Sec 18.3 MC Equilibrium in the Labor Market

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1、1. Inarepresentativelabormarket, a. thewageadjuststobalancethesupplyanddemandforlabor. b. thewageequalsthevalueofthemarginalproductoflabor. c. anincreaseinthesupplyoflaborincreasestheequilibriumwage. d. Bothaandbarecorrect.ANSWER:  dDIFFICULTY:  ModerateLEARNING OBJECT

2、IVES:  ECON.MANK.008-Analyzethemarketsforthefactorsofproduction.TOPICS:  LaboreconomicsLabormarketequilibriumKEYWORDS:  BLOOM'S:AnalysisCUSTOM ID:  001.18.3-MC-MANK082. Whichofthefollowingiscorrect? a. Anyeventthatchangesthesupplyordemandforlabormustchangethevalueofthe

3、marginalproduct. b. Aprofit-maximizingfirmhiresworkerssolongasthewagerateexceedsthevalueofthemarginalproductoflabor. c. Anincreaseinthesupplyoflaborincreasesbothemploymentandwages. d. Adecreaseinthedemandforlabordecreaseswagesbutincreasesemployment.ANSWER:  aDIFFICULTY

4、:  ModerateLEARNING OBJECTIVES:  ECON.MANK.008-Analyzethemarketsforthefactorsofproduction.TOPICS:  LaboreconomicsLabormarketequilibriumKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  002.18.3-MC-MANK083. Whichofthefollowingisnotcorrect? a. Inalabormarket,thewageadjuststoba

5、lancethesupplyanddemandforlabor. b. Aprofit-maximizingfirmhiresworkerssolongasthewagerateexceedsthevalueofthemarginalproductoflabor. c. Anyeventthatchangesthesupplyordemandforlabormustchangetheequilibriumwage. d. Anyeventthatchangesthesupplyordemandforlabormustchangeth

6、evalueofthemarginalproduct.ANSWER:  bDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.008-Analyzethemarketsforthefactorsofproduction.TOPICS:  LaboreconomicsLabormarketequilibriumKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  003.18.3-MC-MANK08Scenario18-4In1997,Albani

7、aexperiencedacivilwar.ThecivilunrestsentthousandsofrefugeesacrosstheAdriaticSeatoItalywheretheysoughtrelieffromthefighting.4. RefertoScenario18-4.TheAlbaniancivilwarprobablyaffectedItalianlabormarketsbycausing a. totalemploymentinItalytodecrease. b. wagesinItalytoincre

8、ase.CopyrightCengageLearning.PoweredbyCognero.Page 28 c. themarginalproductoflaborinItalytodecrease. d. Alloftheabove