Final Exam Review 2156

Final Exam Review 2156

University

15 Qs

quiz-placeholder

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Final Exam Review 2156

Final Exam Review 2156

Assessment

Quiz

Social Studies

University

Medium

Created by

Phuong Vu

Used 9+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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.

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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