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- Test bank with practice exam questions and their answers
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- The complete book is covered (All chapters)
- Questions you can expect to see: Multiple choice questions, Pr...
Chapter 01
Introduction to Labor Economics Multiple Choice Questions 1.Which is not a decision made by potential workers in the United States? A.Deciding whether or not to participate in the labor force.
B.Determining how to divide one's time between work and leisure.
C.Choosing how much to produce to maximize firm profit.
D.Choosing how much education to receive.
E.Deciding which occupation to pursue. 2.Which of the following is not a leading actor in labor markets? A.Consumer
s
B.Firm
s
C.Worker
s
D.Governme
nt
E.Union
s 3.When forming theories, economists must be careful to A.include all known facts and details.
B.omit crucial factors.
C.mirror the real world as realistically but as simply as possible.
D.consider historical behavior and policies.
E.limit the analysis to two variables. 4.Which of the following is a positive (rather than a normative) question? A.What effect does increasing welfare assistance by 20% have on female labor supply?
B.Should the U.S. allow unlimited immigration?
C.Should the "Highly Qualified Teacher" provision of No Child Left Behind be eliminated?
D.Should there be a minimum wage?
E.Should trade unions be allowed to lobby Congress? 5.Which of the following is a normative (rather than a positive) statement? A.The (nominal) minimum wage is $7.25 per hour.
B.Public education should be funded primarily at the state level.
C.The federal debt exceeds $8 trillion.
D.At its peak, unemployment exceeded 10% during the 2007 recession.
E.The average wage of high-school dropouts has fallen by 20% since 1970. 6.Suppose labor supply can be described as ES = 0.1w - 1,000 where w is yearly salary. How many workers are willing to work when the yearly salary is $20,000? A.10
0
B.20
0
C.50
0
D.1,00
0
E.2,00
0 7.Suppose labor supply can be described as ES = 0.1w - 1,000 where w is yearly salary. What yearly salary must be paid to encourage 6,000 workers to accept jobs? A.$30,00
0
B.$40,00
0
C.$50,00
0
D.$60,00
0
E.$70,00
0 8.Suppose labor supply can be described as ES = 0.1w - 1,000 where w is yearly salary. How many more workers are willing to work at a yearly salary of $40,000 than at a yearly salary of $35,000? A.5
0
B.10
0
C.50
0
D.1,00
0
E.5,00
0
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