Assuming consumption and leisure are both normal goods, hours of work will increase when the wage increases if the income effect dominates the substitution effect.

Final Exam Review 2156

Quiz
•
Social Studies
•
University
•
Medium

Phuong Vu
Used 9+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
When a person is a non-participant in the labour market, the person's budget line ....... his/her/their indifference curve.
is steeper than
is flatter than
has the same slope as the slope of
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The primary reason why workers in the fast-food industry are paid less is that the demand for the product that they produce is quite elastic, making the demand for labour elastic.
TRUE
FALSE
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short run, the demand for labour for a competitive firm in a perfectly competitive labour market is:
the marginal product of labour curve
the value of the marginal product curve
the downward sloping portion of the value of the marginal product curve
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
To recruit another worker, a monopsonist incurs a smaller increase in labour costs than a firm which operates in a perfectly competitive labour market.
TRUE
FALSE
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The marginal cost of labour is lower than the average cost of labour in the case of a monopsonist.
TRUE
FALSE
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In conventional arbitration, arbitrators do not have the freedom to decide on any wage settlement of their choice.
TRUE
FALSE
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