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)