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microeconomics
Questions and Answers of
Microeconomics
A collective bargaining negotiation is ________.a) solely a test of powerb) solely a presentation and discussion of real issuesc) both a test of power and a presentation and discussion of real
Pattern-setting wage increases tend to be viewed as _______.a) minimums by unions engaged in subsequent bargainingb) maximums by unions engaged in subsequent bargainingc) irrelevant by unions
Collective bargaining negotiations _________ end with a strike. a) alwaysb) usuallyc) occasionallyd) never
The two key areas covered by provisions of collective bargaining agreements are ___________.a) wages and hours, and job security and seniorityb) wages and hours, and working conditionsc) job
The job of a(n) _________is to impose a settlement. a) arbitratorb) mediatorc) collective bargaining team leader
Most strikes _______.a) cause widespread economic disruptionb) cause little economic disruptionc) cause no economic disruption
Which group of workers would be the easiest for a union to organize?a) employees at a Walmart storeb) employees of a county governmentc) employees at a Honda plant in Ohiod) employees at a
You would most likely be a union member if you _______.a) were a teacherb) lived in the Southc) worked for Walmartd) were a corporate executive
Which statement is the most accurate?a) Within 10 years there will be no manufacturing jobs in the United States.b) In general, it is harder to export service jobs than manufacturing jobs.c) A
Which statement is the most accurate?a) In recent years the United States has experienced relative labor peace.b) The last few years have been excellent ones for American labor unions.c) Labor
Which statement is true? a) In good economic times, employers demand more givebacks from labor unions than in bad economic times.b) We have not had a major strike in over 10 years.c) The United
You would most likely be a union member if you lived in _________. a) the United Statesd) Germanyb) Japane) Swedenc) Canada
Which statement is the most accurate?a) Every large labor union is a member of the AFL–CIO.b) Labor union membership as a percentage of the labor force in the United States declined steadily from
About 1 out of every _______ American workers is a member of a labor union.a) 2b) 3c) 6d) 9e) 12
Which is the most accurate statement about the card check law?a) It would make it easier for unions to organize workers.b) It would make it harder for unions to organize workers.c) It is opposed
Since the mid-1950s union membership has _______.a) increased substantiallyb) increased moderatelyc) stayed about the samed) decreased moderatelye) decreased substantially
Which statement is true?a) Labor unions are much more powerful today than they were 50 years ago.b) Strikes have caused great economic disruption in recent years.c) There have been no lockouts
Which statement is true? a) All the right-to-work states are in the South.b) Almost all right-to-work states are in the North and West.c) Nearly half the states have right-to-work
Which statement is the most accurate?a) Public employee unions can engage in collective bargaining in all 50 states.b) Public employee unions cannot engage in collective bargaining in any
Limits on takeovers of locals by national unions and a listing of the financial responsibilities of union officials were provisions of the _________Act.a) National Labor
Which one of the following statements is true?a) The South is the most heavily unionized section of the country.b) There are very few right-to-work states in the South.c) New York is the most
Which one of the following statements is false?a) There are more union members working in the public sector than in the private sector.b) About 1 worker in 15 privately employed workers is a union
The two most important pieces of labor legislation were the______ Act and the _________ Act.
The apparatus for conducting union representation elections was set up under the _____________ Act.
The ______________ Act put the force of the federal government behind collective bargaining.
Under the shop, __________________ an employer may hire only union members.
Under the shop, _________________ no one is forced to join the union.
Industrial unions are organized along lines, while craft unions are organized along ____________________ lines.
The biggest spurt in union membership occurred during the decade of the ______________.
The conflict within the AFL over whether to organize on a craft basis or an industrial basis led to ________________.
Unions have two basic ways of exerting power. They are to (1) _________ and (2) ______________.
A monopsony is __________________.
__________________ is the main arena of the power struggle between labor and management.
The ultimate weapon for labor is ____________ , while the ultimate weapon for management is __________.
Web Activity: How much will you earn when you graduate? Go to www.payscale.com and after answering a series of questions about which college you are attending, your major, and your job skills, you
According to the backward-bending supply curve, as the hourly wage rate increases from 0 to $10,000 the number of hours worked per week by the average person will ________.a) be
The demand for labor in a particular market is ________.a) the sum of all the individual labor supply curvesb) the sum of all the fi rms’ MRP curvesc) the sum of all the individual labor supply
Which statement is true?a) Differences in wage rates are explained entirely by differences in productivity.b) Differences in wage rates are explained entirely by differences in education and
The possibility of earning economic rent is great if _________.a) the supply of a factor is very high relative to demandb) the demand for a factor is very high relative to supplyc) both demand for
If Tiffany Kuehn is earning $200,000 a year today and she were to earn $400,000 a year 10 years from today, her _________.a) real wages and money wages will both have increasedb) real wages and
Which job would pay the highest real wages over the last 20 years? One that paid __________.a) twice the minimum wage rateb) a fixed wage of $10 an hourc) a starting hourly wage of $10 with raises
Conservative economists believe the minimum wage law ________.a) helps all workers equallyb) hurts all workers equallyc) hurts teenagers more than other workersd) helps teenagers more than other
Which statement is the most accurate?a) The federal minimum wage rate is indexed to the rate of inflation: Each year it’s raised equal to the rate of inflation during the previous year.b) Over 10
If the minimum wage were eliminated, the employment of marginal workers would _________.a) rise a lotb) rise a littlec) stay exactly the samed) fall a littlee) fall a lotf) fall by an
The living wage set by municipalities tends to be ________.a) higher than the federal minimum wageb) lower than the federal minimum wagec) about the same as the federal minimum wage
According to the conservatives, when the minimum wage is abolished, the wage rate for marginal workers will _______.a) fall and employment will fallb) fall and employment will risec) rise and
Which statement is true?a) Over time the distinctions among noncompeting groups tend to blur.b) Over time the distinctions among noncompeting groups tend to become sharper.c) Over time there is no
Which statement is true?a) The primary job market has most of the good jobs.b) The secondary job market has most of the good jobs.c) Neither the primary nor the secondary job market has the best
According to the theory of the backward-bending labor supply curve, _________.a) first the substitution effect sets in, then the income effectb) first the income effect sets in, then the
Which statement is true about incomes in the United States? a) Almost everyone earns about the same income.b) Almost everyone is either very rich or very poor.c) There is a wide disparity in
Statement 1 : A college diploma is still a necessary condition for a person moving from the secondary to the primary labor market, but that diploma is no longer a sufficient condition. Statement 2:
On average, ________.a) people with professional degrees earn about twice as much as high school dropoutsb) college graduates earn about four times as much as high school graduatesc) Most high
Which statement is true?a) The minimum wage has kept up with the rate of inflation.b) Average real hourly earnings are much higher today than they were in 1973.c) A college degree is definitely
Which statement is true?a) The average hourly wage in the United States is $7 . 2 5 an hour.b) If the minimum wage rate were lowered, more unskilled workers would fi nd jobs.c) The hourly wage
Which statement about production workers is true?a) They earn more in the United States than anywhere else in the world.b) They earn more in the United States than almost anywhere else in the
Beth Schulman makes the point that workers in nursing homes, retail stores, hotels, and child care are _______.a) well paid considering that their work is not very importantb) lucky they have jobs
Which statement is true?a) The federal minimum wage has ensured that virtually everyone employed full-time earns enough to support a family above the poverty line.b) The federal minimum hourly wage
Which statement is the most accurate?a) The fall in real wages between 1973 and 1993 was the longest in our history.b) Although real wages fell between 1973 and 1993, by 2007 they were the highest
Which statement is true?a) Only 15 percent of the Fortune 500 corporations are headed by either women or African American men.b) In most occupations, women earn about the same as men.c) The wage
Which statement is the most accurate?a) Employment discrimination has been almost entirely wiped out over the last few decades.b) The glass ceiling no longer exists.c) Nearly everyone agrees that
A woman is most likely to earn as much as a man in the same occupation if she is a _______. a) cashierb) lawyerc) college professord) physician
Which of these groups has the lowest earnings?a) Hispanic women.b) Hispanic men.c) African American women.d) African American men.
The dual labor market consists of a(n) _______ market and a (n) __________ market.
The substitution effect (on the backward-bending labor supply curve) takes place when ___________.The income effect takes place when ____________.
The wage rate is always determined by two factors: ________________and ___________.
Economic rent is ___________.
By real wages, economists mean what you can ___________.
If the minimum wage were eliminated, wages would definitely __________ for some marginal workers, and the employment of marginal workers would definitely __________.
If the minimum wage were abolished, there would be a substantial increase in the employment of marginal workers only if the MRP for marginal labor was very __________ and the supply of marginal labor
Ms. Spielvogel was paid $400 a week in 1987, the base year. By 1995 she was earning $900 a week. If the consumer price index was at 180 in 1995, how much were Ms. Spielvogel’s real wages that year,
Karryn Bilski made $2,400,000 in 2001, the base year. By 2004 she was earning $3,600,000. If the CPI rose to 120 by 2004, how much were her real wages that year, and by what percentage had they
An increase in the minimum wage to $6 would cause _______million people to lose their jobs. Wage rate ($ per hour) S 8 7 6 5 4 Figure 1 10 20 S D 30 40 50 60 70 80 80 90 100 Number of people employed
An increase in the minimum wage to $7 would cause _____________ million people to lose their jobs. Wage rate ($ per hour) 9 8 7 5 4 Figure 1 10 20 S D 30 40 50 60 70 80 90 100 Number of people
Mr. Dostievsky earned $40,000 in 1999, the base year. By 2006 he was earning $80,000. If the consumer price index was at 160 in 2006, how much would Mr. Dostievsky’s real wages be that year, and by
Practical Application: Would you consider becoming a payday lender? List the re a son why you would and why you would not.
Web Activity: What is the present value of $10,000 10 years from today if the interest rate is 10 percent? You can find the answer in about five seconds by going
Which statement is true?a) All land has the same economic value.b) The most important factor affecting rent is location.c) The economic value of a plot of land is determined exclusively by the raw
The supply of land ______. a) is fixedb) varies from time to timec) rises with demandd) is higher in urban areas than in rural areas
Land is most efficiently used in ________.a) citiesb) suburban areasc) rural areas
The rent on a particular piece of land is based on ________.a) the supply of landb) the buildings located on that landc) the MRP schedule of the highest bidderd) the MRP schedule of the lowest
When the demand for a plot of land rises, ________.a) its supply will fallb) its supply will risec) its price will falld) its price will rise
The supply of land is _______.a) perfectly elasticb) perfectly inelasticc) relatively elasticd) variable in elasticity
Each of the following is a valid criticism of Henry George’s ideas except that _________.a) a tax on land would raise only a small fraction of needed government revenueb) landlords sometimes
Which statement is true? a) Prices are high because rents are high.b) Rents are high because prices are high.c) David Ricardo believed high rents would drive English farmers out of
As interest rates rise ______.a) more borrowing will be undertakenb) less borrowing will be undertakenc) there is no change in the level of borrowing.
In the Middle Ages the taking of interest was forbidden to ________.a) both Jews and Christians, but not Muslimsb) both Christians and Muslims, but not Jewsc) both Jews and Muslims, but not
A clothing store on fashionable Rodeo Drive charges more for the same clothes than another store in less fashionable Compton. Why does the first store charge more? a) It has to pay a higher
If there were no inflation, a dollar today would be worth _______.a) exactly the same as a dollar received in the futureb) more than a dollar received in the futurec) less than a dollar received
Which statement is true?a) Profits are determined by supply and demand.b) Profits are solely a reward for risk taking and innovation.c) Profits are derived solely from the exploitation of
Which statement is true?a) Profits are about one-quarter of GDP.b) Profits are about 1 percent of GDP.c) Accounting profits are larger than economic profits.d) None of the above.
Which economist believes all profits are linked with uncertainty and risk?a) Frank Knightb) Joseph Schumpeterc) Karl Marxd) John Maynard Keynes.
“Innovations do not remain isolated events, and are not evenly distributed in time, but . . . on the contrary they tend to cluster, to come about in bunches, simply because some, and then most,
The horizontal dotted line is __________.a) a price ceilingb) a price floorc) either a price ceiling or a price floord) neither a price ceiling nor a price floor. Interest rate (%) 40 32 24 16 8
If there were no usury law, the interest rate would be percent. a) 16b) 18c) 20d) 22e) 24
With the usury law in effect there is a _______ of _______ billion.a) shortage, $28b) surplus, $28c) shortage, $56d) surplus, $56
The present value of a dollar declines as ________.a) the interest rate declines and the number of years you wait for your money declinesb) the interest rate rises and the number of years you wait
Which statement is true?a) Only the owners of labor can earn an economic rent.b) Only the owners of land can earn an economic rent.c) Both the owners of land and labor can earn an economic
Which statement is true?a) At different times in history Jews, Christians, and Muslims were forbidden to charge inter est.b) Jews have never been forbidden to charge interest.c) Christians have
For a usury law to be effective, it must set the interest rate ceiling ________.a) above the equilibrium rate of interestb) below the equilibrium rate of interestc) at exactly the equilibrium rate
Which is the most accurate statement about payday lenders? a) Virtually all of them operate illegally.b) Payday lending operations prey primarily on military service members and their
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