A. increase; increase
B. increase; reduce
C. reduce; reduce
D. reduce; increase
Human Capital
The downward sloping marginal physical product of labor is the firm’s ?
A. Supply of labor
B. Short-run demand curve for labor
C. marginal cost of labour
marginal revenue product of labor
The participation rate in the labour force is affected by ?
A. higher real wages
B. lower fixed costs of working
C. lower non-labour income
D. changes in tastes between leisure and work
E. all of the above
Human capital can be described as ?
A. the tools used by workers to enhance productivity
B. a person inherited ability
C. the stock of expertise accumulated by a worker
D. education
The opportunity cost of acquiring education is ?
A. course fees
B. course fees and living expenses
C. the earnings foregone
D. Course fees living expenses and textbook
Unions achieve a higher wage differential the more ….. and the more ……?
A. inelastic the demand for labour, they can restrict the supply of labour
B. members they have, aggressive they behave
C. the economy is growing, people prefer leisure
D. the productivity is growing vacancies exist
The most important source of wage differentials are ?
A. regional variation
B. unionization
C. relative danger
D. skills
In the West Women and non-whites on average receive lower incomes than white men because ?
A. they tend to work in relatively unskilled jobs
B. educational disadvantage
C. firms are reluctant to invest in training
D. all of the above
Efficiency wages are …. that raise …..?
A. low wages, employment
B. high wages, labor supply
C. high wages, productivity
D. high wages, employment
the cost of using capital services is the ?
A. wage rate of capital
B. interest charges
C. marginal capital cost
D. rental rate for capital