Question 1.Voluntary migration of skilled craftworkers fr

31 May Question 1.Voluntary migration of skilled craftworkers fr

Posted at 17:40h in Essay Writing Services by Past Papers

Question

1.Voluntary migration of skilled craftworkers from low-paying to high-paying nations ismostlikely to be opposed by: (Points : 2)

business groups in the high-paying nations.

craft workers who stay in the low-paying nations.

industrial unions in the high-paying nations.

craft unions in the high-paying nations.

2.In the market for superstars: (Points : 2)

earnings reflect pricing power rather than marginal revenue product.

small differences in talent get magnified into huge differences in pay.

entry and exit rarely occur.

product demand is typically highly elastic.

3.Labor market discrimination creates a: (Points : 2)

redistribution of a larger domestic output.

larger domestic output but no redistribution.

smaller domestic output but no redistribution.

redistribution of a smaller domestic output.

4.The incentive function of prices: (Points : 2)

indicates that price increases bring forth more of a resource.

is the idea that competitive markets will always clear.

applies to all resources.

only applies to land.

Theindividual firmin a purely competitive labor market faces: (Points : 2)

a perfectly elastic labor supply curve and a downsloping labor demand curve.

a perfectly elastic labor demand curve and an upsloping labor supply curve.

labor demand and labor supply curves both of which are perfectly elastic.

a downsloping labor demand curve and an upsloping labor supply curve.

6.A manufacturer using both capital and labor decides to use more labor and less capital because of an increase in the price of capital. This is likely the result of: (Points : 2)

capital and labor being complementary inputs.

capital and labor being substitute inputs.

the output effect being greater than the substitution effect.

diminishing returns being applicable to capital but not to labor.

7.The fact that people prefer present consumption to future consumption results in: (Points : 2)

a downsloping demand for loanable funds curve.

an upsloping supply of loanable funds curve.

a downsloping supply of loanable funds curve.

an upsloping demand for loanable funds curve.

8.Export supply curves are __________________; import demand curves are ___________________. (Points : 2)

horizontal; vertical

vertical; horizontal

downsloping; upsloping

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