Question :
71.An increase in the equilibrium price in the product market : 1233132
71.An increase in the equilibrium price in the product market results in:
A. A decrease in the quantity of labor hired.
B. An upward shift in the MPP curve.
C. An upward shift in the MRP curve.
D. A reduction in wages.
72.Both wages and employment can increase at the same time as long as the:
A. Marginal physical product of labor decreases.
B. Number of available workers increases.
C. The price of the product being produced decreases.
D. Marginal revenue product of labor increases.
73.A minimum wage:
A. Is set below the equilibrium wage.
B. Can create a surplus of workers.
C. Is established by the intersection of labor demand and labor supply.
D. Causes the quantity demanded of workers to be greater than the quantity supplied.
74.When the minimum wage is established above the equilibrium wage, then:
A. Shortages of jobs result, since sellers move down the labor-supply curve.
B. Surpluses of jobs result, since sellers move up the labor-supply curve.
C. Shortages of labor result, since buyers move down the labor-demand curve.
D. Surpluses of labor result, since buyers move up the labor-demand curve.
75.If the government decides to raise the minimum wage, ceteris paribus:
A. All workers are better off.
B. All workers are worse off.
C. Some workers are better off and some are worse off.
D. Workers are not affected by a minimum wage increase, only by a decrease.
76.When the minimum wage is raised, ceteris paribus:
A. Additional workers are able to find jobs, but some are still unemployed.
B. All workers are better off.
C. Unemployment is reduced.
D. There are fewer jobs available.
77.If the government eliminates a minimum wage, ceteris paribus, then:
A. Wages will rise, but employment will fall.
B. Wages will fall, but employment will rise.
C. Both wages and employment will fall.
D. Both wages and employment will rise.
78.A minimum wage impacts the labor market by causing:
A. An increase in the quantity of labor supplied and a decrease in the quantity of labor demanded.
B. A decrease in both the quantity of labor supplied and the quantity of labor demanded.
C. An increase in both the quantity of labor supplied and the quantity of labor demanded.
D. A decrease in the quantity of labor supplied and an increase in the quantity of labor demanded.
79.The impact on the labor market due to an increase in the minimum wage:
A. Is significant since it increases employment.
B. Cannot be measured unless the increase is more than $1.
C. Depends on factors such as the size of the increase and the state of the economy.
D. Is significant since it reduces unemployment.
80.Labor unions are able to maintain _____ wages for union members by _____ the market.
A. Above-equilibrium; excluding some workers from
B. Above-equilibrium; including all workers in
C. Below-equilibrium; excluding some workers from
D. Below-equilibrium; including all workers in
