ECON 2302 Week 5 Quiz 9

ECON 2302 Week 5 Quiz 9 | Assignment Help | Central Texas College

Question 1

Refer to Figure 18-9. If the price of apples decreases, the equilibrium wage will

Answers:             a.

increase, and fewer apple pickers will be hired.

                 b.

decrease, and fewer apple pickers will be hired.

                c.

increase, and more apple pickers will be hired.

                d.

decrease, and more apple pickers will be hired.

•             Question 2

                If your wage increases from $10 per hour to $15 per hour, then your                                      

Answers:             a.

opportunity cost of an hour of leisure increases by $5 per hour.

                b.

out-of-pocket cost of an hour of leisure decreases by $5 per hour.

                c.

opportunity cost of an hour of leisure decreases by $5 per hour.

                d.

out-of-pocket cost of an hour of leisure increases by $5 per hour.

•             Question 3

                A consultant interviews the hiring manager of a small, profit-maximizing firm. The manager explains that the firm used to have 15 employees, but the most-recently-hired employee has just left the company. The firm is currently advertising to hire a worker to replace the employee who just left at the same wage rate. We can infer that                                      

Answers:             a.

the firm is no longer attempting to maximize profits.

                 b.

for the 15th employee, the value of the marginal product of labor exceeded the wage.

                c.

for the 15th employee, the wage exceeded the value of the marginal product of labor.

                d.

the firm is too large and should remain at 14 employees.

•             Question 4

                If Sharnae's individual labor supply curve is backward sloping, then Sharnae responds to an increase in her                                         

Answers:             a.

wage by working fewer hours per week.

                b.

opportunity cost of leisure by taking more hours of leisure per week.

                c.

wage by working more hours per week.

                 d.

Both a and b are correct.

•             Question 5

                If Ernie's individual labor supply curve is upward sloping, then Ernie responds to an increase in the                                          

Answers:             a.

wage by working more hours per week.

                b.

opportunity cost of leisure by working fewer hours per week.

                c.

opportunity cost of leisure by taking more hours of leisure per week.

                d.

Both a and b are correct.

•             Question 6

                A competitive market may be consistent with a discriminatory wage differential if                                           

Answers:             a.

firms' customers have discriminatory preferences.

                b.

the wage differential is explained by a compensating differential.

                c.

the wage differential is explained by differences in human capital.

                d.

All of the above are correct.

•             Question 7

                A college degree makes a person more productive according to                                               

Answers:             a.

the human-capital but not the signaling theory of education.

                b.

the signaling but not the human-capital theory of education.

                c.

neither the human-capital nor the signaling theory of education.

                d.

both the human-capital and the signaling theories of education.

•             Question 8

                A plumber who specializes in cleaning plugged sewer lines is typically paid a higher wage than a plumber who works on installing water systems in new residential housing. Which of the following would push the wages of plumbers who work on sewer lines higher?                                      

Answers:             a.

plumbers who work with sewer lines are likely to be perceived as having a "dirty" job.

                b.

Plumbers who work with sewer lines are more likely to work the day shift.

                c.

Plumbing jobs that involve sewer lines are likely to have a high element of personal satisfaction.

                d.

Plumbers who work on new residential housing require more training than plumbers working on sewer lines.

•             Question 9

                According to the superstar phenomenon, the most talented person in which of the following occupations is most likely to earn extremely high wages?                                     

Answers:             a.

an engineer

                b.

an electrician

                 c.

a journalist

                d.

a hair stylist

•             Question 10

                A study conducted by economists Marianne Bertrand and Sendhil Mullainathan found evidence of labor-market discrimination based on which of the following findings?                                              

Answers:             a.

Employers were more likely to request interviews with job applicants with “white” names such as Greg than from applicants with “black” names such as Jamal.

                b.

Black basketball players earned more than white basketball players.

                c.

Employers were more likely to request interviews with job applicants with “masculine” names such as Mark than from applicants with “feminine” names such as Lisa.

                d.

Restaurant customers preferred to be waited on by white waitresses rather than black waitresses.