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If Delores wanted to make sure that she had $3,000 a year from now, how much would she need to save now if the interest rate is 7 percent?


A) $3000
B) $2804
C) $2790
D) $2666

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

Correct Answer

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-Consider the monopsony in the above figure. The monopsony will hire ________ hours per week. A) 200 B) 400 C) 600 D) None of the above answers is correct. -Consider the monopsony in the above figure. The monopsony will hire ________ hours per week.


A) 200
B) 400
C) 600
D) None of the above answers is correct.

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

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A monopsony pays a wage rate ________ the marginal cost of labor and ________ the value of marginal product of labor.


A) equal to; equal to
B) lower than; lower than
C) equal to; lower than
D) lower than; equal to

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

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Unions support minimum wage laws because an increase in the minimum wage


A) increases the supply of union labor.
B) decreases the supply of union labor.
C) increases the demand for union labor.
D) decreases the demand for union labor.

E) C) and D)
F) None of the above

Correct Answer

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-If there is a monopsony operating in the labor market illustrated in the figure above, the equilibrium wage and quantity of labor hired is A) $15 and 50 hours. B) $10 and 100 hours. C) $10 and 50 hours. D) $5 and 50 hours. -If there is a monopsony operating in the labor market illustrated in the figure above, the equilibrium wage and quantity of labor hired is


A) $15 and 50 hours.
B) $10 and 100 hours.
C) $10 and 50 hours.
D) $5 and 50 hours.

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

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New technology


A) definitely increases a firm's demand for labor.
B) definitely decreases a firm's demand for labor.
C) definitely does not change a firm's demand for labor.
D) could increase or decrease a firm's demand for labor.

E) C) and D)
F) B) and D)

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For a monopsony the labor supply curve


A) does not exist.
B) is the marginal product of labor curve.
C) is the marginal cost of labor curve.
D) lies below the marginal cost of labor curve.

E) All of the above
F) A) and D)

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-Consider the monopsony in the above figure. The 200th hour of labor creates how much added revenue per hour for the monopsony? A) $10 B) $15 C) $20 D) None of the above answers is correct. -Consider the monopsony in the above figure. The 200th hour of labor creates how much added revenue per hour for the monopsony?


A) $10
B) $15
C) $20
D) None of the above answers is correct.

E) A) and D)
F) A) and C)

Correct Answer

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-Doug's Dog Grooming is a perfectly competitive firm charging $5 per dog grooming. Doug's Dog Grooming has the total and marginal product of labor schedules in the above table and can hire workers from a perfectly competitive labor market for $15 per hour. What is the value of marginal product of the third worker? A) $5 B) $25 C) $15 D) $375 -Doug's Dog Grooming is a perfectly competitive firm charging $5 per dog grooming. Doug's Dog Grooming has the total and marginal product of labor schedules in the above table and can hire workers from a perfectly competitive labor market for $15 per hour. What is the value of marginal product of the third worker?


A) $5
B) $25
C) $15
D) $375

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

Correct Answer

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If a monopsony must negotiate with a union, then the wage will probably be


A) more than the value of marginal product.
B) more than the marginal cost of labor.
C) the same as if there had been no union.
D) more than what it would have been without a union but not more than the value of marginal product.

E) B) and C)
F) C) and D)

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If the interest rate is 7.5 percent, the present value of $500 to be received three years from today is $477.50.

A) True
B) False

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An example of a bilateral monopoly would be when a union


A) bargains with many different employers.
B) deals directly with the final consumers.
C) bargains with a monopoly.
D) bargains with a monopsony.

E) A) and D)
F) A) and C)

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When Sam's Scarves uses 2 knitting machines and employs 3 people, total revenue is $330 a day. When Sam's Scarves uses 2 knitting machines and employs 4 people, total revenue is $360 a day. The value of marginal product of the third worker is ________.


A) $110
B) $30
C) $360
D) $90

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

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-A worker has a marginal product of 15 units a day, each of which can be sold for $10. Is it profitable to hire this worker if the wage rate is $100 a day? Briefly explain your answer. -A worker has a marginal product of 15 units a day, each of which can be sold for $10. Is it profitable to hire this worker if the wage rate is $100 a day? Briefly explain your answer.

Correct Answer

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It is profitable to hire this worker bec...

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If a union successfully restricts the supply of labor to the firm but the union has no effect on the demand for labor, then the


A) wage increases and there is no change in employment.
B) wage increases and employment increases.
C) wage increases and employment decreases.
D) wage increases and there is an unambiguous effect on employment.

E) None of the above
F) All of the above

Correct Answer

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-Pointy Stone State Park is the sole employer of naturalists in the area. The table above provides information about the supply of naturalists and the value of marginal product of labor for naturalists. On the last naturalist hired, Pointy Stone State Park will earn a profit of A) zero. B) $100 per week. C) $150 per week. D) $200 per week. -Pointy Stone State Park is the sole employer of naturalists in the area. The table above provides information about the supply of naturalists and the value of marginal product of labor for naturalists. On the last naturalist hired, Pointy Stone State Park will earn a profit of


A) zero.
B) $100 per week.
C) $150 per week.
D) $200 per week.

E) C) and D)
F) A) and D)

Correct Answer

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Which of the following activities increases the demand for union labor?


A) a decrease in the minimum wage
B) an increase in immigration
C) additional job training for union members
D) an increased desire by consumers to buy imports

E) B) and D)
F) B) and C)

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If the wage that a competitive firm must pay its workers exceeds their value of marginal product, the firm will


A) decrease the quantity of labor it employs.
B) increase the quantity of labor it employs.
C) lower the price of the good.
D) raise the price of the good.

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

Correct Answer

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The supply of land is


A) perfectly elastic.
B) elastic, but not perfectly elastic.
C) perfectly inelastic.
D) inelastic, but not perfectly inelastic.

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

Correct Answer

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-The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is $50 per acre. How much labor will the firm hire if the market wage is $300 per day? A) 0 workers B) 1 worker C) 2 workers D) 3 workers -The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is $50 per acre. How much labor will the firm hire if the market wage is $300 per day?


A) 0 workers
B) 1 worker
C) 2 workers
D) 3 workers

E) None of the above
F) All of the above

Correct Answer

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