ECON 2210 Chapter Notes - Chapter 1: Marginal Revenue Productivity Theory Of Wages, Competitive Equilibrium, Price Discrimination
MSc Business Economics: Coursework Quiz 5 (Lecture Sessions 9 & 10)
The correct answers are in yellow
Please note: the order of the questions in the online quiz were randomized so they will not
have necessarily appeared in the following order:
During the short run, when the capital stock and technology are fixed, it is usual to
suppose that:
a) the marginal product of labour is constant
b) the marginal product of labour is positive and rising
c) the marginal product of labour is zero
d) the marginal product of labour is negative and falling
e) the marginal product of labour is positive and declining
When full employment equilibrium prevails in the aggregate labour market it is usual
to suppose that unemployment will be positive in part because:
a) real wages are normally above their equilibrium level
b) in a dynamic economy there are always some people moving between jobs
c) real wages are sticky in a downward direction
d) interest rates can never be zero
e) none of the
From the analysis of the labour market, we would expect an increase in the capital
stock to be associated with:
a. a fall in the level of employment
b. an increase in structural unemployment
c. an increase in voluntary unemployment
d. an increase in the marginal product of labour
e. all of the above
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