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Exam 12: Labor Markets, Poverty, and Income Distribution

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Question 21

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Individuals have ____ control over the human capital that they bring to the labor market because

A) no;human capital is innate.
B) complete;human capital formation is the result of hard work.
C) partial;some human capital is innate and some is the result of hard work.
D) no;human capital is largely a matter of luck.

E) None of the above
F) A) and B)

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Question 22

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Kyle works for a perfectly competitive firm where he receives a wage rate of $15.One can infer that

A) Kyle's marginal product is at least $15.
B) the price of the firm's output is at least $15.
C) Kyle's reservation wage is exactly $15.
D) Kyle's value of marginal product is at least $15.

E) A) and C)
F) A) and B)

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Question 23

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Suppose that this graph describes the current labor market for high school teachers: Suppose supply were to shift to the left.Why might that happen?

Demographers predict that the average age of the population of the U.S.will increase.One result will be an increase in the demand for nurses.Assume that the graph below describes the current nursing labor market in a mid-sized city,and that the market is a competitive one. Suppose that several years ago the supply of nurses in this city was as shown as Supply A.What might explain the change from Supply A to Supply,current?

Current welfare programs in the United States are

Matt is offered a job driving the campus shuttle bus from 4 P.M.to 6 P.M.each Monday.His reservation wage for this job is $7/hour. Now suppose the director offers Matt $50/hour,but also announces that the earnings from the job will be divided equally among Matt and the 99 other students who live in Matt's dorm.How much economic surplus will Matt enjoy now for accepting the job?

There are two separate labor markets in Toontown,illustrated by the graphs below.Both labor markets currently pay $6.00 per hour,and both require the same skills and qualifications.The Toontown City Council is considering enacting a $7.50 living wage ordinance,which would require all Toontown employers to pay wages of at least $7.50 per hour. At the current wage of $6.00,employer surplus in Market A is ___ and in Market B is ___.

Males major in engineering much more frequently than females.Starting salaries for engineers (male or female) are very high.As a result,the observed wage gap for all college grads is __________ than wage gaps in specific majors because of __________.

The level of income the federal government uses to define being poor is called the

Jen is offered a job answering the phone in the State U economics department during lunchtime,from noon to 1 P.M. ,Tuesdays and Thursdays.Her reservation wage for this job is $15/hour. If the department chair offers Jen $150/week,how much economic surplus will she enjoy each week as a result of accepting the job?

The relationship between labor usage and output at the local coffee shop is summarized in the table below.The price of a cup of espresso is $1.25 and no other inputs are required. $\begin{array} { c c } \begin{array} { c c } \text { Labor } \\\underline { \text { Input }}\end{array} & \begin{array} { c } \text { Cups of } \\\underline { \text { espresso }}\end{array} \\ 0 & 0 \\1 & 25 \\2 & 45 \\3 & 60 \\4 & 70 \\5 & 75\end{array}$ The marginal product of the fourth worker is _______.

Demographers predict that the average age of the population of the U.S.will increase.One result will be an increase in the demand for nurses.Assume that the graph below describes the current nursing labor market in a mid-sized city,and that the market is a competitive one. The shift in supply from Supply A to the current Supply means that if demand increases as predicted (to Demand,predicted)

The following graph illustrates a low wage labor market. In an unregulated competitive market,the equilibrium wage rate would be __________ and the equilibrium employment level would be __________.

Assume that this graph illustrates a perfectly competitive labor market. Equilibrium in this labor market is at a wage of _______ and employment of approximately __________ worker hours.

The demand function curve for workers

Acme Market increased wages for their cashiers from $7/hr to $9/hr.Pat,a cashier at Acme,now works 30hrs/week instead of the 25hrs/week hours Pat used to work before the wage increase.On the other hand Chris,also a cashier at Acme decreased his work time by 5hrs/week after the wage increase and started to spend more time watching TV. Chris's behavior can be best explained as the _______ of high wage rates.

According to Professor Rawls,if income was given to a group of people and those people had no idea of their talents,they would likely prefer an income distribution that rewarded

Moe has just been offered a job that pays much more than other jobs requiring the same skills,education,and hours.Moe can infer that

Curly just graduated from State U and has three job offers: teaching at a prestigious private high school nine months a year with summers off,working forty hours a week at a bank in a small city,and working more than sixty hours a week for a high-powered investment firm on Wall Street (in New York City) . The annual salary for each of these offers is probably:

Gino's Pizza shop hires cooks in a competitive market.The raw material required to make each pizza costs $5.Daily output at Gino's Pizza varies with the number of workers hired,as shown in the table below: $\begin{array} { c c } \text { Number of workers } & \text { Pizzas/ Day } \\0 & 0 \\1 & 16 \\2 & 36 \\3 & 54 \\4 & 70 \\5 & 84 \\6 & 96\end{array}$ The marginal product of the 3^rd worker is _______.