QUESTION 16 Which of the following statements about the minimum wage is true? A.
ID: 1221178 • Letter: Q
Question
QUESTION 16
Which of the following statements about the minimum wage is true?
A. The minimum wage has not had any impact on income inequality.
B. Adjusting for inflation, the real minimum wage has fallen in the last 30 years.
C. Because the minimum wage has been increased many times in the last 30 years, income inequality is now lower than it was in the mid-20th century.
D. The minimum wage tends to create inflation, which benefits the wealthy more than the poor.
1 points
QUESTION 17
Between 2005 and 2010, the increase in the foreign-born labor force was
A. about equal to the increase in the native-born labor force.
B. about twice as large as the increase in the native-born labor force.
C. about half as large as the increase in the native-born labor force.
D. the only source of labor-force growth.
1 points
QUESTION 18
If the labor force increases in size, which of the following would NOT occur?
A. The labor supply curve would shift to the right.
B. The equilibrium wage would fall.
C. The number of workers employed would rise.
D. The labor demand curve would shift to the right.
1 points
QUESTION 19
If the labor pool effect of globalization is weaker than the market expansion effect, then globalization will lead to a(n)__________ in wages and a(n)__________ in the number of workers hired.
A. decrease; decrease
B. decrease; increase
C. increase; increase
D. increase; decrease
1 points
QUESTION 20
What happens to the marginal product of additional cooks in a restaurant kitchen as more cooks are hired?
A. Marginal product will stay constant.
B. Marginal product will rise continuously because each additional cook contributes something to the production process.
C. We cannot know because marginal product depends entirely on the skills of the individual cooks.
D. Marginal product will eventually fall because the cooks will start to get in each other's way and reduce each other's ability to produce.
1 points
QUESTION 21
A firm will hire workers until the
A. marginal revenue from hiring an additional worker is maximized.
B. marginal revenue from hiring an additional worker is zero.
C. average revenue from hiring an additional worker is zero.
D. marginal revenue from hiring an additional worker no longer exceeds the marginal cost of hiring that worker.
1 points
QUESTION 22
College-educated workers tend to reach their peak earnings between the ages of 45 and 54.
A. True
B. False
1 points
QUESTION 23
If the adult population in the United States was 225 million people and 150 million of those people were in the labor force, the labor force participation rate would be
A. 67 percent.
B. 150 percent.
C. 33 percent.
D. 40 percent.
1 points
QUESTION 24
Which of the following best describes the marginal product of labor for an additional employee in a landscaping firm?
A. The number of additional acres the firm can mow in a week because of that employee.
B. The extra money the firm brings in because of that employee.
C. The additional profits the firm earns because of that employee.
D. The additional wages the firm must pay in labor costs because of that employee.
1 points
QUESTION 25
The labor force is the part of the adult population that is either working or actively looking for a job.
A. True
B. False
1 points
QUESTION 26
Which of the following individuals would be likely to face the lowest opportunity cost of a college education?
A. A high school basketball star who is offered a multimillion-dollar contract with the NBA, as well as a full scholarship at the university of his choice.
B. A high school graduate who has few skills, does not qualify for a full scholarship, and would be able to work as a server at her family's restaurant if she did not go to college.
C. The 40-year-old owner of a successful construction company who wants to finish college as an example to his children.
D. A well-paid staff member at a college who can take classes for free.
1 points
QUESTION 27
Which of the following statements about an effective minimum wage is true?
A. A minimum wage shifts the demand curve for labor to the right.
B. A minimum wage shifts the supply curve for labor to the right.
C. A minimum wage tends to create unemployment among unskilled workers.
D. Increasing the minimum wage makes it easier for unskilled workers to find jobs.
1 points
QUESTION 28
If the equilibrium wage in the market for unskilled labor is $8.00 per hour and the government sets a minimum wage at $8.00 per hour, which of the following will occur?
A. Some unskilled workers will lose their jobs.
B. The wages paid to unskilled workers will rise.
C. The number of workers employed in the market will increase.
D. The minimum wage will have no effect because it is set at the equilibrium wage.
1 points
QUESTION 29
If the labor force increases in size, which of the following would occur?
A. The equilibrium wage would fall.
B. The quantity of workers employed would fall.
C. The labor demand curve would shift to the right.
D. The labor supply curve would shift to the left.
1 points
QUESTION 30
Which of the following would be an effect of increased technology on the labor market?
A. People with fewer skills may face more difficulty getting a job.
B. The unemployment rate would tend to increase.
C. People with high levels of technical skill may see reduced compensation.
D. The advantage to gaining a college education would be reduced.
A. The minimum wage has not had any impact on income inequality.
B. Adjusting for inflation, the real minimum wage has fallen in the last 30 years.
C. Because the minimum wage has been increased many times in the last 30 years, income inequality is now lower than it was in the mid-20th century.
D. The minimum wage tends to create inflation, which benefits the wealthy more than the poor.
Explanation / Answer
Answers:
16. Which of the following statements about the minimum wage is true?
C. Because the minimum wage has been increased many times in the last 30 years, income inequality is now lower than it was in the mid-20th century.
17. Between 2005 and 2010, the increase in the foreign-born labor force was
D. the only source of labor-force growth
18. If the labor force increases in size, which of the following would NOT occur?
D. The labor demand curve would shift to the right
19. If the labor pool effect of globalization is weaker than the market expansion effect, then globalization will lead to a(n) increase in wages and a(n) decrease in the number of workers hired.
D. increase; decrease
20. What happens to the marginal product of additional cooks in a restaurant kitchen as more cooks are hired?
D. Marginal product will eventually fall because the cooks will start to get in each other's way and reduce each other's ability to produce
21. A firm will hire workers until the
B. marginal revenue from hiring an additional worker is zero.
22. College-educated workers tend to reach their peak earnings between the ages of 45 and 54
A. True
23. If the adult population in the United States was 225 million people and 150 million of those people were in the labor force, the labor force participation rate would be
A. 67 percent
Explanation:
Labor Force Participation Rate = (Labor Force / Total population)*100
= (150/225)*100
= 66.66%
24. Which of the following best describes the marginal product of labor for an additional employee in a landscaping firm?
D. The additional wages the firm must pay in labor costs because of that employee
25. The labor force is the part of the adult population that is either working or actively looking for a job.
B. False
Explanation:
The labor force is a part in a adult population, but we can consider only those who are currently working. We should not consider the people who are actively looking for a job.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.