prac1 - Practice test Labor 4200 chap 2, 3, 4 1. During the...

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Practice test Labor 4200 chap 2, 3, 4 1. During the twentieth century, the unemployment rate in the United States A) has remained roughly constant. B) has generally increased. C) has generally decreased. D) has become more stable. TABLE 2-2: Workers in the Widget Industry Year Earnings CPI 1966 $8,000 60 1976 $15,000 100 1986 $22,500 178 1996 $30,000 205 2. According to Table 2-2, real earnings in the Widget Industry in 1986 were A) $22,500. B) $12,640. C) $11,538. D) $15,730. 3. When the price of labor falls, the quantity of ________ demanded will _________, but the effect on _________ is ambiguous. A) labor, increase, capital B) labor, decrease, capital C) capital, increase, labor D) capital, decrease, labor 4. If the price of a product decreases due to a decrease in demand, then A) the firm moves to the left along the labor demand curve. B) the firm moves to the right along the labor demand curve. C) the labor demand curve shifts to the left. D) the labor demand curve shifts to the right. 5. If more people enter the labor market for architects, then A) both the wage rate and the employment level will increase. B) both the wage rate and the employment level will decrease.
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This note was uploaded on 09/22/2011 for the course ECON 2 taught by Professor Dunbar during the Spring '11 term at UConn.

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prac1 - Practice test Labor 4200 chap 2, 3, 4 1. During the...

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