Micro Test Chapter 13

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If the nominal wage of carpenters increased by 2 percent in 2006 and the prices of the goods and services increased by 3 percent, then the real wages of carpenters:

decreased by the 1 percent

The productivity and real wages of workers in the industrially advanced economies have risen historically partly because:

workers have acquired more education and training over time, workers have been able to use larger quantities of capital equipment, over time the capital equipment used by workers has improved in efficiency due to technological advances

Number 14

is a "wage taker" in a competitive labor market

In pure competition, a profit-maximizing firm will equate the marginal revenue product of labor with the:

Marginal resource cost of labor

Other things equal, the monopsonistic employer will pay a:

lower wage rate and hire fewer workers than will a purely competitive employer

Which of the following is most associated with the demand-enhancement union model?

lobbying for increases in public expenditures on the product it is producing

Number 18: If this labor market is monopsonistic, the wage rate and level of employment respectively will be:

A and F look at graph

In an exclusive (craft) union is successful in restricting the supply of labor, the:

wage rate will rise and the number of workers employed will fall

Many economists are critical of the minimum wage because they believe that it:

reduces the number of available job opportunities for unskilled workers

Which of the following will not give rise to wager differentials?

the tendency of qualified workers to move from lower pay jobs to higher pay jobs

Human capital is best defined as:

the productive skills and knowledge that workers acquire from education and training

one of the potential negative side-effects of pay in the form of sales commissions is:

A greater incentive for sales people to engage in unethical or fraudulent sales practices that may eventually cause legal problems for the firm

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