Sruvey of Econ ch. 10

Alan Jones owns a company that sells life insurance. when he smplyts 10 salespersons, his firm sells $200,000 worth of contracts per week, and when he employs 11 salespersons, total revenue is $210,000. The marginal revenue product of the 11th salesperson

$10,000

the demand for labor is

derived demand

In which of the following years did the U.S. have the highest percentage of its labor force unionized?

1945

which of the following statements is true?

all the answers are correct (derived demand for labor depends on the demand for the product labor produces; unions can either increase demand or decrease the supply of labor; investment in human capital is expected to incfease the demand for those workers

In a perfectly competitive labor market, the optimal hiring rule is to employ labor up to the point where

wage = MRP

What happens to the MP of labor when the market price of the good produced increases?

stays the same

A union can influence the demand for labor by

using effective advertising that convinces customers to buy the "union label.

A union can influence the equilibrium wage rate by

doing all of the above (collective bargaining; featherbedding; lobbying for legislation to reduce immigration)

which of the following states has the largest union membership measured as the percentage of civilian empoyees in unions?

New York

A technological advnace that increases the productivity of teachers can be expected to have what effects on the equilibrium labor market for teachers?

wages will rise, and quantity of labor will rise

A technological advance that increases labor productivity will

increase the demand for labor as MP rises

Dividing the economic pie more equally may reduce the size of the economic pie." This argument is characterized as

a conflict between equity and and efficiency

The poverty line

equals three times an economy food budget

which of the following government programs provides recipients with unrestricted cash payments?

TANF

Medicaid and food stamps are

forms of in-kind assistance

which of the following might increase the supply curve of labor?

doing all of the above answers (eliminating discrimination against blacks; eliminiating discrimination against females; easing licensing requirements)

consider a law that limist women's access to certain "dangerous" occupations such as coal mining and military combat service. Such a law would likely reduce women's wages because

labor supply in female-intensive occupations would increase

comparable worth is the principle that

employees who perform comparable jobs should be paid the same wage

The official U.S. poverty line for a family is calculated by taking 3 times the annual cost of

a minimal diet

Which of the following program(s) is (are) an example of in-kind assitance to fight poverty in the United States?

b and e (Medicaid; SNAP-food stamps)