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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 ___. 3. An upward-sloping supply curve of labor illustrates that the: 4. Ceteris paribus, for an upward-sloping labor supply curve, there is an increase in the quantity of labor supplied when the: 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: 7. Ceteris paribus, for an upward-sloping labor supply curve, the quantity of labor supplied varies directly with: 8. The quantity of labor supplied:
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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: 11. The opportunity cost of working is the:
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