ch8 - ch8 Student 1 Ceteris paribus the willingness and...

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ch8 Student: ___________________________________________________________________________ 1. Ceteris paribus, the willingness and ability to work specific amounts of time at alternative wage rates in a given period of time is: A. Product supply. B. Product demand. C. Labor supply. D. Labor demand. 2. The labor-supply curve depicts the quantity of _____ at alternative ___. A. Labor supplied; wage rates B. Labor demanded; wage rates C. Business sales; price levels D. Products supplied; price levels 3. An upward-sloping supply curve of labor illustrates that the: A. Supply of labor and the wage rate are inversely related. B. Quantity of labor supplied and the wage rate are directly related. C. Quantity of labor supplied and the minimum wage are indirectly related. D. Quantity of labor supplied and the hours of work per week are inversely related. 4. Ceteris paribus, for an upward-sloping labor supply curve, there is an increase in the quantity of labor supplied when the: A. Demand for labor increases. B. Amount of leisure time increases. C. Tax rate increases. D. Wage rate increases. 5. The supply curve for labor is upward sloping to the right because as wages ___, the quantity of _____ rises. A. Rise; goods purchased B. Fall; work required C. Rise; labor supplied D. Fall; labor demanded 6. According to the upward-sloping labor supply curve, at lower wages: A. Workers are more willing to supply labor. B. Workers are less willing to supply labor. C. There is no opportunity cost of labor. D. The labor supply curve shifts left. 7. Ceteris paribus, for an upward-sloping labor supply curve, the quantity of labor supplied varies directly with: A. Payroll taxes. B. The value of leisure time. C. The derived demand for labor. D. The wage rate. 8. The quantity of labor supplied: A. Is downward sloping. B. Increases as the wage rate decreases. C. Increases as the wage rate increases. D. Is influenced by labor demand.
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9. An upward-sloping supply curve of labor reflects the: A. Increasing opportunity cost of labor. B. Increasing marginal utility of income as a person works more hours. C. Increasing quantity supplied of labor as prices fall. D. Decreasing marginal cost of labor as a firm hires more workers. 10. The opportunity cost of working is the: A. Wage rate. B. Value of leisure time that must be given up. C. Expense of maintaining a household and maintaining a decent living. D. Amount of consumption that is made possible. 11. The opportunity cost of working is the: A. Wage rate plus the value of fringe benefits earned in the process. B. Wage rate earned in the process but not the fringe benefits. C. Personal satisfaction gained from working. D. Value of leisure time that is given up in the process. 12. An individual's labor-supply curve reveals how he or she chooses to allocate:
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ch8 - ch8 Student 1 Ceteris paribus the willingness and...

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