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Business, 06.04.2020 23:41 babykate66

1.Which of the following occurs when wages increase? a. The number of workers employed by the government increases b. The quantity of labor supplied decreases c. The quantity of labor demanded decreases d. The minimum wage falls 2.Which of the following is true regarding the labor market? a. Businesses supply labor in the labor market b. Individuals demand labor in the labor market c. The government sets wages in the labor market d. Businesses demand labor in the labor market 3.The supply for labor shows a(n) relationship between wages and the number of workers that want a job. a. direct b. inverse c. limited d. temporary 4.Which of the following will most likely increase the wages of car mechanics? a. A decrease in the number of qualified car mechanics b. A decrease in the demand for cars c. An increase in the number of schools that train car mechanics d. An increase in the number of people that fix their own cars 5.A decrease in the demand for carpenters will a. increase the demand for wood b. increase the number of people that want to become carpenters c. increase the number of carpenters employed by the government d. decrease the wages of carpenters 6.Education and training will result in all the following EXCEPT a. higher wages for workers b. more productivity c. a decrease in human capital d. innovation 7.The additional revenue generated from hiring an additional worker is called a. the marginal revenue product b. the marginal resource cost c. the law of diminishing marginal returns d. the law of diminishing marginal utility

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