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.12.Which of the following results in a rightward shift of the market demand curve for labor?a.an increase in labor productivityb.an increase in demand for the firm s productc.an increase in a firm s product priced.all of the preceding13.The market supply of labor resources is affected bya.the number of hours workers are willing to work.b.the amount of immigration allowed.c.changes in a nation s working-age population.d.all of the preceding.14.Differences in monetary wages across jobs may result froma.differences in job amenities.b.differences in on-the-job hazards.c.differences in working conditions.d.differences in fringe benefits.e.all of the preceding.15.If labor unions successfully negotiate wage increases for their members,a.the wages of nonunion workers increase as well.b.the wages in nonunion sectors decrease.c.employment likely falls in the union sector.d.both a and c occur.e.both b and c occur.16.Monopsony in a market would tend to increase an employer sa.wages paid.b.profits earned.c.output produced.d.employment level.17.Monopsony power will not be reduced,a.the lower are search costs.b.the lower are movement costs.c.the more potential employers there are in an area.d.by any of these changes.18.Labor union membership has declined in part due toa.a shift in workers from manufacturing to the service sector.b.deregulation in unionized industries.477 95469_17_Ch17-p449-482.qxd 14/1/07 2:24 PM Page 478c.increasing global competition.d.all of the preceding.19.The distinguishing feature of the land market is thata.the supply curve is highly inelastic.b.the supply curve is highly elastic.c.the demand curve is highly inelastic.d.the supply curve is highly elastic.20.The rent paid for land currently used to graze cattle would increase ifa.the productivity of the land in cattle grazing increased.b.people decided to eat more red meat.c.oil deposits were discovered under the land.d.any of the preceding occurred.21.An increase in the demand for land willa.increase the price of land and increase the quantity of land supplied.b.increase the price of land but not change the quantity of land supplied.c.increase the quantity of land supplied but not change the price of land.d.do none of the preceding.22.Economic renta.applies as a concept to more than just land.b.is the payment to a resource in excess of its opportunity cost.c.will increase when the demand for a input increases, if supply is perfectly inelastic.d.does all of the preceding.23.At low levels of interest, borrowers will want to borrow ______ and suppliers of funds will want to supply ________.a.more; lessb.less; morec.more; mored.less; lessProblems1.The following table shows the Total Output each week of workers on a perfectly competitive cherry farm.The equi-librium price of a pound of cherries is $4.Complete the Marginal Product of Labor and the Marginal RevenueProduct of Labor columns in the table.Marginal RevenueQuantity of Labor Total Output Marginal Product of Labor Product of Labor1 2502 6003 9004 1,1255 1,3006 1,4507 1,5602.Using the table in Problem 1, how many workers will the farmer hire if the equilibrium wage rate is $550 per week?$650 per week?3.What happens to the demand curve for labor when the equilibrium price of output increases?478 95469_17_Ch17-p449-482.qxd 14/1/07 2:24 PM Page 4794.Which of the following groups are likely to benefit from legislation substantially increasing the minimum wage?Explain why.a.unskilled workers seeking jobs but lacking experience and educationb.skilled workers whose current wages are above the minimum wagec.manufacturers of machines that save labor in industries employing large amounts of unskilled labord.unskilled workers who have criminal recordse.a teenager seeking his or her first jobf.unskilled workers who retain employment after the minimum wage is raisedg.regions where almost everybody already earns substantially more than the minimum wage5
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