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Eco202 exam 3




Question;Question 1 (2 points);Question 1 Unsaved;In a perfectly competitive labor market, the least-cost;combination rule for resource use;Question 1 options;A) assures;the firm an economic profit.;B) requires;that resources be used in combinations such that marginal products are equal.;C) requires;that the marginal physical product per dollar spent for each resource is;equalized.;D) assures;the firm a normal profit.;Question 2 (2 points);Question 2 Unsaved;A monopolist hires fewer workers than a perfectly;competitive industry, other things being equal, because;Question 2 options;A) the;monopolist producer has to deal with unions and face higher wages than do;competitive industries.;B) the;monopolist substitutes more capital for labor when compared to a competitive;industry.;C) a;monopolist has to pay higher wages in order to attract additional workers.;D) the;monopolist produces less output than a competitive industry.;Question 3 (2 points);Question 3 Unsaved;A perfectly competitive firm will hire workers up to the;quantity at which the wage rate equals the;Question 3 options;A) marginal;revenue product of labor.;B) marginal;factor cost of labor.;C) price of;the extra output produced.;D) average;physical product of labor.;Question 4 (2 points);Question 4 Unsaved;The change in total output due to the change in one variable;input, while holding all other inputs constant, is the;Question 4 options;A) marginal;revenue product.;B) derived;demand for labor.;C) marginal;physical product.;D) market;demand curve for labor.;Question 5 (2 points);Question 5 Unsaved;When MFC < MRP, a firm in a competitive market will;Question 5 options;A) stop;hiring.;B) hire more;workers.;C) earn;fewer profits.;D) layoff;workers.;Question 6 (2 points);Question 6 Unsaved;The monopolist's input demand curve is the;Question 6 options;A) marginal;factor cost.;B) marginal;revenue curve.;C) marginal;physical product curve.;D) marginal;revenue product curve.;Question 7 (2 points);Question 7 Unsaved;Refer to the above figure. Which panel represents what;happens in the U.S. job market in the short-run when U.S. firms substitute;labor outside of the U.S. for labor inside the U.S.?;Question 7 options;A) Panel A;B) Panel B;C) Panel C;D) Panel D;Question 8 (2 points);Question 8 Unsaved;The practice of outsourcing has been given a boost by;Question 8 options;A) advances;in telecommunications and computer networking.;B) firms;that are becoming more risk-averse.;C) support;from organized labor.;D) sharp;increases in the cost of overseas labor.;Question 9 (2 points);Question 9 Unsaved;Refer to the above table. Suppose the firm hires 5 workers;and the price of the good sold is $3. The marginal factor cost of labor must be;Question 9 options;A) $3.;B) $100.;C) $300.;D) $900.;Question 10 (2 points);Question 10 Unsaved;Which of the following will cause a shift in the demand;curve of labor?;Question 10 options;A) An;increase or decrease in the productivity of labor.;B) An;increase or decrease in the demand for the product labor produces.;C) A decline;in the price of a complementary input.;D) All of;these;Question 11 (2 points);Question 11 Unsaved;If the price of labor increases, the typical perfectly;competitive firm in the short run will;Question 11 options;A) produce;more output.;B) hire less;labor.;C) hire the;same labor and produce the same output.;D) hire more;labor.;Question 12 (2 points);Question 12 Unsaved;The additional cost associated with the hiring of one more;unit of labor is known as the;Question 12 options;A) marginal;physical product of labor.;B) marginal;revenue product of labor.;C) marginal;factor cost of labor.;D) marginal;utility of labor.;Question 13 (2 points);Question 13 Unsaved;A benefit of unions is that they;Question 13 options;A) increase;wage inequality.;B) increase;firm profits.;C) increase;the stability of the workforce.;D) restrict;the labor market.;Question 14 (2 points);Question 14 Unsaved;In the above figure, which wage rate will maximize union;members' income?;Question 14 options;A) W1;B) W3-W1;C) W3;D) W2;Question 15 (2 points);Question 15 Unsaved;Unions face a trade-off between higher wages and;Question 15 options;A) fewer;available positions.;B) equipment.;C) more;available positions.;D) none of;the above.;Question 16 (2 points);Question 16 Unsaved;What is it called when the price paid for a variable input;is less than its marginal revenue product?;Question 16 options;A) Monopolistic;exploitation;B) Monopsonistic;exploitation;C) Bilateral;monopoly;D) Featherbedding;Question 17 (2 points);Question 17 Unsaved;Labor unions are organizations that;Question 17 options;A) try to;make labor markets more competitive.;B) try to;secure economic improvements for all workers.;C) try to;secure economic improvements for their members.;D) try to;secure more opportunities for more workers in the economy.;Question 18 (2 points);Question 18 Unsaved;Temporary or permanent workers hired to replace striking;union workers are known as;Question 18 options;A) strikebreakers.;B) strikeaiders.;C) backbreakers.;D) rationers.;Question 19 (2 points);Question 19 Unsaved;If a union wishes to maximize the number of union members;employed, it will;Question 19 options;A) set a wage;above the competitive wage.;B) accept;the competitive wage.;C) set a;wage where the elasticity of demand for labor equals one.;D) set a wage;below the competitive wage.;Question 20 (2 points);Question 20 Unsaved;If you want to become an actor, and you must join the Screen;Actors Guild after your first job, the Screen Actors Guild is a(n);Question 20 oA) union;shop.;B) agency;shop.;C) closed;shop.;D) open shop.;Question 21 (2 points);Question 21 Unsaved;Labor unions that consist of workers from a particular;industry, such as automobile manufacturing, are called;Question 21 options;A) collective;unions.;B) industrial;unions.;C) craft;unions.;D) closed;unions.;Question 22 (2 points);Question 22 Unsaved;The practice of forcing employers to use more labor than;they would otherwise use is called;Question 22 options;A) featherbedding.;B) bootstrapping.;C) railroading.;D) dumping.;Question 23 (2 points);Question 23 Unsaved;The more bowed out the Lorenz curve, the;Question 23 options;A) less the;overall wealth in the economy.;B) greater;the overall wealth in the economy.;C) less;equal the income distribution.;D) more equal;the income distribution.;Question 24 (2 points);Question 24 Unsaved;What impact do private insurance companies and Medicare have;on national medical costs?;Question 24 options;A) Medical;costs go down because the insurance company pays the bill.;B) Medical;costs go up because insurance leads to an increase in the quantity demanded of;medical services.;C) Medical;cost are unaffected by insurance companies.;D) Medical costs;go up because insurance will lead to the reduction in the supply of medical;services due to the amount of paperwork required.;Question 25 (2 points);Question 25 Unsaved;Wealth is measured as;Question 25 options;A) only;nonhuman wealth.;B) only tangible;objects.;C) nonhuman;and human wealth.;D) only;buildings, machinery, land, cars, stocks and bonds.;Question 26 (2 points);Question 26 Saved;A major benefit of a health savings account is that it;Question 26 options;A) eliminates;rising health care costs.;B) creates;the incentive to see a doctor regularly.;C) combats;moral hazard.;D) means more;health care services will be demanded.;Question 27 (2 points);Question 27 Unsaved;The incidence of absolute poverty is reduced by;Question 27 options;A) the size;of the budget deficit.;B) government;welfare programs.;C) annual;recalculations of the poverty line.;D) economic;growth.;Question 28 (2 points);Question 28 Unsaved;The Social Security system is financed by;Question 28 options;A) a tax on;luxury goods.;B) a tax on;individual retirement accounts.;C) a payroll;tax paid only by employers.;D) a payroll;tax paid by both employers and employees.;Question 29 (2 points);Question 29 Unsaved;The less bowed the Lorenz Curve, the;Question 29 options;A) more equal;the income distribution.;B) greater;the number of low-income people.;C) greater;the number of high-income people.;D) less equal;the income distribution.;Question 30 (2 points);Question 30 Unsaved;In general, as individuals undertake additional years of;schooling;Question 30 options;A) their;stock of human capital increases.;B) the;marginal productivity of individuals as workers becomes negative.;C) the;marginal productivity of individuals as workers declines.;D) the;marginal benefit to society of the extra years of education increases.;Question 31 (2 points);Question 31 Unsaved;Which of the following would NOT be considered a determinant;of marginal productivity?;Question 31 options;A) gender;B) training;C) experience;D) talent;Question 32 (2 points);Question 32 Unsaved;The egalitarian principle of income refers to;Question 32 options;A) each;person receiving the same income.;B) each;person working the same number of hours.;C) each;person being paid differently.;D) each;person receiving tax breaks.;Question 33 (2 points);Question 33 Unsaved;The impact of technological change in the health-care area;has been to;Question 33 options;A) increase;the monetary costs of health care and decrease the quality of health care.;B) increase;both the quality of health care and the monetary costs of health care.;C) decrease;the monetary costs of health care while decreasing the quality of health care.;D) increase;longevity but decrease quality of life.;Question 34 (2 points);Question 34 Unsaved;Social Security is a pure transfer program because;Question 34 options;A) current;payroll taxes are used to pay the eligible retirees.;B) the;government subsidizes the medical bill of the poor.;C) the;government transfers funds from middle-income workers to welfare recipients.;D) it;transfers funds from current workers to the poor.;Question 35 (2 points);Question 35 Unsaved;In theory, the Emissions Trading Scheme would;Question 35 options;A) lower the;production costs of all firms.;B) raise the;production costs of all firms.;C) cause;firms to generate more pollution than their allowed limits.;D) cause;firms to generate less pollution than their allowed limits.;Question 36 (2 points);Question 36 Unsaved;From an economic standpoint, the amount of pollution should;be;Question 36 options;A) at the;point at which the marginal benefit from further reduction equals the marginal;cost of further reduction.;B) zero.;C) the;amount that allows firms to maximize profits.;D) the amount;where firms are earning a normal rate of return on investment.;Question 37 (2 points);Question 37 Unsaved;The optimal quantity of air pollution is;Question 37 options;A) found by;setting the quantity of air pollution equal to the quantity of water pollution.;B) a;meaningless concept since monetary values cannot be attached to problems;associated with pollution.;C) found by;equating the marginal benefits from further reductions in pollution and the;marginal costs of further reductions in pollution.;D) whatever;amount of pollution is produced by the profit maximizing firm.;Question 38 (2 poinQuestion 38 Unsaved;An individual who pays for personal auto repair has incurred;a;Question 38 options;A) social;cost.;B) positive;externality.;C) negative;externality.;D) private;cost.;Question 39 (2 points);Question 39 Unsaved;To efficiently improve environmental quality, it is usually;Question 39 options;A) better to;focus on economic damages rather than physical quantities of pollution.;B) better to;focus on the hardest areas to clean up first since these usually are the;biggest problems.;C) best to;set up stringent emission standards that must be followed by everyone.;D) more;appropriate to concentrate on the physical quantities of pollution rather than;on economic costs.;Question 40 (2 points);Question 40 Unsaved;A social cost that is not fully paid by the individual using;an automobile is;Question 40 options;A) insurance.;B) traffic;congestion.;C) depreciation;of the vehicle.;D) gasoline;and oil.;Question 41 (2 points);Question 41 Unsaved;The total social cost of production is equal to;Question 41 options;A) external;cost minus internal cost.;B) internal;cost plus opportunity cost.;C) external;cost plus internal cost.;D) internal;cost minus external cost.;Question 42 (2 points);Question 42 Unsaved;Exclusive rights of ownership that allow the use, transfer;and exchange of property are called;Question 42 options;A) common;property rights.;B) public;property rights.;C) private;property rights.;D) nonexclusive;property rights.;Question 43 (2 points);Question 43 Unsaved;In general, pollution exists in situations in which;Question 43 options;A) people are;selfish.;B) there are;poorly defined private property rights.;C) people;refuse to take social responsibility seriously.;D) there;exists public property.;Question 44 (2 points);Question 44 Unsaved;A large farm uses fertilizer that nearby landowners complain;may contaminate their water. Tests are conducted and contaminants are found.;The costs resulting from this decision are referred to as;Question 44 options;A) opportunity;costs.;B) factor costs.;C) external;costs.;D) implicit;costs.;Question 45 (3 points);Question 45 Unsaved;Distinguish between craft unions and industrial unions.;Question 45 options;Spell check;Question 46 (3 points);Question 46 Unsaved;Explain the implications of outsourcing for employment and;wages in the domestic and foreign labor markets.;Question 46 options;Spell check;Question 47 (3 points);Question 47 Unsaved;What can cause the demand curve for labor to shift? Explain.;Question 47 options;Spell check;Question 48 (3 points);Question 48 Unsaved;What is the purpose of a strike? What are the costs to;workers and to management?;Question 48 options;Spell check


Paper#57850 | Written in 18-Jul-2015

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