17. All of the following can raise union member wages except: a. limiting union

Question

17. All of the following can raise union member wages except:

a. limiting union membership over time

b. increasing the demand for non-union made goods

c. increasing the productivity of union workers

d. increasing the demand for union made goods

12. if a firm wants to maximize its profits, it should

a. equate the marginal revenue product for each input to the price of the input

b.hire unskilled labor rather than skilled labor since unskilled labor is cheaper

c.hire lots of capital and very little labor since labor needs to be trained

d.equate the marginal physical product for each input to the price of the input

10. a profit maximizing monopolist will hire labor up to the point where

a. marginal revenue equals than the wage rate

b. marginal revenue product is greater than the wage rate

c. marginal revenue equals the price of the product

d. marginal revenue product is less than the wage rate

9. the practice of outsourcing has been given a boost by:

a.firms that are becoming more risk-averse

b. advnces in telecommunications and computer networking

c.support from organized labor

d.sharp increases in the cost of overseas labor

8. supposefirms in an industry hire unskilled labor and skilled labor. unskilled labor isa substitute for capital and skilled labor is a complement with capital. a decrease in the real price of capital would:

a.cause the demand for unskilled labor to increase and the demand for skilled labor to decrease. the wage of unskilled labor would rise relative to the wage of skilled labor

b. cause the demand for both kinds of labor to decrease. wages rates of both kinds of labor would decrease too.

c. cause the demand for labor to increase, raising wages of both skilled and unskilled labor

d.cause the demand for unskilled labor to decrese and the demand for skilled labor to increase. the wahe of unskilled labor would decrease relative to the wage of skilled labor.

Explanation / Answer

17. All of the following can raise union member wages except limiting union membership over time. The correct answer is option (A). It does not allow memebrs to stay at work for a long time.

12. if a firm wants to maximize its profits, it should a. equate the marginal revenue product for each input to the price of the input. The correct answer is option (A). It would create more revenues in a period of time.

10. a profit maximizing monopolist will hire labor up to the point where marginal revenue product is less than the wage rate. The correct answer is option (d).

9. the practice of outsourcing has been given a boost by advnces in telecommunications and computer networking. The correct answer is option (b).

8. supposefirms in an industry hire unskilled labor and skilled labor. unskilled labor isa substitute for capital and skilled labor is a complement with capital. a decrease in the real price of capital would cause the demand for unskilled labor to decrese and the demand for skilled labor to increase. the wahe of unskilled labor would decrease relative to the wage of skilled labor. The correct answer is option (d). It is done to achieve efficient output.

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.