PLEASE ANSWER ALL THE QUESTION I ASK PLEASE 1) At a wage of $50,000, there is an
ID: 1225519 • Letter: P
Question
PLEASE ANSWER ALL THE QUESTION I ASK PLEASE
1) At a wage of $50,000, there is an excess supply of labor of 10 million workers.
The supply of labor is upward sloping because a higher real wage is needed to compensate workers to give up their leisure time.
In equilibrium in the labor market, 10 million of the 100 million workers who are willing to supply labor are voluntarily unemployed because they are demanding a reservation wage above the real wage.
The demand for labor is downward sloping because a lower wage is needed to spur capitalists to hire more workers.
In equilibrium in the above labor market, the wage is $40,000 and the level of employment is 90 million workers.
2) Which statement best represents the neoclassical view of how firms determine the number of workers they should hire?
Firms keep hiring workers as long as they have enough capital equipment to employ them.
Firms keep hiring workers as long as there is a supply of workers willing and able to work.
Firms keep hiring workers as long as they get a high enough price for the good that they produce.
Firms keep hiring workers as long as there are customers willing and able to purchase the output that they produce.
Firms keep hiring labor as long as the marginal productivity of labor is equal to or above the real wage they must pay them.
Point C on the graph represents a combination of job quality and pay that is considered undesirable by both workers and capitalists.
3) The tradeoff between job quality and pay in the neoclassical model is assumed to be determined by the existing technology.
At Point B on the graph, it is possible to have a well-paying job that is fun to do.
The tradeoff between job quality and pay shows how as a worker becomes better educated they can increase both their pay and the quality of their work life.
At Point A on the graph, it is possible to have a well-paying job that is fun to do.
4) In the view of the great neoclassical economist, Alfred Marshall, as a general rule:
The value of goods and services is determined by the cost of producing them.
The value of goods and services is determined by what consumers are willing and able to pay for them.
The value of goods and services is determined by the total utility they provide the buyer.
The value of goods and services is determined by the additional utility they provide the buyer.
The value of goods and services is determined by both the cost of supplying them and by what consumers are willing and able to pay for them.
5) sophisticated neoclassical economist might explain why women purchase expensive, unique gowns for their wedding ceremony while men rent a relatively inexpensive, generic tuxedo by the observation that:
Men are less traditional than women and prefer to wear clothes that are inexpensive and comfortable.
Men and women have different tastes in clothing and it is not possible to have an inexpensive, rental market in unique attire.
Women are less frugal than men and are willing to spend whatever it cost on the clothing they desire.
Men are less fashion conscious than women and believe that the simpler the outfit the better it is.
The cost of making a simple, generic tuxedo that can be rented out to several customers is a lot less than making an elaborate, unique wedding gown.
6) Schumpeter's concept of vision is best described as:
A pre-analytical view of the world that provides them with an understanding of how business compete in the real world to earn profits.
A pre-analytical view of the world that provides economists with a way to understand the complex nature of human beings.
A pre-analytical view of the world that provides economists with the raw material and guidance they need to construct models of economic life.
A pre-analytical view of the world that provides economists with a set of realistic assumptions they need to build correct models of economic life.
A pre-analytical view of the world that provides economists with the true nature of economic life.
7) Which statement best represents the neoclassical view of the supply of labor?
In supplying labor workers give up their opportunity to manage and own a business in exchange for a basket of goods and services.
Workers supply labor to provide an income for themselves and their families.
In supplying labor workers give up valued leisure time in exchange for a basket of goods and services.
In supplying labor workers accept a wage payment in exchange for obeying the orders of their supervisors.
Workers supply labor to contribute to society by helping provide needed goods and services to their communities.
8) In the neoclassical vision, the forces that are said to explain most economic outcomes are a combination of:
Tastes, institutions, and the power of individuals and groups.
Tastes, technology, and markets.
Custom and tradition, technology, and the operation of markets.
Technology and the cost of resources.
Entrepreneurship, technology, and markets.
9) The marginalists believed that people decide on how much of an activity like studying to do by:
By continuing to do that activity until the marginal benefit equals the marginal cost of that activity.
Calculating the marginal benefit from doing more of that activity.
Calculating the total benefit and total cost of that activity.
Calculating the marginal cost from doing more of that activity.
By continuing to do that activity until the total benefit equals the total cost of that activity.
10) The famous marginalist economist, William Stanley Jevons, believed that people make decisions based on:
Whether or not the decision increases both their income and their wealth
Whether or not the decision increases their power.
Whether or not the decision increases their pleasure.
Whether or not the decision increases their wealth.
Whether or not the decision increases their income.
PLEASE ANSWER ALL THE QUESTION I ASK PLEASE
1) At a wage of $50,000, there is an excess supply of labor of 10 million workers.
The supply of labor is upward sloping because a higher real wage is needed to compensate workers to give up their leisure time.
In equilibrium in the labor market, 10 million of the 100 million workers who are willing to supply labor are voluntarily unemployed because they are demanding a reservation wage above the real wage.
The demand for labor is downward sloping because a lower wage is needed to spur capitalists to hire more workers.
In equilibrium in the above labor market, the wage is $40,000 and the level of employment is 90 million workers.
Explanation / Answer
1. Equilibrium exists where labor demand equals labor supply.. OPTION D
2. OPTION E
3 OPTION A
4 OPTION B
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