QUESTION 5 5. Why do skilled workers generally earn more than unskilled workers? A. The demand for unskilled labor is more inelastic than the demand for skilled labor B. Skilled labor has higher marginal revenue products than unskilled labor C. The demand for unskilled labor is greater than the demand for skilled labor D. The supply of skilled labor is greater than the supply of unskilled labor B QUESTION 6 6. Suppose that the market for labor is initially in equilibrium. An increase in immigration of new workers will cause the equilibrium wage a. and the equilibrium quantity of labor to rise. b. and the equilibrium quantity of labor to fall. C. to rise and the equilibrium quantity of labor to fall. d. to fall and the equilibrium quantity of labor to rise. A QUESTION 7 Which of the following events could increase the demand and wages for labor? An increase in the number of migrant workers An increase in the marginal productivity of workers A decrease in demand for the final product produced by labor A decrease in the supply of labor a. b. C. d. B QUESTION 8 8. The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that worker preferences are an important source of earning differentials. economics ranks one set of worker preferences as more desirable than another. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task. skill levels of laborers are a minor consideration in wage rate determination. A a. b. C. d.
QUESTION 5 5. Why do skilled workers generally earn more than unskilled workers? A. The demand for unskilled labor is more inelastic than the demand for skilled labor B. Skilled labor has higher marginal revenue products than unskilled labor C. The demand for unskilled labor is greater than the demand for skilled labor D. The supply of skilled labor is greater than the supply of unskilled labor B QUESTION 6 6. Suppose that the market for labor is initially in equilibrium. An increase in immigration of new workers will cause the equilibrium wage a. and the equilibrium quantity of labor to rise. b. and the equilibrium quantity of labor to fall. C. to rise and the equilibrium quantity of labor to fall. d. to fall and the equilibrium quantity of labor to rise. A QUESTION 7 Which of the following events could increase the demand and wages for labor? An increase in the number of migrant workers An increase in the marginal productivity of workers A decrease in demand for the final product produced by labor A decrease in the supply of labor a. b. C. d. B QUESTION 8 8. The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that worker preferences are an important source of earning differentials. economics ranks one set of worker preferences as more desirable than another. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task. skill levels of laborers are a minor consideration in wage rate determination. A a. b. C. d.
Chapter1: Making Economics Decisions
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Economics Questions 5, 6, 7, and 8
What is the correct answers for these four econ questions?
Transcribed Image Text:QUESTION 5
5. Why do skilled workers generally earn more than unskilled workers?
A. The demand for unskilled labor is more inelastic than the demand for skilled labor
B. Skilled labor has higher marginal revenue products than unskilled labor
C. The demand for unskilled labor is greater than the demand for skilled labor
D. The supply of skilled labor is greater than the supply of unskilled labor
B
QUESTION 6
6. Suppose that the market for labor is initially in equilibrium. An increase in immigration of new workers will cause the equiibrium wage
a.
and the equilibrium quantity of labor to rise.
b.
and the equilibrium quantity of labor to fall.
C.
to rise and the equilibrium quantity of labor to fall.
to fall and the equilibrium quantity of labor to rise.
d.
A
QUESTION 7
Which of the following events could increase the demand and wages for labor?
An increase in the number of migrant workers
An increase in the marginal productivity of workers
a.
b.
C.
d.
B
A decrease in demand for the final product produced by labor
A decrease in the supply of labor
QUESTION 8
8. The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that
worker preferences are an important source of earning differentials.
economics ranks one set of worker preferences as more desirable than another.
some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task.
skill levels of laborers are a minor consideration in wage rate determination.
A
a.
b.
C.
d.
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