chapter 9

Which term is associated with the concept of efficiency in production?

• Equilibrium wage

• Derived demand

• Productivity

• Resource substitutes

What term describes the efficiency with which inputs are converted into outputs?

• Derived demand

• Productivity

• Equilibrium wage

• Resource substitutes

Which term is used to describe goods that are used together in production?

• Resource complements

• Derived demand

• Equilibrium wage

• Productivity

What is the relationship between productivity and output?

• Productivity is unrelated to output

• Productivity is the value of the output produced

• Productivity decreases as output increases

• Productivity is the cost of output

What is the result of a worker producing more?

• Decreased value to the firm

• Increased value to the firm

• No change in value

• Reduced demand for the product

In the labor market diagram, what happens at the intersection of the supply and demand curves?

• Surplus of labor

• Shortage of labor

• Equilibrium in the labor market

• Increase in wages

In the context of the labor market diagram, what does a shift to the right of the demand curve indicate?

• Decrease in demand for labor

• Increase in demand for labor

• Decrease in supply of labor

• Increase in supply of labor

Which of the following is an example of a technological influence on labor demand?

• Introduction of automation

• Increase in minimum wage

• Changes in labor laws

• Employee training programs

According to the graph, which education level has the highest average yearly earnings?

• No high school diploma

• High school diploma

• Bachelor's degree

• Professional degree

Which education level shows the least increase in earnings with age?

• No high school diploma

• High school diploma

• Bachelor's degree

• Professional degree