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Microeconomics 20 Multiple Choice Questions

Question # 00031380
Subject: Economics
Due on: 11/10/2014
Posted On: 11/10/2014 09:21 AM

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Question 1 of 20
Whichofthefollowingisthemostimportantreasonforgrowinginequalityintheincomedistributioninthe
UnitedStates?

A. inheritances
B. an increase in demand for highly educated workers
C. discrimination
D. a steady increase in tuition and fees for a college education

Question 2 of 20
ThepovertyrateintheUnitedStatesishighestfor:

5.0Points

A. married couples.
B. childless households.
C. single people.
D. female headed households.
5.0 Points

Question 3 of 20
Whenwagesincrease,theincomeeffect________thesupplyoflaborandthesubstitutioneffect
________thesupplyoflabor.

A. increases; decreases
B. decreases; increases
C. decreases; decreases
D. increases; increases

Question 4 of 20
IfJerry'sdemandforleisureincreasesasthewageincreases:

5.0 Points

A. the substitution effect dominates the income effect.
B. the income effect dominates the substitution effect.
C. the income effect is completely offset by the substitution effect.
D. There is insufficient information.

5.0 Points

Question 5 of 20
Accordingtotheincomeeffectoflaborsupply,ifleisureisanormalgood,thenanincreaseinthewage
ratewill________thequantityoflabor________.

A. increase; demanded
B. decrease; supplied
C. decrease; demanded
D. increase; supplied

Question 6 of 20
Whenafirmhiresaworkerforonehour,themarginalcosttothatfirmequalsthe:

5.0 Points

A. average total cost of production at the quantity produced.
B. diminishing marginal productivity of that worker.
C. hourly wage of that worker.
D. price of each item that the worker produces in that hour.

5.0 Points

Question 7 of 20
Adecreaseinthesupplyofmusicians________thenumberofmusiciansemployed,and________the
wagespaidtomusicians.

A. increases; increases

B. increases; decreases
C. decreases; increases
D. decreases; decreases

Question 8 of 20
Ifthepriceofoutputincreasesthelabor________curveshiftstothe________.

5.0Points

A. supply; left
B. demand; left
C. demand; right
D. supply; right
Question 9 of 20
Whenthewagefalls:

5.0 Points

A. all workers will work more hours.
B. all workers will work fewer hours.
C. some workers will work more hours and some workers will work fewer hours, but we
don't know whether average hours will increase or decrease.
D. some workers will work more hours and some workers will work fewer hours, but on
average, hours worked will fall.

Question 10 of 20
Accordingtothesubstitutioneffectoflaborsupply,whenthewagerategoesup:

A. it becomes more costly to consume leisure, so people will work more.
B. the opportunity cost of enjoying leisure goes down.
C. firms will hire more workers since people are more willing to work.

5.0 Points

D. it becomes less costly to consume leisure, so people will work more.

Question 11 of 20

5.0 Points

If the equilibrium wage is above the actual wage:
A. the wage rate will rise.
B. the demand for labor will increase.
C. the wage rate will fall.
D.thedemandforlaborwilldecrease.

Question 12 of 20
Themarginalrevenueproductoflaboristhe:

5.0 Points

A. change in revenue resulting from adding an additional unit of labor.
B. cost of additional labor necessary to produce an additional unit of output.
C. change in labor necessary to produce an additional unit of output.
D. change in output resulting from adding an additional unit of labor.

Question 13 of 20
Anequilibriuminthelabormarketisasituationinwhich:

A. there is no unemployment.
B. marginal revenue product equals the wage.

5.0 Points

C. there is no pressure for wages to change.
D. wages exceed minimum wage.

5.0 Points

Question 14 of 20

If the price of output decreases, the equilibrium wage of workers who produce that output will
________ and ________ workers will be hired.
A. decrease; fewer
B. increase; fewer
C. decrease; more
D.increase;more

Question 15 of 20
Thepriceofanhourofleisuretimeis:

5.0 Points

A. the minimum wage rate.
B. zero.
C. the income that could have been earned in that hour.
D. determined by the value of the activity the person engages in during that hour of
leisure.
5.0Points
Question 16 of 20
Otherthingsbeingequal,asdiminishingmarginalreturnsbegintooccur,themarginalrevenueproductof
labor:

A. increases as more workers
are used.
B. remains unchanged as more
workers are used.
C. decreases as more workers
are used.

D. none of the above
5.0 Points

Question 17 of 20
Governmenttaxesandtransfers:

A. reduce the wealth of all Americans.
B. reduce the wealth of the poorest Americans and increase the wealth of the richest
Americans.
C. increase the wealth of the poorest Americans and reduce the wealth of the richest
Americans.
D. increase the wealth of all Americans.

5.0 Points

Question 18 of 20
Theindividualsupplycurveforlaboristherelationshipbetweenthewageandthequantityoflaborthat:

A. all workers are willing to provide.
B. any given worker is willing to provide.
C. any given firm is willing to employ.
D. all firms are willing to employ.

Question 19 of 20
Laborcostsaccountforapproximately________oftotalproductioncosts.

5.0Points

A. one-fourth
B. three-fourths
C. one-third
D. half
5.0 Points

Question 20 of 20
Agovernmentreportthatmakesworkinginaparticularindustrymoreattractivetoworkerswillmostlikely

________thenumberofworkershiredinthatindustry,and________thewagepaidtothoseworkers.

A. increase; decrease
B. decrease; increase
C. decrease; decrease
D. increase; increase

Tags questions choice multiple microeconomics increase workers work pointsquestion decreases hours wage decrease wealth willing pointsa additional increases income demand unit produce substitution leisure fewer cost reduce effect people change output labor given neceary americans

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Microeconomics 20 Multiple Choice Questions

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