Deck 1: Labor Economics: Introduction and Overview

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Question
The bulk of national income flows to:

A)land owners in the form of rent
B)capital owners in the form of interest
C)capital owners in the form of profit
D)workers in the form of wages and salaries
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Question
Which one of the following topics is most suited to microeconomic analysis?

A)The average level of real wages
B)The unemployment rate
C)The average level of labor productivity
D)Mobility and migration decisions
Question
The three basic characteristics of the economic perspective are:

A)Relative scarcity,purposeful behavior,and adaptability
B)Supply,demand,and equilibrium
C)Description,institutions,and facts
D)Prices,quantities,and incomes
Question
Which one of the following topics is most suited to macroeconomic analysis?

A)Labor supply decisions of married women
B)Short-run labor demand in a particular industry
C)The individual decision on how much education to obtain
D)The impact of a recession on the country's unemployment rate
Question
Because resources are scarce relative to human wants,economics is best described as:

A)the science of allocating productive resources fairly
B)a science of choice
C)the science of allocating goods and services fairly
D)the set of natural laws that govern human behavior in the face of adverse conditions
Question
(World of Work 1-2)According to a newspaper account from Washington State,lottery winners in that state:

A)usually continued to work when prizes were $1 million or less and usually quit work when prizes exceeded $4 million
B)usually continued to work,no matter how large the prize
C)usually quit work,no matter how large the prize
D)were less likely to quit work the larger was the prize
Question
Because scarcity forces people to make purposeful choices,labor market participants:

A)work as many hours as possible
B)respond to changes in perceived costs and benefits
C)make choices that cannot be predicted
D)must have perfect information
Question
The "old" view of labor economics stresses _____ while the "new" view focuses upon _____.

A)analysis ; markets
B)description; analysis
C)description; institutions
D)institutions; description
Question
(World of Work 1-1)Nobel Laureate Gary Becker is known for economic theories in all of the following areas except:

A)economics of households
B)investment in human capital
C)the "old" labor economics
D)economics of discrimination
Question
Labor economics is studied as a distinct subfield of economics because:

A)the bulk of national income is received by labor
B)the concepts of supply and demand must be revised somewhat when applied to labor markets
C)labor economics can be used to analyze major socioeconomic trends such as the surge in the number of women workers
D)all of the above
Question
The concept of demand must be modified when applied to labor markets to reflect the fact that:

A)non-monetary characteristics of jobs may be as important to workers as their pay
B)labor demand curves slope upward from left to right
C)the demand for labor is derived from the demand for the various products that labor produces
D)the demand for output is derived from the demand for labor used to produce that output
Question
As distinct from product market transactions,labor market transactions are unique in that:

A)to the seller,the nonmonetary characteristics of the sale can be as important as the price
B)labor demand curves slope upward
C)the price of labor is not determined by supply and demand factors
D)they are less complex
Question
(World of Work 1-1)Nobel Laureate Gary Becker's basic professional contribution is his:

A)application of traditional theories of anthropology to labor markets
B)application of the economic perspective to law,sociology,demographics,and anthropology
C)statistical verification of race and gender discrimination
D)explanation of the limitations of the economic perspective in explaining labor markets
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Deck 1: Labor Economics: Introduction and Overview
1
The bulk of national income flows to:

A)land owners in the form of rent
B)capital owners in the form of interest
C)capital owners in the form of profit
D)workers in the form of wages and salaries
D
2
Which one of the following topics is most suited to microeconomic analysis?

A)The average level of real wages
B)The unemployment rate
C)The average level of labor productivity
D)Mobility and migration decisions
D
3
The three basic characteristics of the economic perspective are:

A)Relative scarcity,purposeful behavior,and adaptability
B)Supply,demand,and equilibrium
C)Description,institutions,and facts
D)Prices,quantities,and incomes
A
4
Which one of the following topics is most suited to macroeconomic analysis?

A)Labor supply decisions of married women
B)Short-run labor demand in a particular industry
C)The individual decision on how much education to obtain
D)The impact of a recession on the country's unemployment rate
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
5
Because resources are scarce relative to human wants,economics is best described as:

A)the science of allocating productive resources fairly
B)a science of choice
C)the science of allocating goods and services fairly
D)the set of natural laws that govern human behavior in the face of adverse conditions
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
6
(World of Work 1-2)According to a newspaper account from Washington State,lottery winners in that state:

A)usually continued to work when prizes were $1 million or less and usually quit work when prizes exceeded $4 million
B)usually continued to work,no matter how large the prize
C)usually quit work,no matter how large the prize
D)were less likely to quit work the larger was the prize
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
7
Because scarcity forces people to make purposeful choices,labor market participants:

A)work as many hours as possible
B)respond to changes in perceived costs and benefits
C)make choices that cannot be predicted
D)must have perfect information
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
8
The "old" view of labor economics stresses _____ while the "new" view focuses upon _____.

A)analysis ; markets
B)description; analysis
C)description; institutions
D)institutions; description
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
9
(World of Work 1-1)Nobel Laureate Gary Becker is known for economic theories in all of the following areas except:

A)economics of households
B)investment in human capital
C)the "old" labor economics
D)economics of discrimination
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
10
Labor economics is studied as a distinct subfield of economics because:

A)the bulk of national income is received by labor
B)the concepts of supply and demand must be revised somewhat when applied to labor markets
C)labor economics can be used to analyze major socioeconomic trends such as the surge in the number of women workers
D)all of the above
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
11
The concept of demand must be modified when applied to labor markets to reflect the fact that:

A)non-monetary characteristics of jobs may be as important to workers as their pay
B)labor demand curves slope upward from left to right
C)the demand for labor is derived from the demand for the various products that labor produces
D)the demand for output is derived from the demand for labor used to produce that output
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
12
As distinct from product market transactions,labor market transactions are unique in that:

A)to the seller,the nonmonetary characteristics of the sale can be as important as the price
B)labor demand curves slope upward
C)the price of labor is not determined by supply and demand factors
D)they are less complex
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
13
(World of Work 1-1)Nobel Laureate Gary Becker's basic professional contribution is his:

A)application of traditional theories of anthropology to labor markets
B)application of the economic perspective to law,sociology,demographics,and anthropology
C)statistical verification of race and gender discrimination
D)explanation of the limitations of the economic perspective in explaining labor markets
Unlock Deck
Unlock for access to all 13 flashcards in this deck.
Unlock Deck
k this deck
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Unlock Deck
Unlock for access to all 13 flashcards in this deck.