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Which of the following increases might shift an individual's supply curve of labour to the left? O a. an increase in fringe benefits O b. an increase in nonwage income O c. an increase in the wage O d. an increase in the amount of time individuals are willing to workWhat is the most significant factor that enables unions to negotiate increased wages for their members? O a. Unions increase the marginal product of labour. () b. Unions decrease the supply of labour in the union sector. O) c. Unions increase the supply of labour in the union sector. O d. Unions increase the demand for labour.Suppose that labour is a profit-maximizing firm's only variable input in its production process. When will the firm stop hiring additional workers? a. when the average product of labour is zero b. when the wage rate equals the marginal revenue product of labour O c. when the last worker hired adds nothing to total output O d. when the wage rate equals the average product of labourWhich of the following activities represents an external cost? O a. the price you pay for university tuition O b. the reduction in the incidence of the flu when people get the vaccine O) c. the damage to a person's health from second-hand smoke O) d. the increase in local property values when the city creates a neighbourhood bike trailSuppose consumers were able to receive the full social benefits associated with the consumption of goods involving positive externalities. Other things being equal, which of the following would likely occur? O a. a greater misallocation of resources O b. an increase in consumption c. a decrease in consumption d. a decrease in the market price of the productWhich country shows the greatest degree of income inequality? O a. Iceland O b. Spain O c. South Africa O d. Russia'What is the term used to describe the impact on people who are affected by a transaction that the}? are not directly involved in? O a. an cattle-rr'alit}I O b. a common resource 0 c. a free rider C) d.a public good Which of the following is a way to internalize a positive externality? O a. A producer could move its operation to a less populated area. () b. The consumers of a good could receive a subsidy equal to the external benefit resulting from the production or consumption of the good. O c. A producer's costs could be increased by an amount equal to the external benefit resulting from the production of the good. O d. Consumers of the good could pay a tax equal to the external benefit resulting from the production or consumption of the good.If negative externalities are created in the production of a good, how will this affect how much of the good is produced? a. Too little will be produced because the marginal private cost to firms is less than the marginal social cost. O b. Too little will be produced because the marginal private cost to firms is greater than the marginal social cost. O c. Too much will be produced because the marginal private cost to firms is greater than the marginal social cost. O d. Too much will be produced because the marginal private cost to firms is less than the marginal social cost
