Thursday
July 31, 2014

Homework Help: ECONOMICS

Posted by Booker Perry on Thursday, July 19, 2012 at 3:12pm.

1) If the price of a product produced in a competitive market increases, which of the following is most likely to occur in the labor market for workers who produce the product?
A) the demand for labor and the number of workers hired both increase
B) the supply of labor and the numbers of workers hired both increase
C) the demand for labor and the number of workers hired both decrease
D) the supply of labor and the number of workers hired both decrease

2)A decrease in the supply curve for nurses could be accounted for by all of the following except a(n):
A) Increase in the rewards available in other comparable occupations
B) Increase in the training required for nurses
C) Reduction in the number of nursing schools
D) Cut in the wages of nurses

3)Trends in employment patterns over the last century indicate
A) a need for more farmers.
B) fewer women will be entering the work force.
C) an increase in the percentage of service jobs.
D) an increase in the percentage of manufacturing jobs.

4)Which of the following helps to determine the wage rate a worker earns?
A) How much education the worker has
B) The location of the job
C) The demand for the product
D) All of the above

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