Please answer ALL questions below: 1.The marginal revenue product gives a. the additional revenue obtained when an additional unit of a variable input is hired. b. the additions to total cost when an additional unit of a variable input is hired. c. the amount that other inputs must increase by when labor increase by one unit. d. the change in total product for an additional unit of a variable input. 2. When manufacturing an iPhone, parts must be soldered together. This work can be done by labor or by a robot (capital). More robots will be hired when the price of labor increases. This is known as a. the substitution effect. b. the complementary effect. c. marginal revenue product. d. the effect of changing labor productivity. 3. Which of the following is the largest union in the United States? a. American Federation of State, County, and Municipal Employees b. National Education Association c. International Brotherhood of Electrical Workers d. International Brotherhood of Teamsters 4. The marginal factor cost of a monopsonist is a. horizontal. b. upward sloping and rises faster than the supply curve. c. downward sloping when the supply curve of labor is upward sloping. d. upward sloping and the same as the supply curve. 5. When unions raise wages beyond what productivity increases would permit, a. nonunion workers wages in the economy also increase. b. there is a redistribution of income from low- to high-seniority workers. c. there are higher wages for all union members. d. more union workers are employed. 6. Which statement concerning powers granted the President of the United States by the Taft-Hartley Act is TRUE? a. The President can obtain an injunction that will stop a strike indefinitely. b. The President can obtain an injunction that will stop a strike for an eighty-day "cooling off" period if the strike is expected to imperil national safety or health. c. The President can require management to negotiate with a union and if the firm's management refuses, the President can appoint an arbitrator to resolve the conflict. d. The President can obtain an injunction that will stop a strike, if the strike involves government workers only. 7. Right-to-work laws a. make a closed shop arrangement a legal condition that allows employees to obtain a particular job. b. make it illegal for a state to pass any laws regarding union membership. c. make it illegal to require a union member to work abroad. d. make it illegal to require union membership as a condition of continuing employment in a particular firm. 8. A profit-maximizing monopsonist will hire workers up to the point at which a. W = MRP = MFC. b. W = MFC. c. MRP = MFC. d. W = MRP.
Please answer ALL questions below:
1.The marginal revenue product gives
a. the additional revenue obtained when an additional unit of a variable input is hired.
b. the additions to total cost when an additional unit of a variable input is hired.
c. the amount that other inputs must increase by when labor increase by one unit.
d. the change in total product for an additional unit of a variable input.
2. When manufacturing an iPhone, parts must be soldered together. This work can be done by labor or by a robot (capital). More robots will be hired when the price of labor increases. This is known as
a. the substitution effect.
b. the complementary effect.
c. marginal revenue product.
d. the effect of changing labor productivity.
3. Which of the following is the largest union in the United States?
a. American Federation of State, County, and Municipal Employees
b. National Education Association
c. International Brotherhood of Electrical Workers
d. International Brotherhood of Teamsters
4. The marginal factor cost of a monopsonist is
a. horizontal.
b. upward sloping and rises faster than the supply curve.
c. downward sloping when the supply curve of labor is upward sloping.
d. upward sloping and the same as the supply curve.
5. When unions raise wages beyond what productivity increases would permit,
a. nonunion workers wages in the economy also increase.
b. there is a redistribution of income from low- to high-seniority workers.
c. there are higher wages for all union members.
d. more union workers are employed.
6. Which statement concerning powers granted the President of the United States by the Taft-Hartley Act is TRUE?
a. The President can obtain an injunction that will stop a strike indefinitely.
b. The President can obtain an injunction that will stop a strike for an eighty-day "cooling off" period if the strike is expected to imperil national safety or health.
c. The President can require management to negotiate with a union and if the firm's management refuses, the President can appoint an arbitrator to resolve the conflict.
d. The President can obtain an injunction that will stop a strike, if the strike involves government workers only.
7. Right-to-work laws
a. make a closed shop arrangement a legal condition that allows employees to obtain a particular job.
b. make it illegal for a state to pass any laws regarding union membership.
c. make it illegal to require a union member to work abroad.
d. make it illegal to require union membership as a condition of continuing employment in a particular firm.
8. A profit-maximizing monopsonist will hire workers up to the point at which
a. W = MRP = MFC.
b. W = MFC.
c. MRP = MFC.
d. W = MRP.
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