Labor Markets
Quiz
•
Social Studies
•
12th Grade
•
Medium
Sandra Wright
Used 10+ times
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39 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A firm has 10 workers. They pay each worker $100/week. In any given week, the firm's "Total Cost of Labor" =
$100 x 10 workers = $1,000
$100 + 10 workers = $110
$100 X 10 workers = $100,000
Insufficient Information to answer question
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In factor markets, demand is based on how useful resources are for production. Economists call this principle...
Derived Demand
The Law of Demand
Marginal Factor Cost
Marginal Revenue Product of Land
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economists use the term ________ _______ __ _____ to refer to the additional products a business produces as a result of hiring one more worker.
Average Product of Labor
Average Total Cost
Marginal Revenue
Marginal Product of Labor
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economists use the term ________ _______ to refer to the additional money a business earns through a small amount of additional production.
Derived Demand
Marginal Cost
Marginal Revenue
Average Revenue
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In most markets we've examined this semester, finding the intersection of supply & demand allowed us to find the "equilibrium price." In labor markets, it allows us to find the "equilibrium _____."
Quantity
Maximizing Quantity
Maximizing Price
Wage
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Supply of Labor offered by workers
Demand for Labor
Supply of Jobs offered by busineses
All of the Above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Wages
Price
Quantity
Monopsony
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