10e_Test Bank_Chapter 17_Final

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1、File:Chapter17WorkandtheLaborMarketTrue/False[Question]1.Thehighertheafter-taxwage,thegreaterthequantityoflaborsupplied.Ans:TrueAACSB:ReflectiveThinkingBloom’s:RememberDifficulty:01EasyLearningObjective:17-01Topic:TheSupplyofLaborFeedback:Otherthingsequal,ahigherafter-taxw

2、ageincreasestheincentivetosupplylabor.[Question]2.Thesupplyoflaborgenerallyisconsideredtobedownward-slopingbecausetheopportunitycostofleisuredecreasesaswagesincrease.Ans:FalseAACSB:ReflectiveThinkingBloom’s:UnderstandDifficulty:02MediumLearningObjective:17-01Topic:TheSuppl

3、yofLaborFeedback:Aswagesincrease,sodoestheopportunitycostofleisurebecausemoreincomeisforgone.Thisiswhythelaborsupplycurveisnormallyupward-sloping.[Question]3.Anincreaseinthemarginalincometaxratewillincreasethequantityoflaborsupplied.Ans:FalseAACSB:ReflectiveThinkingBloom’s

4、:UnderstandDifficulty:02MediumLearningObjective:17-01Topic:TheSupplyofLaborFeedback:Ahighermarginalincometaxratereducesafter-taxwagesandthusreducestheincentivetosupplylabor.[Question]4.Themarginalincometaxrateisaperson'staxburdenasapercentageoftotalincome.Ans:FalseAACSB:Re

5、flectiveThinkingBloom’s:RememberDifficulty:01EasyLearningObjective:17-01Topic:TheSupplyofLaborFeedback:Themarginalincometaxrateisthetaxratethatappliestoanadditionaldollarof©2017byMcGraw-HillEducation. Thisisproprietarymaterialsolelyforauthorizedinstructoruse.Notauthorizedf

6、orsaleordistributioninanymanner. Thisdocumentmaynotbecopied,scanned,duplicated,forwarded,distributed,orpostedonawebsite,inwholeorpart. incomeearned.[Question]5.Ifalargegroupofpeoplearewillingtoenterthelabormarketwhenwagesrise,themarketlaborsupplywillbehighlyelasticevenifin

7、dividuals'supplycurvesareinelastic.Ans:TrueAACSB:ReflectiveThinkingBloom’s:UnderstandDifficulty:02MediumLearningObjective:17-01Topic:TheSupplyofLaborFeedback:Thisisthecasebecauseanincreaseinwagescausesmanynewworkerstoenterthelabormarket,andsotheincreaseinquantityoflaborsup

8、pliedissubstantial.[Question]6.Thedemandforlaborisderivedfromthedemandforoutput.Ans:TrueA