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65 machine-hour costs 50 and a man-hour costs $2, then by how much will output rise ifthe firm spends $1 less on labor and $1 more on machines? (a) 10 units (b) 5 units (c) 8 units (d) 12 units (e) 1 unit. 40. Given the marginal phy.sical products in the quesdon above and assuming tbe firm is in equilibrium, the ratio ofthe price of machines to the wage rate would be: (a) 5 to 4 (b) 4 to 5 (c) 20 to 1 (d) 1 to 1 (e) none ofthe above. 41. A firm operadng as a price-taker in both the product and labor markets faces: (a) a perfecdy elasdc product demand and a perfecdy inelasdc labor supply (b) an inelasdc product demand and an inelasdc labor supply (c) a perfecdy inelastic product demand and a perfecdy inelasdc product supply (d) a perfecdy inelasdc product demand and a perfectly elastic labor supply (e) none of the above. 42. The American Medical Association is a union which achieves its wage goals primarily by: (a) manipulating the demand for physicians (b) artificially creating a perfecdy elastic supply of physicians (c) decreasing the supply of physicians dirough its ability to control entry into the profession (d) improving the overall quality of health care (e) operating as a monopsonist in the labor market. 43. Suppose a factory is producing in a long run equUibrium. If the last unit of labor hired results in an increase in output of 4 units per hour, the last machine rented results in an increase in output of 8 units per hour, and if the machine can be rented for $12 an hour, then the hourly wage rate must be: (a) SI6 (b) $24 (c) $3 (d) $6 (e) $5. 44. A competitive firm in the labor market will increase the amount of labor hired if: (a) the marginal physical product of labor is less than the total physical product of labor (b) the marginal physical product of labor is decreasing (c) the wage is less than the marginal revenue product of labor (d) the wage is less than the marginal physical product of labor (e) none of the above. 45. A .single union that conuols the supply of labor to many small firms functions as a: (a) socialist (b) monopsonist (c) oligopolist (d) monopolist (e) monopolistic competitor. 46(H). A monop.sonist labor market has the following output and total factor cost of labor data: Workers (N): 1 2 3 4 5 6 7 8 TPP] (q): 0 19 27 34 40 45 49 52 TFCi($): 12 26 42 60 80 102 126 152 If the price per unit of output is $6, then in equilibrium the number of workers (N) and their wage (W) will be: (a) N = 5; W=$12 (b)N = 7;W = $18 (c) N = 5; W = $22 (d) N 5; W = $6 (e) N - 7; W = $24. 47. The Urban Mass Transit Act (UMTA) is a federal program designed to increase the public transportation ridership by subsidizing capital oudays in mass transit systems. We would conclude regarding this program: (a) its a good idea because public transportation needs more funding (b) its inefficient because the subsidy distorts purchases toward capital when spending money in labor may be least-cost (c) it has no effect upon the MPP per dollar spent on labor (d) it decreases-the-amount-of public transportation (e) all of the above. 48. In biblical days a female slave sold for about 60% of the price of a male slave. Today, 3.000 years later, the wages of women in the labor market amount to about 60% of the wages of men. Given this situation and assuming that female labor is a perfect substitute for male labor and that labor markets are competitive, we would predict: (a) the competitive firm would want to hire more female labor (b) the marginal physical product per dollar spent on female labor would exceed that of male labor (c) this could not be a profit maximizing equilibrium for either the firm or the industry (d) all of the above (e) none ofthe above.
Jlii Labor :\itnkri NOTES
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