Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

The net short-run effects of outsourcing on U.S. wages and employment are

 

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

If the MRP of labor is less than the wage rate, the perfectly competitive firm will

 

  Question Score: 1 of 1 pt                                                                             Test Score: 91.67% (11 of 12 pts)

 

 

 

Workers

Total Output

100

150

101

170

102

185

103

198

104

208

105

215

   

 

The table above gives some date from the production function of a firm that is a perfect competitor in both product and labor markets. The wage rate in the industry is $260 and the price of the good produced is $20. The profit-maximizing quantity of labor to hire is

 

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

The monopolist hires fewer than the perfect competitor because

 

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

For a firm facing a perfectly elastic supply of labor, the employment of workers will continue until

 

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

In the short-run, labor outsourcing by U.S. firms tends to

 

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

A perfectly competitive firm determines that its MRP of labor divided the wage equals 1.2. This firm should

 

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

Which of the following is not a key factor that influences the elasticity of demand for labor?

 

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

The price elasticity of demand for an input

 

 

 

 

 

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

Other things equal, an increase in the productivity of labor will lead to

 

 

 

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

Which of the following will not shift the supply of labor?

 

 

 

Question Score: 0 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

 

 

 

 

 

Labor Input

Marginal Physical product

Marginal Revenue

 

(Workers per week)

(output per week)

(dollars per week)

 

25

100

6.00

 

26

90

5.50

 

27

80

5.00

 

28

70

4.50

 

29

60

4.00

 
       

 

How many workers will this firm employ if the weekly wages is $240?

 

 

 

 

 

  

 

Answers

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