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Test Bank for Labor Economics, 9e by George Borjas
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Test Bank for Labor Economics 9th Edition by George J. Borjas. ISBN10: 1264201419 ISBN13: 9781264201419 Labor Economics 9e Borjas test bank
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Chap 01 9e - Borjas1) 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 the 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) consumers
B) firms
C) workers
D) government
E) unions
3) The labor demand curve shows how many workers the firm is willing to hire
A) at any particular time.
B) at a particular amount of labor supplied.
C) at any given wage.
D) into high-skill jobs.
E) when demand for the firm's output is low.
4) An outward shift in the labor demand curve implies that
A) employers are now looking to hire more workers at any given wage.
B) employers are now looking to hire fewer workers if the wage decreases.
C) employers are now looking to hire fewer workers regardless of the wage.
D) demand for the firm's output likely fell.
E) a greater number of workers are now more willing to work at any given wage.
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,5) The labor supply curve shows how many workers are willing to work
A) in a particular industry.
B) at any given time.
C) at the minimum wage.
D) at any given wage.
E) in order to maximize the firm's profit.
6) An upward-sloping labor supply curve implies that
A) a firm can always hire more workers, even without increasing the wage.
B) more workers are willing work when wages are low.
C) more workers are willing to work as the market wage increases.
D) the labor supply is fixed.
E) there is a continuously increasing demand for labor.
7) Labor economics concerns
A) how labor markets work.
B) the study of education decisions.
C) the study of how households decide where to live.
D) the study of income inequality.
E) All of these are labor economics concerns.
8) A firm's labor demand curve is typically
A) a vertical line.
B) a horizontal line.
C) upward sloping.
D) downward sloping.
E) associated with a slope equal in absolute value to the slope of the labor supply curve.
9) The typical labor supply curve
A) is u-shaped.
B) equals the marginal product of labor.
C) slopes up.
D) slopes down.
E) depends on the size of the firm.
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,10) Which of the following affects the wage a firm is willing to pay its workers?
A) the productivity of workers
B) consumer demand for the goods and/or services that the firm creates
C) the amount of fringe benefits the firm is required by law to pay
D) the level of payroll taxes the firm must pay
E) All of the above affect the wage a firm is willing to pay its workers.
11) Which of the following affects a person's decision to work?
A) the price of consumption goods relative to the wage
B) the person's income from nonlabor sources
C) how much the person enjoys working
D) the amount of fringe benefits offered to the person
E) All of the above affect a person's decision to work.
12) Labor market equilibrium is best characterized by
A) a wage at which all people have a job.
B) a wage at which all workers are above the poverty level.
C) a wage at which the number of people willing to work equals the number of workers
firms are willing to hire.
D) a minimum wage at which everyone is willing to work.
E) all workers receiving their ideal wage.
13) Labor economists sometimes refer to labor demand as “derived” demand. In this context,
where does “derived” come from?
A) the firm’s production function
B) the union’s willingness to accept a lower wage
C) consumer demand for the firm’s product
D) the firm’s profit
E) the degree of competition in the firm’s industry
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, 14) The government is a player in the U.S. labor market in part because the government
A) determines who is allowed to attend college.
B) assigns potential workers to particular industries.
C) sets workplace safety rules and regulations.
D) suggests a minimum wage for firms to pay.
E) funds employer-based health insurance benefits.
15) A firm's demand for labor is derived in part from
A) worker preferences for jobs.
B) consumer demand for the firm's product.
C) the level of monthly union dues.
D) the firm's sunk costs.
E) the value of the firm's stock price.
16) The market for economists in Greenland has recently experienced an increase in the number
of economists employed and an increase in the wage paid to economists. What could have
generated such a change?
A) The demand for economists recently increased while the supply of economists
remained unchanged.
B) The demand for economists recently decreased while the supply of economists
remained unchanged.
C) The demand for economists remained unchanged while the supply of economists
increased.
D) The demand for economists remained unchanged while the supply of economists
decreased.
E) The demand for economists recently decreased while the supply of economists
recently increased.
17) Suppose labor supply can be described as ES = 0.1w − 1000 where w is yearly salary. How
many workers are willing to work when the yearly salary is $20,000?
A) 100
B) 200
C) 500
D) 1000
E) 2000
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