Understanding Transfer Earnings and Economic Rent in Labor Markets
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Business
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11th Grade - University
•
Hard
Wayground Content
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary difference between transfer earnings and economic rent?
Transfer earnings are bonuses, while economic rent is the base salary.
Transfer earnings are the maximum wage a worker can earn, while economic rent is the minimum.
Transfer earnings are the minimum wage required to keep a worker, while economic rent is any wage above that.
Transfer earnings are wages paid to new employees, while economic rent is for existing employees.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the given example, if a worker is paid £750 but would stay for £500, what is the economic rent?
£250
£500
£750
£1000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the labor market equilibrium represented on a graph?
With a horizontal demand curve and a vertical supply curve
With a downward sloping demand curve and an upward sloping supply curve
With a vertical demand curve and a horizontal supply curve
With two parallel lines
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the area above the labor supply curve and below the equilibrium wage represent?
Transfer earnings
Economic rent
Total wages
Labor demand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a major determinant of the size of transfer earnings and economic rent in a labor market?
The average age of workers
The level of government intervention
The number of workers
The wage elasticity of supply
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an inelastic labor supply curve affect transfer earnings and economic rent?
It increases both transfer earnings and economic rent
It increases transfer earnings and decreases economic rent
It has no effect on either
It decreases transfer earnings and increases economic rent
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to economic rent when the labor supply curve is more elastic?
Economic rent increases
Economic rent decreases
Economic rent remains the same
Economic rent becomes negative
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