WRITE THE LETTER OF THE CORRECT ANSWER FOR EACH QUESTION (19-30): (19) A rise in
ID: 1129086 • Letter: W
Question
WRITE THE LETTER OF THE CORRECT ANSWER FOR EACH QUESTION (19-30): (19) A rise in a workers wage will cause his supply of labor to: (A) rise (B) decline (C) tend to stay the same (D) it depends on the individual. (20) A labor union will NOT be very powerful in an industry where firms are: (A) labor intensive (B) competitive (C) using low skill labor (D) all of these (21) If firm X gives John specific on the job training, firm X will probably: (A) pay John more than his MPL during training (B) pay John less than his MPL after the training is over (C) pay John more than he could earn elsewhere l (D) all of these are true (22) Demand for labor will be elastic if: (A) labor is a small percent of total cost (B) it is easy to find substitutes for the labor (C) the market is concentrated (D) none of these. (23) The labor DEMAND curve has a: (A) positive slope (B) negative slope (C) flat slope (D) could be any or all of theseExplanation / Answer
19. Option a, because of higher wages, people would be interested to work hence the labor supply increase
20. Option c, as low skill labours would not have enough opportunities as against skilled labours
21. Option c, because improved skill, John would receive more wages than he would have got earlier and elsewhere
22. Option b, because when firms have substitutes for labor then they can negotiate for wages else they have to pay as per the demand of labours
23. Option b, because of law of diminishing returns
24. Option a
25. Option c, = (8-3)/3 = 166%
26. Option D is not a social return to investment
27. Option D
28. Option B
29. Option B because improvement or advancements in the industry people would quit present jobs in order to get better one
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