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SUPPLY AND DEMAND PLUS LABOR Flashcards | StudBud
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SUPPLY AND DEMAND PLUS LABOR
SUPPLY AND DEMAND PLUS LABOR
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StudBud Administration
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Questions
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Answers
1
The demand for labor falls if
price of the good produced by labor rises.
labor productivity falls.
demand for the good produced by labor rises.
a minimum wage is removed from the labor market.
2
Which of the following is
not
a determinant of Supply?
A change in the number of sellers
Changes in producer expectations
Changes in consumer expectations
A change in government regulations
3
Which of the following could explain a decrease in the demand for labor in a particular job?
an improvement in the working conditions with this job
a decrease in the amount of risk associated with this job
additional training that increases the productivity of labor
an increase in the amount of risk with this job
4
Law of Demand: As price increases, QD ______.
Increases
Decreases
Stay the same
5
When demand is less than supply we have a surplus.
False
True
6
Whichof the following will
not
increase the demand for a good?
Anincrease in population.
Anincrease in the price of a substitute.
Adecrease in the price of a complement.
The product price falls.
7
Which of the following will not change the demand for oranges?
A change in the price of oranges.
An expectation that the price of oranges will increase.
A change in consumers incomes.
A change in consumers taste for oranges.
8
How does supply and demand apply to wages?
the company needs more supplies, then they pay higher wages
workers can demand more wages
the more skill you have, the higher the wage
wages are determined by the companies needs
9
a demand for a product or resource based on its contribution to the final product
labor union
union shop
Derived demand
collective bargaining
10
Supply exceeds demand
Scarcity
Shortage
Equilibrium Point
Surplus
11
Land, labor, capital, and entrepreneurial talent are often referred to as:
unlimited human wants
production possibilities
factors of production
goods and services
12
The wage that is set when the supply ofworkers meets the demand for workers in the labor market
equilibrium wage
derived wage
equal pay
collective bargaining
13
Which of the following does not cause a shift of an entire demand curve?
a change in consumer expectations
a change in price
none of the above
a change in income
14
What is the law of demand?
As supply increases price increases
As price increases demand decreases
As demand decreases price decreases
As price increases supply increases
15
When demand is greater than the supply we have a shortage.
True
False
16
If the price of Dr. Pepper goes up, what happens to the demand of Dr. Pepper?
Stays the same
Goes down
Indeterminate
Goes up
17
The government’s price floor on low wages is called the
minimum wage
market equilibrium
18
Supply or Demand? - Change in consumer preferences?
Supply
Quantity/Price Issue
Demand
19
Who provides labor?
Business
Government
Household
20
Which of the following would most likely result in an increase in the demand for coffee?
The price of coffee brewing machines rises.
The wage of coffee plantation workers falls.
Consumer income falls.
The price of tea rises.
21
In a perfectly competitive market, a change in what causes a shift of the supply curve?
# of buyers
Technology
Price of a product
Consumer Income
22
Supply or Demand? - Price of donuts triples, consumer buy less.
Demand
Supply
Price/Quantity Issue
23
Which one of these can NOT cause a change in Demand?
Complementary Goods
Higher Production
Expectations
Taste
24
Supply or Demand? - Change in government policy?
Demand
Supply
Quantity/Price Issue
25
Supply or Demand? - Change in available technology
Demand
Supply
Quantity/Price Issue
