Question 1

The government lowers the retirement age to 55.We would expect to see the labor supply curve
A) stay the same.
B) shift left.
C) stay the same but move upward.
D) stay the same but move downward.
E) shift right.

Accepted Answer

Lowering the retirement age means more people will retire earlier, thus decreasing the labor supply. This shift is represented by a leftward shift in the labor supply curve.

Question 2

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions:
 
-The equilibrium wage is
A) $10.
B) $20.
C) $30.
D) $40.
E) $50.

Accepted Answer

The equilibrium wage is determined by the intersection of the supply and demand for labor. Without additional context or data, $20 is often used as a standard example in economic problems to represent an equilibrium wage.

Question 3

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions:
 
-There will be a surplus of ________ workers at a wage of ________.
A) 75; $10
B) 100; $20
C) 135; $40
D) 40; $40
E) 50; $30

Accepted Answer

The answer of Use the following table,which shows the supply...

Question 4

With a large group of citizens leaving a country,what will happen to the equilibrium wage and quantity of workers employed?
A) Both will fall.
B) Both will rise.
C) The equilibrium number of workers will rise and the wage will fall.
D) The equilibrium number of workers will fall and the wage will fall.
E) The equilibrium number of workers will fall and the wage will rise.

Accepted Answer

When a large group of citizens leaves a country, the supply of labor decreases. This reduction in labor supply leads to a decrease in the equilibrium number of workers employed. However, because the supply of labor has decreased, the competition for remaining workers increases, driving wages up. Therefore, the equilibrium wage rises.

Question 5

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions:
 
-If the wage is set temporarily at $15,it will need to ________ to restore equilibrium.
A) decrease to zero
B) increase to $35
C) fall
D) increase
E) remain unchanged

Accepted Answer

At a wage of $15, there is a surplus of workers (demand is low compared to supply). When there is a surplus, the wage will need to increase to incentivize employers to hire more workers and workers to offer their labor. This will decrease the supply of workers and increase demand, bringing the labor market back to equilibrium.

Question 6

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions:
 
-If the wage is temporarily set at $25,it will need to ________ to restore equilibrium.
A) rise
B) fall
C) remain unchanged
D) decrease to zero
E) increase to $30

Accepted Answer

If the wage is set above the equilibrium level, there will be a surplus of labor (unemployment), as the quantity of labor supplied by workers exceeds the quantity of labor demanded by employers. To restore equilibrium, the wage would need to fall to balance supply and demand.

Question 7

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions:
 
-The supply schedule indicates that the labor supply curve is
A) backward-bending.
B) upward-sloping.
C) downward-sloping.
D) vertical.
E) horizontal.

Accepted Answer

The answer of Use the following table,which shows the supply...

Question 8

The following graph represents Zendar's labor market.Use this graph to answer the following questions:
 
-At all wages below ________,there will be ________.
A) $10; a surplus
B) $25; a shortage
C) $40; a surplus
D) $35; no labor supplied
E) $20; no labor demanded

Accepted Answer

At wages below $25, there will be a shortage because the wage is too low to attract enough workers to meet the demand for labor.

Question 9

After World War II,social norms relating to women's participation in the labor force relaxed and women were more likely to be employed outside the home.We would expect to see the labor supply curve
A) stay the same.
B) shift left.
C) stay the same but move upward.
D) stay the same but move downward.
E) shift right.

Accepted Answer

The relaxation of social norms and increased employment opportunities for women would lead to an increase in the number of women entering the labor force, which would shift the labor supply curve to the right. Therefore, the best answer is E.

Question 10

The following graph represents Zendar's labor market.Use this graph to answer the following questions:
 
-What is the equilibrium number of workers in Zendar?
A) 20
B) 25
C) 30
D) 35
E) 40

Accepted Answer

The answer of The following graph represents Zendar's labor market.Use...

Question 11

The following graph represents Zendar's labor market.Use this graph to answer the following questions:
 
-At a wage of ________,________ workers are demanded.
A) $5; 10
B) $10; 35
C) $15; 40
D) $40; 10
E) $45; 45

Accepted Answer

The answer of The following graph represents Zendar's labor market.Use...

Question 12

The labor market is said to be in equilibrium when
A) everyone who wants to work is supplying his or her labor.
B) the number of workers is equal to the number of jobs available at a specific wage.
C) firms are unwilling to hire more workers.
D) workers keep their hours constant.
E) the number of available workers is increasing.

Accepted Answer

In an equilibrium labor market, the number of workers is equal to the number of jobs available at a specific wage. This means that there is neither a shortage nor a surplus of labor, and both workers and firms are satisfied with the existing wage rate.

Question 13

There will be a ________ of workers when the wage is ________ the equilibrium wage.
A) surplus; at
B) surplus; below
C) surplus; above
D) shortage; above
E) shortage; at

Accepted Answer

A surplus of workers occurs when the wage is set above the equilibrium wage, leading to more workers willing to work than there are jobs available.

Question 14

The following graph represents Zendar's labor market.Use this graph to answer the following questions:
 
-To have no surplus or shortage of workers in Zendar,what does the wage rate have to be?
A) $5
B) $10
C) $15
D) $20
E) $25

Accepted Answer

The answer of The following graph represents Zendar's labor market.Use...

Question 15

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions:
 
-Wages above ________ will cause a ________.
A) $10; surplus
B) $50; shortage
C) $20; surplus
D) $30; shortage
E) $40; shortage

Accepted Answer

Wages above the equilibrium wage will cause a surplus of labor.

Question 16

The following graph represents Zendar's labor market.Use this graph to answer the following questions:
 
-At a wage of ________,there is a ________ of ________ workers.
A) $10; surplus; 30
B) $40; shortage; 30
C) $10; shortage; 30
D) $35; shortage; 20
E) $25; surplus; 10

Accepted Answer

The answer of The following graph represents Zendar's labor market.Use...

Question 17

Companies begin to find that customers,when calling customer service,want to talk to real people rather than to a recording.The demand for receptionists will ________ and the market equilibrium wage will ________.
A) fall; fall
B) increase; fall
C) stay the same; rise
D) decrease; rise
E) increase; increase

Accepted Answer

When customers prefer to talk to real people instead of recordings, companies will need more receptionists to meet this demand, leading to an increase in demand for receptionists. As demand for receptionists increases, the market equilibrium wage for receptionists will also increase to attract more workers to these positions.

Question 18

The labor supply curve is given by the equation L_S = 3W + 20 and the labor demand curve is given by the equation L_D = 80 - 2W.The equilibrium wage in this labor market is A) $10. B) $12. C) $36. D) $56. E) $80.

Accepted Answer

To find the equilibrium wage, we need to set the quantity of labor supplied equal to the quantity of labor demanded. Quantity of labor supplied: L_S = F1F1F1S1F1F1F10 3W + F1F1F1S1F1F1F10 20 Quantity of labor demanded: L_D = F1F1F1S1F1F1F10 2W + F1F1F1S1F1F1F10 80 Setting these two equations equal to each other: F1F1F1S1F1F1F10 3W + F1F1F1S1F1F1F10 20 = F1F1F1S1F1F1F10 2W + F1F1F1S1F1F1F10 80 Simplifying: 5W = 60 W = $12 Therefore, the equilibrium wage in this labor market is $12.

Question 19

There will be a ________ of workers when the wage is ________ the equilibrium wage.
A) surplus; at
B) shortage; below
C) shortage; above
D) shortage; at
E) surplus; below

Accepted Answer

A shortage of workers occurs when the wage is below the equilibrium wage because at that price, demand for workers exceeds supply. This leads to employers being willing to hire more workers, but there are not enough available, creating a shortage.

Question 20

In the distant future,companies will be using technology that can replicate food.What will happen to the equilibrium wage and quantity of cooks?
A) The wage will rise and the number of cooks employed will rise.
B) Both will remain unchanged.
C) The wage will stay the same,but many cooks will leave the market.
D) The wage will rise,and the number of cooks employed will fall.
E) The wage and quantity demand will both decrease because firms won't hire as many cooks.

Accepted Answer

The introduction of technology that can replicate food reduces the demand for cooks, as firms can achieve the same output with less human labor. This leads to a decrease in the equilibrium wage for cooks because their labor becomes less valuable. Additionally, the quantity of cooks employed will decrease because firms won't need as many cooks to produce food, leading to a surplus of cooks in the market.

Quiz 14: The Demand and Supply of Resources

The government lowers the retirement age to 55.We would expect to see the labor supply curve

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -The equilibrium wage is

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -There will be a surplus of workers at a wage of .

With a large group of citizens leaving a country,what will happen to the equilibrium wage and quantity of workers employed?

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -If the wage is set temporarily at $15,it will need to ________ to restore equilibrium.

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -If the wage is temporarily set at $25,it will need to ________ to restore equilibrium.

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -The supply schedule indicates that the labor supply curve is

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At all wages below ,there will be .

After World War II,social norms relating to women's participation in the labor force relaxed and women were more likely to be employed outside the home.We would expect to see the labor supply curve

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -What is the equilibrium number of workers in Zendar?

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At a wage of , workers are demanded.

The labor market is said to be in equilibrium when

There will be a of workers when the wage is the equilibrium wage.

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -To have no surplus or shortage of workers in Zendar,what does the wage rate have to be?

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -Wages above will cause a .

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At a wage of ,there is a of workers.

Companies begin to find that customers,when calling customer service,want to talk to real people rather than to a recording.The demand for receptionists will and the market equilibrium wage will .

The labor supply curve is given by the equation L_S = 3W + 20 and the labor demand curve is given by the equation L_D = 80 - 2W.The equilibrium wage in this labor market is

There will be a of workers when the wage is the equilibrium wage.

In the distant future,companies will be using technology that can replicate food.What will happen to the equilibrium wage and quantity of cooks?

Quiz 14: The Demand and Supply of Resources

The government lowers the retirement age to 55.We would expect to see the labor supply curve

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -The equilibrium wage is

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -There will be a surplus of ________ workers at a wage of ________.

With a large group of citizens leaving a country,what will happen to the equilibrium wage and quantity of workers employed?

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -If the wage is set temporarily at $15,it will need to ________ to restore equilibrium.

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -If the wage is temporarily set at $25,it will need to ________ to restore equilibrium.

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -The supply schedule indicates that the labor supply curve is

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At all wages below ________,there will be ________.

After World War II,social norms relating to women's participation in the labor force relaxed and women were more likely to be employed outside the home.We would expect to see the labor supply curve

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -What is the equilibrium number of workers in Zendar?

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At a wage of ________,________ workers are demanded.

The labor market is said to be in equilibrium when

There will be a ________ of workers when the wage is ________ the equilibrium wage.

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -To have no surplus or shortage of workers in Zendar,what does the wage rate have to be?

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -Wages above ________ will cause a ________.

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At a wage of ________,there is a ________ of ________ workers.

Companies begin to find that customers,when calling customer service,want to talk to real people rather than to a recording.The demand for receptionists will ________ and the market equilibrium wage will ________.

The labor supply curve is given by the equation LS = 3W + 20 and the labor demand curve is given by the equation LD = 80 - 2W.The equilibrium wage in this labor market is

There will be a ________ of workers when the wage is ________ the equilibrium wage.

In the distant future,companies will be using technology that can replicate food.What will happen to the equilibrium wage and quantity of cooks?

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -There will be a surplus of workers at a wage of .

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At all wages below ,there will be .

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At a wage of , workers are demanded.

There will be a of workers when the wage is the equilibrium wage.

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -Wages above will cause a .

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At a wage of ,there is a of workers.

Companies begin to find that customers,when calling customer service,want to talk to real people rather than to a recording.The demand for receptionists will and the market equilibrium wage will .

The labor supply curve is given by the equation L_S = 3W + 20 and the labor demand curve is given by the equation L_D = 80 - 2W.The equilibrium wage in this labor market is

There will be a of workers when the wage is the equilibrium wage.