Question 1

The U.S.economy experienced a significant slowdown in productivity growth that lasted from about 1973 to about __________.

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Question 2

Christine works for a firm that makes tires for cars.How is Christine's wage affected if the price of tires decreases?

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Question 3

Who has a greater opportunity cost of leisure - a president of a major corporation or a babysitter?

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Question 4

The theory of labor supply is based on the trade-off between __________.

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Question 5

Suppose a shift of the labor-demand curve results in an increase of $5 in the equilibrium wage.How does this shift affect the value of the marginal product of labor?

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Question 6

The substantial increases in output per worker over the last 50 or so years are largely explained by __________.

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Question 7

Does the movement of workers from other countries to the U.S.affect the demand for labor in the U.S. ,or does it affect the supply of labor in the U.S.?

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Question 8

Does an upward-sloping labor-supply curve mean that people respond to a decrease in the wage by enjoying more leisure or less leisure?

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Question 9

Bill is a laborer.What is the relationship between Bill's wage and his opportunity cost of an hour of leisure?

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Question 10

When you receive interest on your bank account,that income is part of the economy's __________ income.

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Question 11

A highly-paid research scientist works 12 hours a day,while a common laborer works only 5 hours a day.Offer a likely explanation,using the concept of opportunity cost.

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Question 12

What are the typical effects on the labor market of technological progress?

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Question 13

The equilibrium purchase price of an acre of land depends upon the current value of the marginal product of land and upon the __________.

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Question 14

Christine works for a firm that makes tires for cars.How is Christine's wage affected if the demand for cars increases?

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Question 15

Suppose a shift of the demand curve for strawberry pickers causes the equilibrium wage of strawberry pickers to increase by $2.The price of strawberries is $3 per pound before and after the shift.Does the shift increase the marginal product of the last picker hired,or does it decrease it? What is the amount of the increase or decrease?

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Question 16

Over time,carpenters become aware of more attractive employment opportunities outside of carpentry.Does this development affect the demand for carpenters,or does it affect the supply of carpenters?

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Question 17

Economic theory predicts a close relationship between productivity and real wages.Does history confirm this relationship?

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Quiz 18: The Market for the Factors of Production

The U.S.economy experienced a significant slowdown in productivity growth that lasted from about 1973 to about __________.

Christine works for a firm that makes tires for cars.How is Christine's wage affected if the price of tires decreases?

Who has a greater opportunity cost of leisure - a president of a major corporation or a babysitter?

The theory of labor supply is based on the trade-off between __________.

Suppose a shift of the labor-demand curve results in an increase of $5 in the equilibrium wage.How does this shift affect the value of the marginal product of labor?

The substantial increases in output per worker over the last 50 or so years are largely explained by __________.

Does the movement of workers from other countries to the U.S.affect the demand for labor in the U.S. ,or does it affect the supply of labor in the U.S.?

Does an upward-sloping labor-supply curve mean that people respond to a decrease in the wage by enjoying more leisure or less leisure?

Bill is a laborer.What is the relationship between Bill's wage and his opportunity cost of an hour of leisure?

When you receive interest on your bank account,that income is part of the economy's __________ income.

A highly-paid research scientist works 12 hours a day,while a common laborer works only 5 hours a day.Offer a likely explanation,using the concept of opportunity cost.

What are the typical effects on the labor market of technological progress?

The equilibrium purchase price of an acre of land depends upon the current value of the marginal product of land and upon the __________.

Christine works for a firm that makes tires for cars.How is Christine's wage affected if the demand for cars increases?

Over time,carpenters become aware of more attractive employment opportunities outside of carpentry.Does this development affect the demand for carpenters,or does it affect the supply of carpenters?

Economic theory predicts a close relationship between productivity and real wages.Does history confirm this relationship?