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Microeconomics 20 Multiple Choice Questions




Question;Question 1 of 20WhichofthefollowingisthemostimportantreasonforgrowinginequalityintheincomedistributionintheUnitedStates?A. inheritancesB. an increase in demand for highly educated workersC. discriminationD. a steady increase in tuition and fees for a college educationQuestion 2 of 20ThepovertyrateintheUnitedStatesishighestfor:5.0PointsA. married couples.B. childless households.C. single people.D. female headed households.5.0 PointsQuestion 3 of 20Whenwagesincrease,theincomeeffect________thesupplyoflaborandthesubstitutioneffect________thesupplyoflabor.A. increases, decreasesB. decreases, increasesC. decreases, decreasesD. increases, increasesQuestion 4 of 20IfJerry'sdemandforleisureincreasesasthewageincreases:5.0 PointsA. 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 PointsQuestion 5 of 20Accordingtotheincomeeffectoflaborsupply,ifleisureisanormalgood,thenanincreaseinthewageratewill________thequantityoflabor________.A. increase, demandedB. decrease, suppliedC. decrease, demandedD. increase, suppliedQuestion 6 of 20Whenafirmhiresaworkerforonehour,themarginalcosttothatfirmequalsthe:5.0 PointsA. 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 PointsQuestion 7 of 20Adecreaseinthesupplyofmusicians________thenumberofmusiciansemployed,and________thewagespaidtomusicians.A. increases, increasesB. increases, decreasesC. decreases, increasesD. decreases, decreasesQuestion 8 of 20Ifthepriceofoutputincreasesthelabor________curveshiftstothe________.5.0PointsA. supply, leftB. demand, leftC. demand, rightD. supply, rightQuestion 9 of 20Whenthewagefalls:5.0 PointsA. 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 wedon't know whether average hours will increase or decrease.D. some workers will work more hours and some workers will work fewer hours, but onaverage, hours worked will fall.Question 10 of 20Accordingtothesubstitutioneffectoflaborsupply,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 PointsD. it becomes less costly to consume leisure, so people will work more.Question 11 of 205.0 PointsIf 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 20Themarginalrevenueproductoflaboristhe:5.0 PointsA. 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 20Anequilibriuminthelabormarketisasituationinwhich:A. there is no unemployment.B. marginal revenue product equals the wage.5.0 PointsC. there is no pressure for wages to change.D. wages exceed minimum wage.5.0 PointsQuestion 14 of 20If the price of output decreases, the equilibrium wage of workers who produce that output will________ and ________ workers will be hired.A. decrease, fewerB. increase, fewerC. decrease, moreD.increase,moreQuestion 15 of 20Thepriceofanhourofleisuretimeis:5.0 PointsA. 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 ofleisure.5.0PointsQuestion 16 of 20Otherthingsbeingequal,asdiminishingmarginalreturnsbegintooccur,themarginalrevenueproductoflabor:A. increases as more workersare used.B. remains unchanged as moreworkers are used.C. decreases as more workersare used.D. none of the above5.0 PointsQuestion 17 of 20Governmenttaxesandtransfers:A. reduce the wealth of all Americans.B. reduce the wealth of the poorest Americans and increase the wealth of the richestAmericans.C. increase the wealth of the poorest Americans and reduce the wealth of the richestAmericans.D. increase the wealth of all Americans.5.0 PointsQuestion 18 of 20Theindividualsupplycurveforlaboristherelationshipbetweenthewageandthequantityoflaborthat: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 20Laborcostsaccountforapproximately________oftotalproductioncosts.5.0PointsA. one-fourthB. three-fourthsC. one-thirdD. half5.0 PointsQuestion 20 of 20Agovernmentreportthatmakesworkinginaparticularindustrymoreattractivetoworkerswillmostlikely________thenumberofworkershiredinthatindustry,and________thewagepaidtothoseworkers.A. increase, decreaseB. decrease, increaseC. decrease, decreaseD. increase, increase


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