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1.
Supporters of OSHA argue that:
A) workers possess imperfect information about job risk.
B) there are external costs associated with on-the-job injuries.
C) Both of the above are correct.
D) None of the above is correct.
2.
Compensating wage differentials will reflect worker's evaluation of the value of nonwage job characteristics only if:
A) workers have perfect information.
B) there is sufficient worker mobility.
C) workers maximize utility, not income.
D) All of the above are correct.
E) None of the above is correct.
3.
Consider firms operating in perfectly competitive or monopolistically competitive output markets. In a long-run equilibrium in such a market, the firm will be operating on an isoprofit curve corresponding to:
A) a positive level of economic profits.
B) a negative level of economic profits.
C) zero economic profits.
D) This cannot be determined without additional information.
4.
Consider a hedonic pricing model of educational attainment. It is expected that isoprofit curves would be:
A) downward sloping because the quality of education has declined over time.
B) downward sloping because the marginal cost of providing education declines as years of education rises.
C) upward sloping because workers require additional compensation to make it worthwhile to acquire additional education.
D) upward sloping because education raises a worker's productivity.
5.
Consider a hedonic pricing model of education attainment. It is expected that indifference curves would be:
A) downward sloping because the quality of education has declined over time.
B) downward sloping because the marginal cost of providing education declines as years of education rises.
C) upward sloping because workers require additional compensation to make it worthwhile to acquire additional education.
D) upward sloping because education raises a worker's productivity.