C8_Pre-Test

C8_Pre-Test - Pre-Test

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Pre-Test (See related pages) 1 As the opportunity cost of job time increases, we require _____ rates of pay. A) the same B) lower C) higher D) None of the above is true. 2 Labor _____ is the willingness and ability to work specific amounts of time at alternative wage rates in a given time period, ceteris paribus. A) supply B) demand C) equilibrium D) None of the above is true. 3 The labor _____ curve slopes _____. A) supply; downward B) demand; upward C) demand; downward D) None of the above is true. 4 The demand for labor is _____ the demand for the final goods and services produced by this labor. A) independent of B) derived from C) not related to D) None of the above is true. 5 The equilibrium wage: A) occurs at the intersection of the market supply and demand curves. B) is the only wage at which the quantity of labor supplied equals the quantity of labor demanded. C) is the only one that clears the market. D)
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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_Pre-Test - Pre-Test

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