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Labor Economics George Borjas 8e
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,Labor Economics, 8e (Borjas)Chapter 1 Introduction to Labor Economics
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
Answer: C
Difficulty: 1 Easy
Topic: The Actors in the Labor Market
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
2) Which of the following is not a leading actor in labor markets?
A) consumers
B) firms
C) workers
D) government
E) unions
Answer: A
Difficulty: 1 Easy
Topic: The Actors in the Labor Market
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
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.
Answer: C
Difficulty: 1 Easy
Topic: The Actors in the Labor Market
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
1
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
,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.
Answer: A
Difficulty: 1 Easy
Topic: The Actors in the Labor Market
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
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.
Answer: D
Difficulty: 1 Easy
Topic: The Actors in the Labor Market
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
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.
Answer: C
Difficulty: 1 Easy
Topic: The Actors in the Labor Market
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
2
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
, 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.
Answer: E
Difficulty: 1 Easy
Topic: The Actors in the Labor Market
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
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.
Answer: D
Difficulty: 1 Easy
Topic: The Actors in the Labor Market
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
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.
Answer: C
Difficulty: 1 Easy
Topic: The Actors in the Labor Market
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
3
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
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