Question : 11) A typical firm hiring in a perfectly competitive labour : 1384285

 

11) A typical firm hiring in a perfectly competitive labour market faces a marginal cost curve for labour that is

A) horizontal.

B) vertical.

C) equal to the supply curve of the firm.

D) parallel to the firm’s marginal cost curve for its product.

E) downward sloping.

12) A typical firm hiring in a perfectly competitive labour market faces a labour supply curve that

A) is upward sloping.

B) coincides with the firm’s marginal cost curve.

C) coincides with the firm’s marginal cost of labour curve.

D) coincides with the firm’s demand for labour curve.

E) is downward sloping.

13) In terms of human capital, which of the following is the best example of an inherited skill?

A) a neurosurgeon who can perform brain surgery after many years of training

B) a retail worker who is able to work overtime each week

C) a worker who exercises is healthier and therefore more productive

D) a salesman doubles his sales after taking a training course

E) a music teacher who can carry a tune for the school choir

14) One or two generations ago, fewer Canadians completed post-secondary training and education. One explanation for this is

A) a decrease in demand for more education in recent years.

B) wage differentials due to formal education have diminished over time.

C) a negative relationship between the acquisition of human capital and overall earnings.

D) the relative wage of more highly educated people has increased in recent years.

E) that the opportunity cost of post-secondary education has increased.

15) In recent years, some business schools in Canada have begun charging tuition of close to $35 000 per year for a graduate degree, whereas Arts faculties charge much lower tuition for their graduate degrees. Students are prepared to pay the high tuition in a business school because

A) the expected payoff in terms of higher future wages is large.

B) the cost of providing the business education is far higher than the cost of the Arts education.

C) the marginal revenue product of a business degree is lower than the marginal revenue product of an Arts degree.

D) the marginal cost of a business degree is less than the marginal benefit of a business degree.

E) they recognize that the investment in human capital is not worthwhile.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16) Refer to Table 14-1. In a competitive labour market that clears, the equilibrium employment level would be

A) 400 units.

B) 500 units.

C) 800 units.

D) 1000 units.

E) 1300 units.

17) Refer to Table 14-1. If the wage rate is $15 per hour, how many hours per month are supplied to this market but are not actually employed?

A) 0

B) 400

C) 1000

D) 1100

E) 1500

18) Refer to Table 14-1. In this labour market, if the wage rate is $10 per hour, how many hours of labour per month are actually employed?

A) 0

B) 500

C) 1000

D) 1300

E) 1850

19) Labour-market discrimination results in a

A) lower supply in discriminating occupations and a higher supply in non-discriminating occupations.

B) higher supply in discriminating occupations and a lower supply in non-discriminating occupations.

C) lower supply in all occupations.

D) lower demand in all occupations.

E) higher demand in both occupations.

20) Labour-market discrimination, which keeps one group of workers out of elite (E) occupations and limits them to ordinary (O) occupations, will have which of the following effects?

A) a decrease in supply and higher wages in the E occupations.

B) more employment in the E occupations.

C) a decrease in supply and lower wages in the O occupations.

D) more unemployment in the E occupations.

E) a decrease in supply and higher wages in the O occupation.