05 Jun Midterm Labor economics
Question
Midterm Labor economics
Midterm Labor Economics
1. Because resources are scarce relative to human wants, economics is best described as:
a. the science of allocating productive resources fairly
b. a science of choice
c. the science of allocating goods and services fairly
d. the set of natural laws that govern human behavior in the face of adverse conditions
2. Labor economics is studied as a distinct subfield of economics because:
a. the bulk of national income is received by labor
b. the concepts of supply and demand must be revised somewhat when applied to labor markets
c. labor economics can be used to analyze major socioeconomic trends such as the surge in the number of women workers
d. all of the above
3. The bulk of national income flows to:
a. land owners in the form of rent
b. capital owners in the form of interest
c. capital owners in the form of profit
d. workers in the form of wages and salaries
4. As distinct from product market transactions, labor market transactions are unique in that:
a. to the seller, the nonmonetary characteristics of the sale can be as important as the price
b. labor demand curves slope upward
c. the price of labor is not determined by supply and demand factors
d. they are less complex
5. The concept of demand must be modified when applied to labor markets to reflect the fact that:
a. non-monetary characteristics of jobs may be as important to workers as their pay
b. labor demand curves slope upward from left to right
c. the demand for labor is derived from the demand for the various products that labor produces
d. the demand for output is derived from the demand for labor used to produce that output
6. In the context of the basic work-leisure model, “work” is defined as:
a. time devoted to a paying job or household work
b. time devoted to a paying job
c. time devoted to any “undesirable” activity
d. all time not devoted to rest and relaxation
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