1) Workers in one country are more productive than workers in another country because
-they have more complementary factors to work with.
-they have fewer complementary factors to work with.
-they are better motivated and paid.
2) Conservative economists would like to help younger workers get work experience by
-setting up a government jobs program.
-raising the minimum wage rate.
-lowering the minimum wage rate.
-passing a law requiring employers to hire teenagers ahead of older workers who are equally qualified.
3) The Supreme Court's "rule of reason"
-has been applied since the time of the Civil War.
-has been applied since 1945.
-was applied from 1911 to 1945.
-has been applied since 1970.
4) Which is the smallest American labor union?
-United Auto Workers
-The International Brotherhood of Teamsters
-The National Education Association
-The Service Employees International Union
5) The Change to Win coalition recently mounted a national recruiting drive, primarily targeting _______.
-All of these jobs were targeted
-cashiers
-janitors
-dishwashers
6) The demand for labor is
-determined by the supply of labor.
-determined by the wage rate.
-its marginal revenue product schedule.
-higher at lower wage rates.
7) Economic rent is associated with
-low wages.
-agricultural workers.
-factory workers.
-high wages.
8) Which statement is true?
-The most important influence on a firm's demand for a factor of production is the demand for the final product.
-All of the statements are true.
-A firm will keep hiring more and more of a resource up to the point at which its MRP is equal to its price.
-If the MRP of the last worker hired is higher than the wage rate, the firm has hired too few workers.
9) Amelia Earhart's nominal wages rose from $40,000 to $50,000, while the CPI rose by 20%. Her real wages
-rose.
-fell.
-cannot be calculated with the available information.
-stayed the same.
10) Which of the following is NOT an example of a vertical merger?
-The merger of two computer companies
-The merger of an automobile company and a tire company
-The merger of a computer company and a microelectronics chip company
-The merger of a shoe producer and a leather producer
11) The demand for a resource rises as
-its productivity falls and prices of substitutable resources falls.
-its productivity rises and the prices of substitutable resources falls.
-its productivity rises and the relative prices of substitutable resources rises.
-its productivity falls and the relative prices of substitutable resources falls.
12) Interlocking directorates were expressly forbidden under the
-neither the Sherman Act nor the Clayton Act.
-both the Sherman and Clayton Acts.
-Clayton Act.
-Sherman Act.
13) A firm's demand for labor is
-its MRP schedule.
-determined by the going wage rate.
-shaped mainly by the supply of labor.
14) If unions are successful in negotiating a wage higher than the market equilibrium wage, and also guarantee employers that they can hire as many labor hours as they desire per week at the union wage,
-all workers who join the union will be guaranteed a job.
-the quantity of labor demanded will exceed the quantity supplied at the union wage.
-the quantity of labor demanded will equal the quantity supplied at the union wage.
-the quantity of labor demanded will fall short of the quantity supplied at the union wage.
15) Which of the following offers the best example of derived demand?
-An increase in the demand for cars causes an increase in the demand for gasoline.
-An increase in the demand for movie tickets causes an increase in the demand for popcorn.
-A decline in the demand for cars causes an increase in the demand for bus rides.
-An increase in demand for movie tickets causes an increase in the demand for movie theatre workers.
16) A "bill of rights" for union members and a provision of union election procedures were two of the main provisions of the _____ Act.
-Landrum-Griffin
-Sherman Antitrust
-National Labor Relations
-Taft-Hartley
17) The decision to bring suit in an antitrust case is usually made by
-the Supreme Court or a lower federal court.
-the injured party.
-the Department of Commerce.
-the Department of Justice.
18) At its peak labor union membership was about _____% of the labor force.
-35
-45
-15
-25
19) Combinations in restraint of trade are prohibited by
-the Sherman Act.
-the Federal Trade Commission Act.
-The Clayton Act.
20) Which statement is true?
-American manufacturing wages are the highest in the world.
-American manufacturing wage rates are the lowest of any industrial country.
-Our manufacturing wage rates are the second highest in the world.
-None of the statements are true. MICROECONOMIC
1) Workers in one country are more productive than workers in another country because
-they have more complementary factors to work with.
-they have fewer complementary factors to work with.
-they are better motivated and paid.
2) Conservative economists would like to help younger workers get work experience by
-setting up a government jobs program.
-raising the minimum wage rate.
-lowering the minimum wage rate.
-passing a law requiring employers to hire teenagers ahead of older workers who are equally qualified.
3) The Supreme Court's "rule of reason"
-has been applied since the time of the Civil War.
-has been applied since 1945.
-was applied from 1911 to 1945.
-has been applied since 1970.
4) Which is the smallest American labor union?
-United Auto Workers
-The International Brotherhood of Teamsters
-The National Education Association
-The Service Employees International Union
5) The Change to Win coalition recently mounted a national recruiting drive, primarily targeting _______.
-All of these jobs were targeted
-cashiers
-janitors
-dishwashers
6) The demand for labor is
-determined by the supply of labor.
-determined by the wage rate.
-its marginal revenue product schedule.
-higher at lower wage rates.
7) Economic rent is associated with
-low wages.
-agricultural workers.
-factory workers.
-high wages.
8) Which statement is true?
-The most important influence on a firm's demand for a factor of production is the demand for the final product.
-All of the statements are true.
-A firm will keep hiring more and more of a resource up to the point at which its MRP is equal to its price.
-If the MRP of the last worker hired is higher than the wage rate, the firm has hired too few workers.
9) Amelia Earhart's nominal wages rose from $40,000 to $50,000, while the CPI rose by 20%. Her real wages
-rose.
-fell.
-cannot be calculated with the available information.
-stayed the same.
10) Which of the following is NOT an example of a vertical merger?
-The merger of two computer companies
-The merger of an automobile company and a tire company
-The merger of a computer company and a microelectronics chip company
-The merger of a shoe producer and a leather producer
11) The demand for a resource rises as
-its productivity falls and prices of substitutable resources falls.
-its productivity rises and the prices of substitutable resources falls.
-its productivity rises and the relative prices of substitutable resources rises.
-its productivity falls and the relative prices of substitutable resources falls.
12) Interlocking directorates were expressly forbidden under the
-neither the Sherman Act nor the Clayton Act.
-both the Sherman and Clayton Acts.
-Clayton Act.
-Sherman Act.
13) A firm's demand for labor is
-its MRP schedule.
-determined by the going wage rate.
-shaped mainly by the supply of labor.
14) If unions are successful in negotiating a wage higher than the market equilibrium wage, and also guarantee employers that they can hire as many labor hours as they desire per week at the union wage,
-all workers who join the union will be guaranteed a job.
-the quantity of labor demanded will exceed the quantity supplied at the union wage.
-the quantity of labor demanded will equal the quantity supplied at the union wage.
-the quantity of labor demanded will fall short of the quantity supplied at the union wage.
15) Which of the following offers the best example of derived demand?
-An increase in the demand for cars causes an increase in the demand for gasoline.
-An increase in the demand for movie tickets causes an increase in the demand for popcorn.
-A decline in the demand for cars causes an increase in the demand for bus rides.
-An increase in demand for movie tickets causes an increase in the demand for movie theatre workers.
16) A "bill of rights" for union members and a provision of union election procedures were two of the main provisions of the _____ Act.
-Landrum-Griffin
-Sherman Antitrust
-National Labor Relations
-Taft-Hartley
17) The decision to bring suit in an antitrust case is usually made by
-the Supreme Court or a lower federal court.
-the injured party.
-the Department of Commerce.
-the Department of Justice.
18) At its peak labor union membership was about _____% of the labor force.
-35
-45
-15
-25
19) Combinations in restraint of trade are prohibited by
-the Sherman Act.
-the Federal Trade Commission Act.
-The Clayton Act.
20) Which statement is true?
-American manufacturing wages are the highest in the world.
-American manufacturing wage rates are the lowest of any industrial country.
-Our manufacturing wage rates are the second highest in the world.
-None of the statements are true. MICROECONOMIC
