The table shows the demand for labour and supply of labour schedules for low-skilled workers. What is the wage rate of low-skilled labour and what is the quantity of low-skilled labour employed?

$4 per hour; 70 hours per day
$6 per hour; 60 hours per day
$4 per hour; 55 hours per day
$6 per hour; 65 hours per day

The low-skilled workers in the table can be trained. After training, the marginal productivity of the newly trained workers increases by 250 percent. The compensation for the cost of acquiring skill adds $4.50 an hour to the wage that must be offered to attract newly trained labour. At a wage rate of $10 per hour, _______ hours per day are demanded.

50
40
70
60

The low-skilled workers in the table can be trained. After training, the marginal productivity of the newly trained labour increases by 250 percent. The compensation for the cost of acquiring skill adds $4.50 an hour to the wage that must be offered to attract newly trained labour. What is the wage rate of newly trained labour and what is the quantity of newly trained labour employed?

$10.50 an hour; 60 hours per day
$20.00 an hour; 50 hours per day
$6.00 an hour; 60 hours per day
$12.50 an hour; 65 hours per day

The table shows the demand for labour and supply of labour schedules in a competitive labour market. If the workers become unionized and the union restricts the hours worked to 1,000 per day, the wage rate ______________.

will increase by $25 an hour
increase by $5 an hour
not change
increase by between $15 and $20 an hour

The table shows the demand for labour and supply of labour schedules in a competitive labour market. If the workers become unionized and the union restricts the hours worked to 1,000 per day, employment __________ hours a day. It is in the best interest of union members for the union to ______________.

increases by 250; oppose minimum wage laws
decreases by 250; increase their marginal product
increases by 500; increase their marginal product
decreases by 250; oppose import restrictions

A union enters Fred's Fish Factory, a factory that packages west-coast salmon. As a result, some employees lose their jobs. As these employees enter the non-union labour market, the __________ non-union workers __________ and the wage rate paid to non-union labour _____________.

supply of; decreases; rises
supply of; stays the same; does not change
supply of; increases; falls
demand for; increases; rises

A monopsony maximizes profit. Suppose now that the government introduces a minimum wage such that the profit-maximizing monpsony is efficient. Employment _________ and the total income paid to workers ____________.

remains the same; does not change
decreases; might increases, decreases, or remains the same
increases; might increases, decreases, or remains the same
increases; increases

Anthony's Accountants is the only employer of accountants in the island of Fairisle. The table gives the demand and supply of accountants. What is the marginal cost of hiring a sixth accountant?

$55 an hour
$30 an hour
$65 an hour
$50 an hour

Anthony's Accountants is the only employer of accountants in the island of Fairisle. The table gives the demand and supply of accountants. How many accountants does Anthony's hire and what wage rate does it pay?

4; $20 an hour
5; $45 an hour
6; $30 an hour
4; $40 an hour

Anthony's Accountants is the only employer of accountants in the island of Fairisle. The table gives the demand and supply of accountants. If the market for accountants were perfectly competitive instead of a monopsony, Anthony's would hire _______ accountants and the wage rate would _______ an hour.

more; decrease by $10
fewer; decrease by $10
fewer; increase by $20
more; increase by $10

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