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Question Bank - Economics

Wages: Labour market equilibrium

Q1. If it were not for minimum wage laws, workers would always be paid the equilibrium wage.

(Select one answer)

(a) * True
(b) * False

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Q2. According to the human capital view of education, education

(Select one answer)

(a) * has no impact on the human capital of workers.
(b) * increases human capital and the wages of workers.
(c) * can make any worker into a superstar.
(d) * only helps firms sort workers into high-ability and low-ability workers.

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Q3. Which of the following is not part of a worker's human capital?

(Select one answer)

(a) * education
(b) * experience
(c) * All of these answers are parts of a worker's human capital
(d) * effort
(d) * on-the-job training

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Q4. A wage differential among groups may not by itself be evidence of discrimination in the labour market because different groups have

(Select one answer)

(a) * different preferences for the type of work they are willing to do.
(b) * different levels of job experience.
(c) * all of these answers are correct.
(d) * different levels of education.

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Q5. A competitive, profit-maximizing firm should hire workers up to the point where

(Select one answer)

(a) * the wage, the rental price of capital, and the rental price of land are all equal.
(b) * the marginal product of labour equals zero and the production function is maximized.
(c) * the value of the marginal product of labour equals the wage.
(d) * the marginal product of labour equals the wage.

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