stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Factor Markets - Labor Demand & Supply Flashcards | StudBud
Explore
/
Factor Markets - Labor Demand & Supply
Factor Markets - Labor Demand & Supply
10 terms
·
StudBud Administration
·
4 plays
Imported from external platform
Flashcards
10 cards
F
Practice quiz
P
Host live
L
Questions
10
Answers
1
Which of these does NOT shift the demand of labor?
Less opportunties for workers
Technological change
Supply of other factors
Change in output price
2
Which of these is NOT a characteristic of an indifference curve?
Higher curves preferred to lower
Indifference curves bowed inward
Indifference curves cannot cross
Upward sloping
3
Which of these shows the amount of inequality of wealth as a difference between 2 lines?
Gini coefficient
Lorenz curve
Poverty rate
Poverty line
4
When technological advancement reduces the need for skilled labor, what happens in the labor market?
Supply for labor increases
Demand for labor increases
Supply for labor decreases
Demand for labor decreases
5
Which of the following explains why famous workers are paid more than regular workers?
Liberalism
Compensationg differential
Utilitarianism
Superstar phenomenon
6
Which of these have right angle indifference curves?
Close substitutes
Perfect complements
Perfect substitutes
Close complements
7
Which of these is the increase in output for an additional unit of labor?
Marginal product of labor
Value of marginal product
Production function
Marginal cost
8
What point on the indifference curve is described as "spending all you have"?
Utility
Marginal rate of substitution
Budget constant
Optimal
9
Derived demand is based on a firm's decision to supply a good in another market.
True
False
10
Which of these does NOT shift the supply of labor?
More opportunities for workers
Supply of other factors
Immigration quotas
Changes in tastes/attitude for labor
