Q13 Winnie - Question 1 0 out of 1 points Which of the...

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Question 1 0 out of 1 points Which of the following describes the equilibrium condition in a purely competitive labor market? Selected Answer: [None Given] Correct Answer: MRP = Wage Rate Question 2 0 out of 1 points Refer to the above labor market diagrams. The case of bilateral monopoly is represented by Figure: Selected Answer: [None Given] Correct Answer: 5. Question 3 0 out of 1 points
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Use the resource demand data shown on the left and the resource supply data on the right in answering the following question(s): Refer to the above data. How many workers will this firm choose to employ? Selected Answer: [None Given] Correct Answer: 3 Question 4 0 out of 1 points Which of the following is not correct? Selected Answer: [None Given] Correct Answer: A monopsonistic employer will pay workers a wage rate equal to their MRP. Question 5 0 out of 1 points Author Joe Writer receives $2 per book sold. This payment is a(n): Selected Answer: [None Given] Correct Answer: royalty. Question 6 0 out of 1 points Which of the following unions best represents the exclusive unionism model? Selected Answer: [None Given] Correct Answer: the carpenters Question 7 0 out of 1 points
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Refer to the above labor market diagrams. A monopsonistic labor market is represented by Figure: Selected Answer: [None Given] Correct Answer: 3. Question 8 0 out of 1 points Refer to the above data. If there is neither a union nor a minimum wage, we can conclude that this firm: Selected Answer: [None Given] Correct Answer: "purchases" labor in purely competitive labor market. Question 9 0 out of 1 points
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Human capital is best defined as: Selected Answer: [None Given] Correct Answer: the productive skills and knowledge that workers acquire from education and training. Question 10 0 out of 1 points If the nominal wages of carpenters rose by 5 percent in 2,000 and the price level increased by 3 percent, then the real wages of carpenters: Selected Answer: [None Given] Correct Answer: increased by 2 percent. Question 1 0 out of 1 points The principal-agent problem arises in labor markets because: Selected Answer: [None Given] Correct Answer: workers may provide less-than-expected work effort. Question 2 0 out of 1 points The principal-agent problem arises primarily because: Selected Answer: [None Given] Correct Answer: agents pursue some of their own objectives that may conflict with the objectives of the principals. Question 3 0 out of 1 points A monopsonist: Selected Answer: [None Given] Correct Answer: reduces the number of workers it employs so that it can pay each worker a lower wage rate. Question 4 0 out of 1 points If a firm faces an upsloping labor supply curve (and there is no union or minimum wage), its:
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Selected Answer: [None Given] Correct Answer: MRC curve is also upsloping. Question
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This note was uploaded on 02/10/2011 for the course ECON 201 taught by Professor Ron during the Spring '10 term at Edmonds Community College.

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Q13 Winnie - Question 1 0 out of 1 points Which of the...

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