< Saint Leo Univ ECO 202 Chapter 28 Test (2015) >

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

The net short-run effects of outsourcing on U.S. wages and employment are

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

If the MRP of labor is less than the wage rate, the perfectly competitive firm will

 Question Score: 1 of 1 pt                                                                             Test Score: 91.67% (11 of 12 pts)

The table above gives some date from the production function of a firm that is a perfect competitor in both product and labor markets. The wage rate in the industry is $260 and the price of the good produced is $20. The profit-maximizing quantity of labor to hire is

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

The monopolist hires fewer than the perfect competitor because

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

For a firm facing a perfectly elastic supply of labor, the employment of workers will continue until

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

In the short-run, labor outsourcing by U.S. firms tends to

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

A perfectly competitive firm determines that its MRP of labor divided the wage equals 1.2. This firm should

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

Which of the following is not a key factor that influences the elasticity of demand for labor?

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

The price elasticity of demand for an input

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

Other things equal, an increase in the productivity of labor will lead to

Question Score: 1 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

Which of the following will not shift the supply of labor?

Question Score: 0 of 1 pt                                                                              Test Score: 91.67% (11 of 12 pts)

How many workers will this firm employ if the weekly wages is $240?