Micro HW Ch 13 and 14

Micro HW Ch 13 and 14 - Micro HW Ch 13 and 14 Student: _ 1....

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Micro HW Ch 13 and 14 Student: ___________________________________________________________________________ 1. Real wages in the United States in the long run: A. show no discernible relationship to output per worker. B. have increased at about the same rate as increases in output per worker. C. have increased slower than increases in output per worker. D. have increased faster than increases in output per worker. 2. If the nominal wages of carpenters rose by 5 percent in 2008 and the price level increased by 3 percent, then the real wages of carpenters: A. decreased by 2 percent. B. increased by 2 percent. C. increased by 3 percent. D. increased by 8 percent. 3. Increases in the productivity of labor result partly from: A. the law of diminishing returns. B. improvements in technology. C. reductions in wage rates. D. increases in the quantity of labor. 4. The productivity and real wages of workers in the industrially advanced economies have risen historically partly because: A. workers have acquired less education and training over time. B. workers have been able to use larger quantities of capital equipment. C. over time the capital equipment used by workers has deteriorated in quality. D. the supply of labor has increased. 5. If the nominal wage rises by 4 percent, and the price level rises by 7 percent, the real wage will: A. be unaffected. B. rise by 3 percent. C. fall by 3 percent. D. rise by 11 percent.
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6. Since 1960, real hourly compensation in the United States has approximately: A. remained the same. B. risen by 40 percent. C. doubled. D. tripled. 7. A profit-maximizing firm will: A. expand employment if marginal revenue product exceeds marginal resource cost.
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Micro HW Ch 13 and 14 - Micro HW Ch 13 and 14 Student: _ 1....

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