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exam 5 ch 16 & 18 - Grades Worksheets Assignments...

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User : Alaa Alakeely In Course : PRIN ECONOMICS II ( ECN 222W SU810 09 SP) Instructor : Edward T Derbin Your score on this exam is 90 out of 100 . Instructions : You have one hour and 30 minutes to complete your exam. Once you begin (open) this exam, the clock is ticking, so plan accordingly. You will have plenty of time to complete it. Answer Key Question 1 (Worth 5 points) The productivity of labor increases, when the level of education among workers rises. True This is a correct answer False Points earned on this question : 5 Question 2 (Worth 5 points) The labor supply for an industry would decrease if the percentage of the
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population of ages 16 to 65 increases. True False This is a correct answer Points earned on this question : 5 Question 3 (Worth 5 points) A worker might earn a compensating wage differential for accepting risk. True This is a correct answer False Points earned on this question : 5 Question 4 (Worth 5 points) If a worker can produce 20 units of output which can be sold for $4 each in a days time, $800 is the most wage the firm should pay to hire this worker. True False This is a correct answer Points earned on this question : 0
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Question 5 (Worth 5 points) A firm's primary interest, when it hires another worker is the extra revenue the firm realizes from hiring another worker. True This is a correct answer False Points earned on this question : 0 Question 6 (Worth 5 points) The primary reason a competitive firm's demand for labor slopes downward is because in the short run, as more labor is hired, labor's marginal product falls because of the law of diminishing returns.
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