The labor ____ curve(s) will shift if there is a change in productivity or a change in the demand for the final product.
a. supply
b. demand
c. supply and demand
d. None of the above are correct. Changes in productivity and the demand for final products do not affect the labor market.
QUESTION 2Axis Group has a publishing house, operates in the sports gear market, and owns a coffee plantation. A board of directors is responsible for the overall performance of the group. Identify the correct statement from the following.
a. The board will be responsible for all decision-making process.
b. The board will be in the best position to solve even a minor problem at the coffee plantation.
c. The sports gear firm's risk assessment team will also be responsible for assessing market risk for the group's other functional areas.
d. Decisions for the publishing house are likely to be taken by the individuals who head it, rather than the board of directors heading the entire group.
QUESTION 3Any point on the production possibilities frontier is called
A) unemployment.
B) inefficient.
C) unobtainable.
D) full employment.
QUESTION 4Which of the following might shift an individual's supply curve of labor to the left?
a. winning the lottery
b. a decrease in non-wage income
c. due to falling sales, businesses are less willing to hire additional workers
d. a decrease in derived demand
QUESTION 5An information is beneficial to the decision-maker only when:
a. its marginal cost is zero.
b. its marginal benefits exceeds its marginal cost.
c. the possibility of inaccurate transmission is nullified.
d. its marginal benefit is positive.
QUESTION 6Any point inside the production possibilities frontier is called
A) full employment.
B) unemployment.
C) efficient.
D) unobtainable.
QUESTION 7The labor supply curve will shift to the right under which of the following conditions?
a. other things being equal, workers are willing to supply more hours of labor each week
b. new workers enter the labor market
c. a new law relaxes immigration quotas
d. all of the above
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