C8_Post-Test - Post-Test

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Post-Test (See related pages) 1 The _____ cost of working is the amount of leisure time that must be given up in the process. A) dollar B) opportunity C) free D) None of the above is true. 2 An individual's labor-supply curve reflects: A) the increasing opportunity cost of labor. B) the decreasing marginal utility of income as a person works more hours. C) Both of these are true. D) Neither of these is true. 3 Derived demand means that: A) the quantity of resources purchased by a business depends on the firm's sales and output. B) the demand for labor depends on the demand for the product that labor is producing. C) the demand for a resource is derived from the demand for the final product it is used to produce. D) All of the above are true. 4 What is the term for the quantities of labor employers are willing and able to hire at alternative wage rates in a given time period, ceteris paribus? A)
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This note was uploaded on 01/28/2011 for the course PAS 2201 taught by Professor R.nair during the Spring '10 term at St. John's.

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C8_Post-Test - Post-Test

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