gpsomy omployer hires labor up to the E) Decrease in the binth rabe Marginal Fac
ID: 1127660 • Letter: G
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gpsomy omployer hires labor up to the E) Decrease in the binth rabe Marginal Factor Cost B3. Which of the following is correct about the demans For Cost Marginal Factor Costs Mar Marginal Product of for labor? demand for other inputs or resoarces dermand for the products produced by labor avalablity of other inputs or resources for the prodects prodaced by labor. for labor unions, Labor. (A) The demand for Labri Indepeadent of the of Labor (D) Wage Marginal Revenue Product oflabor. (E) Wage Price of the good produced by the labor (B) The demand for labor ts Independeet of the 7.The price of labor is $Sand the price of caputal is (C) The demand for labor is independent of the $10 per unit. Using the table below, what is the (D) The demand for labor is dertved from the dema least cost combination should be hired to produce 18 unlts of output? of labor and capital that ( The demand for labor is derived from the demand UNITS OF PRODUCT OF UNITS OF PRODUCT OF LABORLABOR M84. The greater (higher) the wage elastikcity of demand, (A) greater the proportion of capital costs to labor CAPITAL CAPITAL greater costs in the production of goods greater the price elasticlty for the product produced by labor. (C) the smaller the wumber of sabstitates for labor. (D) the smaller the time perod (E) the smaller the proportion of labor costs to total costs (A) 1 Labor and 2 Capital (B) 4 Labor and 8 Capital 2 Labor and 1 Capital 5 Labor and S Capital (E) 3 Labor and 2 Capital 80. Suppose that the number of law school graduates continses to increase. In that case, lawyers' salaries (A) must fall. (B) must increase (C) will fall only if demand increases. (D) will fall only if demand Increases more than supply increases will fall only if demand increases less than supply Numbor of Workors 85. Which of the following will happen when a new computerized system for a firm increases the marginal productivity of its workers? (A) The marginal revenue product curve will shift to the left, which will cause the wage rate 81. If the producers of coffee have to pay an increase in wages and fringe benefits to their workers, which of the following is correct? (A) A shift to the left of the supply curve. (B) A shift to the left of the demand curve. (C) A move along the supply curve to the right. (D) A shift to the right of the denmand curve. (E) A shift to the right of the supply curve. (B) The supply curve will shift to the right, causing the wage rate to decrease. (C) The marginal revenue prodact curve will shift to the right, causing the wage rate (D) The supply curve will shift to the left, (E) The marginal revenue product carve 82. Which of the following is NOT a source of wage to increase. differentials? (A) Diferences in human capital stock causing the wage rate to Increase. (B) Racial or gender discrimination. (C) Immoblity of workers (D) Compensation for risk will shift to the right and the supplyExplanation / Answer
82.) e)
A wage differential refers to hourly wage rates and annual salaries differing among occupations. the difference can be due to the risk involved in a job, discrimination on basis of gender and race, the difference in the human capital and the mobility of workers.
The birth rate does not affect the wages
83.) d)
the demand for labor depends on the demand for labor-intensive products and is generally derived from it.
84) c)
a high wage elasticity means that the labor supply is greatly influenced by the change in the wage rate. this can only happen when the supply of substitutes of labor is less.
85) c)
an increase in marginal productivity of workers means that the same amount of labor will give the firm greater revenue hence shifting the MRP curve to the right.
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