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4/15/2015

SubmissiontoCh.14,15,16,17

SubmissiontoCh.14,15,16,17

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Student:ALI,ALMUHANNA(aaalmuhanna13)
Date:04/14/201515:51
Duration:1:01:23
Workstation:172.19.166.8

1. Opportunitywagereferstothe
Highestwageanindividualwouldearninhisorherbestalternativejob.
Incomeequivalentofavolunteerworker.
Valueofgoodsandservicesthatcouldbepurchasedwithacertainindividual's
income.
Incomeanindividualloseswhenheorshequitsajob.
2. Thebiggestplungeinfarmpricesoccurred
DuringWWI.
AfterWWII.
DuringtheGreatDepressionofthe1930s.
Theearly1900s.
3. Thepriceelasticityofdemandforsoybeansisdefinedasthe
Percentagechangeinquantitydemandedofsoybeansdividedbythepercentage
changeinthepriceofsoybeans.
Unitchangeinsoybeanpricedividedbytheunitchangeinquantitydemandedof
soybeans.
Unitchangeinquantitydemandedofsoybeanstimestheunitchangeinthepriceof
soybeans.
Percentagechangeinquantitydemandedofsoybeanstimesthepercentagechangein
soybeanprice.
4. Publicsectorunionsnow
Representoverfivetimesthepercentageofworkersinprivatesectorunions.
Representasmallerpercentageofworkersthanprivatesectorunions.
Aregrowingatasmallerratethanprivatesectorunions.
AreillegalintheUnitedStates.
5. Therefusaltoworkbyunionizedlaborisanexampleof
Astrike.
Therighttowork.
Collectivebargaining.
Alockout.
6. IntheUnitedStates,ingeneral,farmersbehavelike
Monopolists.

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Monopolisticcompetitors.
Perfectcompetitors.
Oligopolists.

7. Aunionshopisanemploymentsettinginwhichworkers
Mustjointheunionwithin30daysafterbeinghired.
Mustbelongtoaspecificunioninordertobehired.
Mustbelongtoaunioninordertobehiredalthoughitdoesn'tmatterwhichunion
theybelongto.
Maychoosewhetherornottojointheunionaftertheyarehired.
8. Unionizationrateshave
Risenintheprivatesectorbutfalleninthepublicsector.
RisenintheUnitedStatesduetonewfavorablelegislation.
Fallenintheprivatesectorbutriseninthepublicsector.
Falleninboththeprivateandpublicsectors.
9. Higherwageratesallowapersontoreducethehoursworkedwithoutlosingincome.Thisis
knownasthe
Incomeeffect.
Substitutioneffect.
Lawofdiminishingmarginalleisure.
Lawofdiminishingmarginalutility.
10. Inthearticle"WalmartChiefDefendsClosingUnionizedStore,"thecompanyarguedallof
thefollowingexcept
Unionsdemandedhigherlaborcoststhatwouldmakethestoreunprofitable.
Unionsimposeinefficientworkrules.
Itisnotprofitabletohire30additionalworkersatanalreadyunprofitablestore.
ThestorewouldbetheonlyunionizedWalmartstore.
11. Accordingtothetext,whichofthefollowingistheprimecauseofthegreenhouseeffect?
Carbonmonoxide.
Nitrogenoxide.
Carbondioxide.
Sulfurdioxide.
12. Productivityis
Outputperunitofinput.
Thesameasmarginalrevenue.
Theincrementofoutputproducedwhenonemoreunitofaninputisemployedin
theproductionprocess.
Theinverseofcostefficiency.
13. Amonopsony

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Occurswhenbuyershavedeclininglongrunaveragecosts.
Occurswhensellershavedeclininglongrunaveragecosts.
Isamarketinwhichthereisasingleseller.
Isamarketinwhichthereisasinglebuyer.
14. Themarginalrevenueproductoflaborisequalto
Thechangeinthequantityoflabordividedbythechangeintotalrevenue.
Themarginalphysicalproductmultipliedbythemarginalrevenueoftheoutput.
Thechangeintotaloutputdividedbythechangeinthequantityoflabor.
Thepercentagechangeintotalrevenuedividedbythepercentagechangeinthe
quantityoflabor.
15. Governmentinterventionthatfailstoimproveeconomicoutcomesisknownas
Governmentfailure.
Socialfailure.
Marketfailure.
Publicpolicy.
16. Apollutingcompanymaybeabletopurchasetherighttopollutethrough
Emissioncharges.
Pollutionfines.
Higheruserfees.
Pollutionpermits.
17. ThelargestemployerintheUnitedStatesis
Thefederalgovernment.
GeneralMotors.
FordMotorCompany.
Walmart.
18. Whenonlyonebuyerhasaccesstoaparticularlabormarket,
Amonopolyexists.
Amonopsonyexists.
Thereisnobuyerconcentration.
Thereisnosellerconcentration.
19. Aworkplacethatrequiresworkerstobecomeunionmemberswithin30daysofbeinghired
byafirmis
Acraftunion.
Anindustrialunion.
Aunionshop.
TheAFLCIO.
20. ThelargestlaborunionintheUnitedStatesrepresentsapproximately

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5percentofthelaborforce.
10percentofthelaborforce.
1percentofthelaborforce.
15percentofthelaborforce.

21. Whenmanagementshutsdownaplantanddoesnotallowworkerstoperformtheirjobs,
thereisa
Strike.
Strikebreaker.
Lockout.
Walkout.
22. Theimplicitpricepaidbythegovernmentforsurpluscropstakenascollateralforloansto
farmersiscalled
Aloansubsidy.
Theloanrate.
Acountercyclicalpayment.
Theinterestrate.
23. Laborsupplycanbedefinedasthe
Totalnumberofpeopleinpaidemployment.
Totalnumberofindividualswhoareeitheremployedoractivelyseeking
employment.
Totalnumberofpeoplewhoareemployable.
Willingnessandabilityofpeopletoworkatalternativewageratesinagivenperiod
oftime,ceterisparibus.
24. Themarketsupplyoflaboris
Thetotalofallgoodsproducedintheeconomyeachyear.
Theamountoflaborallworkerssupplyatdifferentwagerates.
Thesumofalljobscreatedintheeconomyeachyear.
Differentforeachindividualbasedontrainingandeducationlevels.
25. Workerswithaparticularskillarerepresentedby
Marketunions.
Industrialunions.
Skillunions.
Craftunions.
26. Lawsrequiringthesortingandrecyclingoftrashareanexampleof
Pollutionfines.
Processregulation.
Higheruserfees.
Emissioncharges.

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27. Externalcostsare
Outsidecoststhatproducersabsorb.
Domesticeconomicimpactsofforeignevents.
Effectsofgovernmentontheprivatesector.
Thedifferencebetweensocialandprivatecosts.
28. Thegreenhouseeffectislargelycausedby
Thefederalgovernment.
Thereleaseofcarbondioxideintotheatmosphere.
Humanactivity.
Industrialfirms.
29. Theelasticityoflaborsupplymeasuresthe
Responsivenessofthewageratetochangesinthelaborsupplied.
Opportunitycostoflabor.
Responsivenessoflaborsuppliedtochangesinthewagerate.
Magnitudeofthesubstitutioneffectoflabor.
30. ThelargestlaborunionintheUnitedStatesisthe
InternationalBrotherhoodofTeamsters(Teamsters).
InternationalUnion,UnitedAutomobile,AerospaceandAgriculturalImplement
WorkersofAmerica(UAW).
NationalEducationAssociation(NEA).
ServiceEmployeesInternationalUnion.
31. Thechangeintotalrevenueassociatedwithoneadditionalunitofinputmeasures
MRP.
Elasticityoflaborsupply.
MPP.
Costefficiency.
32. Thelawofdiminishingreturnsstatesthat,ceterisparibus,the
MPPoflabordeclinesasadditionalland,rawmaterials,andotherfactorsof
productionareemployed.
MPPoflabordeclinesasmorelaborisemployed.
MPPoflabordeclinesasthewageratefalls.
MPPoflabordeclinesasproductpricedeclines.
33. Theexitoffarmsfromamarketshould
Increasetheequilibriummarketprice.
Increasetheequilibriummarketoutput.
Shifttheagriculturalmarketsupplycurvetotheright.
Decreasetheequilibriummarketprice.

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34. TheKyotoTreaty
Specifiedtheamountbywhicheverynationwouldreducepollution.
WasnotratifiedbytheUnitedStatesorAustralia.
Requiredonlydevelopingnationstoreducethegrowthofpollution.
Prohibitedtheuseoftradablepollutioncredits.
35. Amarketwithonebuyerandonesellerisa
Bilateralmonopoly.
Multiopoly.
Bilateralmonopsony.
Multilayermonopoly.
36. Themarginalphysicalproductoflaborisequalto
Thechangeintotaloutputdividedbythechangeinquantityoflabor.
Totaloutputdividedbythequantityoflabor.
Thechangeintotalrevenueassociatedwithoneadditionalunitofinput.
Thepercentagechangeintotaloutputdividedbythepercentagechangeinquantity
oflabor.
37. Thewagerateis
Theopportunitycostoflabor.
Notrelatedtothevalueofleisurebecausepeopleneedtorelax.
Notrelatedtolaborsupplybecausepeoplemustworktosurvive.
Thepaymentforlabor.
38. Themarginalwageismeasuredby
Thechangeintotalwagespaiddividedbythechangeinthequantityoflabor
employed.
Thepercentagechangeinwagesdividedbythepercentagechangeinthequantityof
laboremployed.
Totalwagespaiddividedbythequantityoflaboremployed.
Thechangeintotalwagespaiddividedbythechangeinthequantityofoutput
produced.
39. The1990FarmAct
Increasedgovernmentsupportprices.
Reducedtargetpricesforfarmproducts.
Increasedtheamountofsetasideacreage.
Reducedloanrates.
40. Anexampleofanegativeexternalityinconsumptionis
Alargecattlefarmcreatingairpollution.
Youfinishingcollegeandcontributingtosociety.
Apowerplant'sreleaseofthermalpollutionintoanearbyriver.

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Apassengeronatrainlittering.

41. Workerswhoorganizethemselvesalongindustrylinesarerepresentedby
Skillunions.
Craftunions.
Manufacturingunions.
Industrialunions.
42. Thequantitiesoflaboremployersarewillingandabletohireatalternativewagesinagiven
timeperiod,ceterisparibus,isthedefinitionoflabor
Supply.
Marketpower.
Demand.
Marketequilibrium.
43. Thebehaviorofprofitmaximizingproducersisguidedby
Philanthropy.
Socialcosts.
Aestheticconcerns.
Selfinterest.
44. Theoldindustrialunionsarebeingsupplantedby
Craftunions.
Unionshops.
Privatesectorunions.
Publicserviceunions.
45. In2007theUnitedNationsconcludedthatglobalwarming
Wasnotscientificallyproven.
Wasnotoccurring.
Wasnotcausedbyhumanactivity.
Wastheresultofhumanactivitywitha90percentprobability.
46. Thewillingnesstoworkacertainamountoftimeatagivenwagerateisknownas
Labordemand.
Deriveddemand.
Derivedsupply.
Laborsupply.
47. Themarginalrevenueproductoflaborcurveisthefirm's
MPPoflaborcurvedividedbythewagerate.
Demandcurveforlabor.
Marginalphysicalproductmultipliedbythewagerate.
Marginalrevenuecurve.

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48. TheComprehensiveEnvironmentalResponse,Compensation,andLiabilityActof1980
reducedpollutionthrough
Centralplanning.
Pollutionfines.
Commandandcontrolregulatorystandards.
Emissioncharges.
49. Theopportunitycostofworkingisthe
Earningsthatcouldbemadeinanalternativejob.
Valueofleisuretimethatmustbegivenup.
Wagerate.
Amountofconsumptionthatismadepossible.
50. Thesubstitutioneffectofwagesstatesthatadecreasedwagerate
Encouragespeopletoworklesshours.
Willleadtoamovementupalongtheexistingsupplycurve.
Willshiftthelaborsupplycurverightward.
Encouragespeopletoconsumelessleisure.
51. TheCleanAirActsof1970and1990reducedpollutionthrough
Marketincentives.
Commandandcontrolregulatorystandards.
Emissioncharges.
Privatization.
52. Theunionizationratiorepresentsthe
Annualpercentagegrowthinthetotalnumberofunions.
Percentageofthetotallaborforcebelongingtounions.
Marketpowerofunionsrelativetothemarketpowerofnonunionlabor.
Proportionofindustriesthataredominatedbyunions.
53. Thepercentageofthelaborforcethatbelongstoaunionisknownasthe
Unionshareratio.
Unionparticipationratio.
Unionizedpercentageratio.
Unionizationratio.
54. Aunionevaluatesjoboffersbasedonthe
Individualinterestsofitsmembers.
Collectiveinterestsofitsmembers.
Impactonthewagerateforallunionmembers.
Locationofthework,eitherintheprivateorpublicsector.

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55. Unionworkrulesmayrestrictproductivityinallofthefollowingwaysexcept
Restrictingthetypesofjobsaparticularindividualcando.
Requiringamaximumnumberofworkersforacertaintask.
Requiringaminimumnumberofworkersforacertaintask.
Limitingthepaceofproduction.
56. Collectivebargaining
Istheprocessbywhichunionsdecidewhichcompanyshouldbethefocusofwage
negotiations.
Occurswhenemployersdeterminewhichunionshouldrepresenttheirworkers.
Takesplacewhenunionscompetetoseewhoshouldrepresentworkersinagiven
industry.
Involvesdirectnegotiationsbetweenlaborunionsandemployers.
57. Iftherearemanyemployersinamarketandeachhaslimitedmarketpower,thedemandfor
laborislikelytobecharacterizedas
Monopsonistic.
Oligopolistic.
Monopolistic.
Competitive.
58. Timelagsbetweentheproductiondecisionandtheresultantharvestcontributeto
Priceinstability.
Loss.
Pricestability.
Profit.
59. Thedemandforlabordeterminesthe
Willingnessandabilityofpeopletoworkatalternativewagerates.
Totalnumberofpeoplewhowanttowork.
Minimumwagerate.
Numberofavailablejobs.
60. Anexternalcostisborneby
Theconsumersofthegood.
Athirdpartytothemarkettransaction.
Employeesofthefirmthatproducesthegood.
Theproducerofthegood.
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