labor Economics: Introduction and Overview

Because resources are scarce relative to human wants,economics is best described as:

The concept of demand must be modified when applied to labor markets to reflect the fact that:

Nobel Laureate Gary Becker's basic professional contribution is his:

Because scarcity forces people to make purposeful choices,labor market participants:

As distinct from product market transactions,labor market transactions are unique in that:

Nobel Laureate Gary Becker is known for economic theories in all of the following areas except:

Labor economics is studied as a distinct subfield of economics because:

Which one of the following topics is most suited to microeconomic analysis?

The "old" view of labor economics stresses _____ while the "new" view focuses upon _____.

Which one of the following topics is most suited to macroeconomic analysis?

The bulk of national income flows to:

The three basic characteristics of the economic perspective are:

According to a newspaper account from Washington State,lottery winners in that state:

The Theory of Individual Labor Supply

Population, Participation Rates, and Hours of Work

Labor Quality: Investing in Human Capital

The Demand for Labor

Wage Determination and the Allocation of Labor

Alternative Pay Schemes and Labor Efficiency

The Wage Structure

Mobility,Migration,and Efficiency

Labor Unions and Collective Bargaining

The Economic Impact of Unions

Government and the Labor Market: Employment, Expenditures, and Taxation

Government and the Labor Market: Legislation and Regulation

Labor Market Discrimination

Job Search: External and Internal

The Distribution of Personal Earnings

Labor Productivity: Wages,Prices,and Employment

Employment and Unemployment

Filters

The "old" view of labor economics stresses _ while the "new" view focuses upon _.