which statement is true about labor markets?

Labor Unions. Statement I is true and statement II is false. Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $9.00. In this case, producer surplus = (0.5) × ($20 – $16) × 200 = $400. A. Access to quality education by a few distributes income more equally. d. C is correct, because capitalism is essentially the opposite of it, so the two are compared a lot, especially in terms of which one is better. Let total market demand for labor be represented by E D c. A commodity surplus or shortage will occur when the market is in equilibrium. Which statement is true according to the split labor market theory? Materials have always been vital in the history of industrial growth. enrollment rates as in the U.S. c. Setting up western labor standard and minimum wages in labor-abundant LDCs . B) The difference in male and female wages in the United States is about the average A. In market A, it is initially charging low prices so as to gain rapid market share while demand is relatively elastic. A. capitalism B. mercantilism C. market economy D. traditional economy . The firm can set wages at whatever price they want. B)need to know the cost of capital but not the cost of labor. D)need to know the cost of labor and the cost of capital. Opportunity cost is the value of the next best alternative to a given choice. One advantage of perfect competition is that farmers can set the price in their negotiations with buyers. Which of the following statements is true for both monopolistically competitive and oligopolistic industries? The circular flow model shows that goods and services flow from A) businesses to households. Demand States, Key customer markets and Core Marketing Concepts - MCQs with answers. 3. Answer: (d) All of the above A)is in a market with natural barriers to entry. a. a. in this labor market, a minimum wage of $9.00 is binding. True. is lowest when the average product of labor is highest. At a minimum wage of $16, labor demand will equal 200 (while labor supply will equal 800). ____ 1. 2. C)need to know the cost of labor but not the cost of capital. It is impossible for both nations to gain when trading with one other. Which Statement Is True. Which of the following statements is true? Labor market equilibrium determines the natural level of output and unemployment. 35. ____ 2. B) The "invisible hand" would prevent the exploitation of workers. As firms are not required to hire workers if they don’t want to, the new level of employment will be 200 workers. Businesses demand products, and households supply labor. Which of the following statements is … Advertising is an important tool of the firm. A minimum wage has been placed on a monopsony labor market that is greater than the monopsony wage, but less than the wage where the marginal revenue product of labor and the marginal factor cost of labor intersect. What happens as a result of the minimum wage? 7. Suppose there are two regional labor markets in the economy, the North and the South. c. A commodity surplus or shortage will occur when the market is in equilibrium. In this labor market, a minimum wage of $12.50 would be binding. C. One of the EU’s members is the Soviet Union. Check all that apply. Market Structures – CSEET Economics MCQ. a. A is correct, because there's utopian socialism, scientific socialism, etc. D. Statement 2: a donation by one spouse to the legitimate child by a former marriage of the other spouse is a donation to a stranger. Read Paper. Download Download PDF. What is a disadvantage of broad bands? D) the goods market to businesses. 99. It faces a horizontal supply curve for labor at the market wage, as shown in Panel (b). Check all that apply. Divided up into crude, intermediate and finished goods Provides a … While each labor market is different, they all tend to operate in similar ways. B. Answer: TRUE 4) Hyperinflation and stagflation are two different names which refer to identical economic A perfectly competitive firm is currently producing at the profit-maximizing output level. a. Companies hope to lower their overall cost structure or improve the quality or functionality of their product offering through globalization of production. Binding minimum wages increase the natural rate of unemployment. A) Because employers care so much about maximizing profits, they are likely to discriminate against minority workers. falls when the average product of labor falls. Mandy Huang. Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $9.00. The EU created a free trade agreement with the United States. There are, as always in that model, constant returns to scale. That means the average cost associated with paying the labor used to make that quantity is also lowest. a. a. Answer: FALSE 3) The employment rate is the number of people employed divided by number of people in the labor force. This Paper. A firm should operate under stage 1 of production if it wishes to maximize profit. The firm will earn zero economic profits in long-run equilibrium. False . 5. Materials have always been vital in the history of industrial growth. Answer: False 4. There are, as always in that model, constant returns to scale. The following table shows the relationship between the number of workers and the output of this firm. II. 6. C. Both statements are true. D.by the market E. by the government Question 14 The market for happy face stickers is perfectly competitive, and the market price for these stickers is greater than the average total cost (ATC) of a typical firm. D) Each of these statements is true. When consumers are attracted to products that have undesirable social consequences, it is. 21) Which of the following statements is true? (2) Which statement about the labor market is TRUE? If the price of labor is increased, holding everything else constant, the demand for labor will increase. 1 Full PDF related to this paper. Which of the following statements is true. B. * Labor-productivity in commodities is lower in poor countries, c. Labor-productivity in services is lower in poor countries, d. None of the above . Wages in perfect competition are determined by the intersection of demand and supply in Panel (a). ... Panel (b) shows the labor market and Panel (c) shows the economy's long-run aggregate supply curve. Which of the following statements about income and wealth distribution is true? 5. which of the following statements are true? True. Resource markets can be classified into: 4. CHAPTER 1: OPERATIONS AND PRODUCTIVITY TRUE/FALSE. Which of the following statements are true? B)is unique. Which of the following statements is true? 4-7. The Beveridge curve is drawn to the following specifications: The horizontal axis shows the unemployment rate (as typically defined). Which statement is TRUE? Labor productivity is another important gauge of the labor market and broader economic health, measuring the output produced per hour of labor. Discrimination in labor markets distributes income less equally. The labor market, like all markets, has a demand and a supply. In this labor market, a minimum wage of $12.50 would be binding. False . B) Collusion and the creation of cartels is common. Which statement is false? A short summary of this paper. Which statement is true about labor markets? Labor market equilibrium is independent of price level … Answer: A ) The market supply of labor is always upward sloping , but an individual 's labor supply may … Ulterior Votives, LLC produces candles in a perfectly competitive market. Answer briefly whether and why each of the statements is either true or false: a) If the price of labor falls relative to the price of land, then both industries will change to using more labor-intensive techniques of production. Which of the following statements about the EU is true? lowest when the average product of labor is highest. Labor hours needed to produce a unit of: Country Wheat Cloth France 5 10 England 20 20 (A) ½ cloth (B) ½ wheat (C) 2 cloth (D) 2 wheat (E) ¼ cloth 4. Choose the one alternative that best completes the statement or answers the question. True/False Indicate whether the sentence or statement is true or false. A. D. None of these statements is false. The firm will increase its total economic The EU was created to secure the independence of all European countries. a. A. binding minimum wages cause frictional unemployment. Assume the product market is perfectly competitive and that the labor market is also perfectly competitive. Multiple Choice . (A) w w (W 03 The demand for its product is a downward- sloping function. 1) Which of the following statements regarding gender differences in international labor markets is true? Which of the following is the best explanation for the collapse of the Soviet Union? B) Americans have the highest life expectancy and the lowest infant mortality rate in the world. Price can be denominated in hourly wage, with the quantity of workers on the x-axis. D)has a close substitute. Answer: True 6. 19)Which of the following statements is correct? If the marginal physical product of labor is 10 units per hour and the firm pays a wage rate of $8 per hour, which of the following is true? If capital and labor are complements, which of the following statements is true? 31. Q. b. Labor Force Participation Rates by Gender 14 Select the statement below that is true of only CPI. As a result, labor is released from producing good X. Firm B can When economists talk about the labor market, they are describing these similarities. Which of the following statements is not true of labor supply? D. Income flows to businesses in resource markets and to households in product markets. A. B) All else equal, there is no trade-off between risk of job injury and wages. rises when the average product of labor rises. A. 1. Labor Force Participation Rates by Gender 14 Select the statement below that is true of only CPI. B. The market rate or the pay policy line generally serves as the midpoint of a range for the job Following and studying changes in the CPI helps employers prepare for changes in the demands o Nonexempt employees are covered by FLSA and include most hourly workers It should be re-earned by employees during each performance period They are the characteristics of a job … MULTIPLE CHOICE. Which of the following statements is TRUE? Having better data related to the labor market and automation technologies could go a long way in helping address the concerns raised by technology. B. If the minimum wage were set at $9.50, the market would still be able to reach equilibrium. 3. True False 5. C. Income flows from businesses to households in product markets. ... A technological advance makes it possible to produce more of good X with less labor. E) None of these statements is true. The cost of labor does not affect the product market because it is an insignificant part of an organization's costs. asked Dec 14, 2015 in Sociology by Elena. Managerial economics is primarily concerned with the market demand for an individual firm's output. B is correct, because "utopian" describes a perfect world, which is a very idealistic thought. a. True. Competition for labor establishes the minimum an organization must pay to hire an employe… Competition for labor establishes the minimum an organization must pay to hire an employee for a particular job. which of the following statements are true? in the absence of price controls, a shortage puts upward pressure on wages until they rise to the … The first two stages in the selection process are the initial contact and the preliminary interview. 1. Which statement is true? check all that apply. 2. The internal labor market is made up of all employees in an industry. b. False. The deadweight loss associated with a monopsony declines as the market supply curve becomes more elastic. B)Bob's labor supply curve will not bend backward if the wage rate is never so high that the income effect outweighs the substitution effect. ____ 3. factors (labor and land), 2 goods, and 2 countries. A firm's marginal revenue product curve for labor is its demand curve for labor. A.Firms are earning positive economic profits and more firms will enter this industry. D ) Both the market supply of labor and the individual 's labor supply may not be upward sloping across their entire range . True. a. In the labor market represented in Panel (b): I. (c)Statement (1) is correct, statement (2) is incorrect (d)Statement (2) is correct, statement (1) is incorrect 3.Consider the following two statements on individual labor supply decisions in a perfect labor market: (1)If the choice of hours of work is restricted the reservation wage goes up. 7. When customers share a strong need that cannot be satisfied by an existing product, it is: 2. 3. A)do not need to know the cost of labor or the cost of capital. A rural family who has been farming for generations and generally uses only what it produces without much outside help best represents which type of economic system. Which of the following statements is true about a monopsony labor market? Reasoning: When the average product of labor is highest, workers are producing the most per worker. white-collar jobs have not moved offshore. The firm will increase its total economic Also assume that the price of the firm's product is $5. Lecture 6 The Labor Market and Unemployment. Free. The first two stages in the selection process are the initial contact and the preliminary interview. C) The wage gap between women and men has closed somewhat over the last 40 years. (a) The general US population is growing to 400 million by 2050, but the rate of growth of the WORKING population is FASTER and is expected to grow at double the rate of the general US population. The labor market is unique in that the workers are the producers of labor and the firms are consumers of labor. a. D) A free market would benefit consumers as well as producers. A) Factory owners would have to share their profits with the working class. A) International trade raises wages in developing countries. Assume the product market is perfectly competitive and that the labor market is also perfectly competitive. Q. Which statement is true? In labor markets, workers bear the full burden of a tax only when the tax is levied on workers. Which of these statements is true according to Adam Smith's theories? B. Progressive tax makes income distribution less equal. Also assume that the price of the firm's product is $5. In some labor markets, workers have joined together and formed a labor union. b. Answer: TRUE 2) Macroeconomics is concerned with the market price and equilibrium quantity of each good or service. Which statement(s) is/are true? One advantage of perfect competition is that farmers can set the price in their negotiations with buyers. If the market supply is perfectly elastic, then a few buyers with monopsony power can achieve the same percentage mark-down in the purchase price as a pure monopsonist. 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