1. Labor market equilibrium is best characterized by:
A.
A wage at which all people have a job.
B.
A wage at which all workers are above the poverty level.
C.
A wage at which the number of people willing to work equals the number of workers firms are willing to hire.
D.
A minimum wage at which everyone is willing to work.
E.
All workers receiving their ideal wage.
2. Which of the following affects a person’s decision to work?
A.
The price of consumption goods relative to the wage.
B.
The person’s income from non-labor sources.
C.
How much the person enjoys working.
D.
The amount of fringe benefits offered to the person.
E.
All of the above affect a person’s decision to work.
3. Which of the following affects the wage a firm is willing to pay its workers?
A.
The productivity of workers.
B.
Consumer demand for the goods and/or services that the firm creates.
C.
The amount of fringe benefits the firm is required by law to pay.
D.
The level of payroll taxes the firm must pay.
E.
All of the above affect the wage a firm is willing to pay its workers.
4. The market for economists in Greenland has recently experienced an increase in the number of economists employed and an increase in the wage of economists. What could explain such a change?
A.
The demand for economists recently increased while the supply of economists remained unchanged.
B.
The demand for economists recently decreased while the supply of economists remained unchanged.
C.
The demand for economists remained unchanged while the supply of economists increased.
D.
The demand for economists remained unchanged while the supply of economists decreased.
E.
The demand for economists recently decreased while the supply of economists recently increased
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