Question 1

Decreases in the demand curve for labor may arise from ____ in labor productivity or from ____ in the price of the good.

Accepted Answer

A) increases; increases. 
B) increases; decreases. 
C) decreases; increases. 
D) decreases; decreases 
A) increases; increases. 
B) increases; decreases. 
C) decreases; increases. 
D) decreases; decreases D

Question 2

If we consider age distribution, institutional factors, and in-kind transfer programs, income distribution is likely considerably more unequal than it appears from measured income.

Accepted Answer

A) True 
 B)False  False

Question 3

A decrease in the demand for the output that an input produces will cause the input's:

Accepted Answer

A) supply curve to shift to the right. 
B) supply curve to shift to the left. 
C) demand curve to shift to the right. 
D) demand curve to shift to the left. 
A) supply curve to shift to the right. 
B) supply curve to shift to the left. 
C) demand curve to shift to the right. 
D) demand curve to shift to the left. D

Question 4

Which of the following government programs are likely to aid the rich more than the poor?

Accepted Answer

A) food stamps 
B) school lunch programs 
C) subsidies for the arts 
D) public housing subsidies 
A) food stamps 
B) school lunch programs 
C) subsidies for the arts 
D) public housing subsidies

Question 5

Which of the following would cause the demand for carpenters to increase?

Accepted Answer

A) a decrease in immigration 
B) an increase in the demand for housing 
C) an increase in the price of lumber 
D) a decrease in the productivity of carpenters 
A) a decrease in immigration 
B) an increase in the demand for housing 
C) an increase in the price of lumber 
D) a decrease in the productivity of carpenters

Question 6

If the private-sector wage of biologists was significantly greater than that of music professors, what might happen if a university tried to pay its entire faculty the same salary?

Accepted Answer

Those individuals, who are able to comma

Question 7

Which of the following will not result in a leftward shift of the market demand curve for labor?

Accepted Answer

A) a decrease in labor productivity 
B) a decrease in demand for the firm's product 
C) an increase in the wage rate 
D) a decrease in the firm's product price 
A) a decrease in labor productivity 
B) a decrease in demand for the firm's product 
C) an increase in the wage rate 
D) a decrease in the firm's product price

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) inversely; demand for 
B) directly; demand for 
C) directly; supply of 
D) not; supply of 
A) inversely; demand for 
B) directly; demand for 
C) directly; supply of 
D) not; supply of

Question 10

Which of the following changes would tend to increase measured income inequality?

Accepted Answer

A) An increasing proportion of retired people in the population. 
B) An increase in the number of divorced people. 
C) An increasing proportion of high income earning women marry high income earning men. 
D) Young workers begin making up a larger proportion of the labor force. 
E) All of the above changes would tend to increase measured income inequality. 
A) An increasing proportion of retired people in the population. 
B) An increase in the number of divorced people. 
C) An increasing proportion of high income earning women marry high income earning men. 
D) Young workers begin making up a larger proportion of the labor force. 
E) All of the above changes would tend to increase measured income inequality.

Question 11

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

Accepted Answer

A) increase and the demand for the resources used to produce the product to rise. 
B) increase and the demand for the resources used to produce the product to fall. 
C) decline, while the demand for the resources used to produce the product remains constant. 
D) increase and the price of resources used to produce the product to increase if their supply is perfectly elastic. 
A) increase and the demand for the resources used to produce the product to rise. 
B) increase and the demand for the resources used to produce the product to fall. 
C) decline, while the demand for the resources used to produce the product remains constant. 
D) increase and the price of resources used to produce the product to increase if their supply is perfectly elastic.

Question 12

Which of the following is a source of inequality in incomes?

Accepted Answer

A) job preferences 
B) willingness to take risks 
C) differences in investment in human capital. 
D) All of the above are correct. 
A) job preferences 
B) willingness to take risks 
C) differences in investment in human capital. 
D) All of the above are correct.

Question 13

Unionization provides ____ in given occupations, and as a result, wage rates in these occupations have a tendency to ____.

Accepted Answer

A) barriers to entry; decrease 
B) barriers to entry; increase 
C) ease of entry; decrease 
D) ease of entry; increase 
A) barriers to entry; decrease 
B) barriers to entry; increase 
C) ease of entry; decrease 
D) ease of entry; increase

Question 14

Oligopolists may charge a price lower than the profit maximizing price to discourage new firms from entering a market.

Accepted Answer

A) True 
 B)False

Question 15

Ceteris paribus, if the cost of feeding and housing a family were to increase, it would increase a family's level of ____ poverty.

Accepted Answer

A) inherited 
B) relative 
C) absolute 
D) geographical 
A) inherited 
B) relative 
C) absolute 
D) geographical

Question 16

It has been argued that state-subsidized ____ programs have benefited the middle and upper-income quintiles more than the poor.

Accepted Answer

A) food stamp 
B) housing subsidy 
C) higher education 
D) Medicaid 
A) food stamp 
B) housing subsidy 
C) higher education 
D) Medicaid

Question 17

Pepsi is considering an expensive advertising campaign to steal market share from Coca-Cola.Why might both companies have a dominant strategy to advertise, even if advertising attracts few new customers to the cola drink industry?

Accepted Answer

The dominant strategy for both firms may

Question 18

What impact would easy entry have on the profitability of oligopolies?

Accepted Answer

When market entry is easy, newcomers wil

Question 19

In game theory, a strategy that is optimal no matter what your opponent does is called a dominant strategy.

Accepted Answer

A) True 
 B)False

Question 20

If there is both a decrease in immigration and an increase in workers' nonwage incomes,

Accepted Answer

A) the supply of labor will increase. 
B) the supply of labor will decrease. 
C) the supply of labor will remain unchanged. 
D) the effect on the supply of labor will be indeterminate. 
A) the supply of labor will increase. 
B) the supply of labor will decrease. 
C) the supply of labor will remain unchanged. 
D) the effect on the supply of labor will be indeterminate.

Decreases in the demand curve for labor may arise from in labor productivity or from in the price of the good.

If we consider age distribution, institutional factors, and in-kind transfer programs, income distribution is likely considerably more unequal than it appears from measured income.

A decrease in the demand for the output that an input produces will cause the input's:

Which of the following government programs are likely to aid the rich more than the poor?

Which of the following would cause the demand for carpenters to increase?

If the private-sector wage of biologists was significantly greater than that of music professors, what might happen if a university tried to pay its entire faculty the same salary?

Which of the following will not result in a leftward shift of the market demand curve for labor?

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

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

Which of the following changes would tend to increase measured income inequality?

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

Which of the following is a source of inequality in incomes?

Unionization provides in given occupations, and as a result, wage rates in these occupations have a tendency to .

Oligopolists may charge a price lower than the profit maximizing price to discourage new firms from entering a market.

Ceteris paribus, if the cost of feeding and housing a family were to increase, it would increase a family's level of ____ poverty.

It has been argued that state-subsidized ____ programs have benefited the middle and upper-income quintiles more than the poor.

Pepsi is considering an expensive advertising campaign to steal market share from Coca-Cola.Why might both companies have a dominant strategy to advertise, even if advertising attracts few new customers to the cola drink industry?

What impact would easy entry have on the profitability of oligopolies?

In game theory, a strategy that is optimal no matter what your opponent does is called a dominant strategy.

If there is both a decrease in immigration and an increase in workers' nonwage incomes,

The Role and Method of Economics

The Economic Way of Thinking

Supply and Demand

Using Supply and Demand

Market Failure and Public Choice

Production and Costs

Firms in Competitive Markets

Monopoly

Monopolistic Competition and Oligopoly

Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations

Economic Growth

Aggregate Demand and Aggregate Supply

Fiscal Policy

Monetary Institutions

The Federal Reserve System and Monetary Policy

Issues in Macroeconomic Theory and Policy

International Economics

Filters

Exam 10: Labor Markets, Income Distribution, and Poverty

Decreases in the demand curve for labor may arise from ____ in labor productivity or from ____ in the price of the good.

If we consider age distribution, institutional factors, and in-kind transfer programs, income distribution is likely considerably more unequal than it appears from measured income.

A decrease in the demand for the output that an input produces will cause the input's:

Which of the following government programs are likely to aid the rich more than the poor?

Which of the following would cause the demand for carpenters to increase?

If the private-sector wage of biologists was significantly greater than that of music professors, what might happen if a university tried to pay its entire faculty the same salary?

Which of the following will not result in a leftward shift of the market demand curve for labor?

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

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

Which of the following changes would tend to increase measured income inequality?

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

Which of the following is a source of inequality in incomes?

Unionization provides ____ in given occupations, and as a result, wage rates in these occupations have a tendency to ____.

Oligopolists may charge a price lower than the profit maximizing price to discourage new firms from entering a market.

Ceteris paribus, if the cost of feeding and housing a family were to increase, it would increase a family's level of ____ poverty.

It has been argued that state-subsidized ____ programs have benefited the middle and upper-income quintiles more than the poor.

Pepsi is considering an expensive advertising campaign to steal market share from Coca-Cola.Why might both companies have a dominant strategy to advertise, even if advertising attracts few new customers to the cola drink industry?

What impact would easy entry have on the profitability of oligopolies?

In game theory, a strategy that is optimal no matter what your opponent does is called a dominant strategy.

If there is both a decrease in immigration and an increase in workers' nonwage incomes,

The Role and Method of Economics

The Economic Way of Thinking

Supply and Demand

Using Supply and Demand

Market Failure and Public Choice

Production and Costs

Firms in Competitive Markets

Monopoly

Monopolistic Competition and Oligopoly

Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations

Economic Growth

Aggregate Demand and Aggregate Supply

Fiscal Policy

Monetary Institutions

The Federal Reserve System and Monetary Policy

Issues in Macroeconomic Theory and Policy

International Economics

Filters

Decreases in the demand curve for labor may arise from in labor productivity or from in the price of the good.

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

Unionization provides in given occupations, and as a result, wage rates in these occupations have a tendency to .