Wages: Labour supply - Question Bank

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Question Bank - Economics

Wages: Labour supply

Q1. An increase in the supply of labour (Select one answer) (a) increases the value of the marginal product of labour and decreases the wage. (b) decreases the value of the marginal product of labour and decreases the wage. (c) decreases the value of the marginal product of labour and increases the wage. (d) increases the value of the marginal product of labour and increases the wage.

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Q2. What will a decrease in the supply of fishermen do to the market for capital employed in the fishing industry? (Select one answer) (a) increase the demand for fishing boats and decrease rental rates on fishing boats (b) decrease the demand for fishing boats and increase rental rates on fishing boats (c) decrease the demand for fishing boats and decrease rental rates on fishing boats (d) increase the demand for fishing boats and increase rental rates on fishing boats

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Q3. Which of the following is not true with regard to workers who have a high value of marginal product? These workers (Select one answer) (a) have skills that are in relatively scarce supply. (b) produce output for which there is great demand. (c) usually have little capital with which to work. (d) are usually highly paid.

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Q6. An increase in the demand for apples will cause all but which of the following? (Select one answer) (a) a decrease in the number of apple pickers employed (b) an increase in the value of the marginal product of apple pickers (c) an increase in the price of apples (d) an increase in the wage of apple pickers

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