Ch04 Labor and Financial Markets - Ch04 Labor and Financial...

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Ch04 Labor and Financial MarketsMultiple Choice Questions1.The “law of supply” functions in labor markets; that is, a higher __________ for labor leadsto a higher quantity of labor supplied.A. priceB. demandC. supplyD. quantityAnswer: AReference:
Explanation:2.As the __________ substitute for low-skill labor becomes available, the demand curve forlow-skill labor will shift to the left.Reference:
Explanation:3.Improvements in the productivity of labor will tend to:Reference:
Explanation:4.Which of the following will not result in a leftward shift of the market demand curve forlabor?Reference:
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Explanation:5.Which of the following results in a rightward shift of the market demand curve for labor?A. a decrease in labor productivityB. a decrease in the firm's product priceC. an increase in the wage rateD. an increase in demand for the firm's productAnswer: DReference:
Explanation:6.Which of the following will not result in a rightward shift of the market supply curve forlabor?Reference:
Explanation:7.If the demand for software engineers __________ slower than does supply, then wages ofsoftware engineers will __________.Reference:
Explanation:8.In contrast to goods and services markets, _____________ are rare in labor markets,because rules that prevent people from earning income are not politically popular.Reference:
Explanation:Difficulty:9.Since Baltimore passed the first _______________ in 1994, several dozen cities enactedsimilar laws in the late 1990s and into the 2000s.A. living wage lawB. price ceilingC. price floorD. minimum wageAnswer: AReference:
Explanation:10.Other things being equal, a __________ supply of workers tends to __________ real wages.Reference:
Explanation:

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Exploring Macroeconomics
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Chapter 1 / Exercise 4a
Exploring Macroeconomics
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