attached Labour Economics Quiz questions for corrections, I need explanation for each answer

attached Labour Economics Quiz questions for corrections, I need explanation for each answer
IncorrectQuestion 1 0 / 10 pts Which one of the following statements is incorrect?    Trade unions act as monopolistic suppliers of labour.      Labour markets are sometimes monopsonistic, meaning that there is only one major employer or organisation.      Employers and employees usually have perfect knowledge about the labour market conditions in which they operate.      The labour market is a segmented market.     IncorrectQuestion 2 0 / 10 pts Which one of the following is not a source of imperfection in the labour market?    Government intervention      Imperfect knowledge      Minimum wage legislation      Full mobility of labour     IncorrectQuestion 3 0 / 10 pts Which one of the following will not cause a change in the demand for labour, illustrated by a shift of the demand curve?    An increase in the number of employers      An increase in the wage rate      An increase in the productivity of labour.      A decrease in the price of the product.     IncorrectQuestion 4 0 / 10 pts Which one of the following statements is incorrect? In a perfectly competitive labour market:    an individual firm faces an upward-sloping supply of labour.      all firms are wage takers.      all workers are wage takers      the wage rate is determined in the market by the forces of supply and demand.     IncorrectQuestion 5 0 / 10 pts Which one of the following is not a requirement for perfect competition in the labour market?    Perfect competition in the goods market      Government intervention to support the market      All employers must be wage takers      All employees must be wage takers.     Question 6 10 / 10 pts Which one of the following is not an important difference between the labour market and the goods market?    Labour services are not transferable from one person to another.      Labour is always rented rather than sold.      Labour is embodied in people and is therefore homogeneous or standardised.      Labour is not traded at the best price on a daily basis.     IncorrectQuestion 7 0 / 10 pts The demand for labour curve slopes downwards because of:    falling demand for the output that labour produces.      diminishing returns to labour.      falling wages, causing more people to demand employment.      the supply of output     IncorrectQuestion 8 0 / 10 pts If wages fall, then:    according to the income effect, the worker’s demand for leisure will increase.      according to the substitution effect, the worker’s demand for leisure will decrease.      according to the substitution effect, the workers will substitute leisure time for working      the income and substitution effects will work in the same direction     IncorrectQuestion 9 0 / 10 pts An individual’s labour supply curve is positively sloped when:    the substitution effect of a wage increase is positive.      the income effect of a wage increase is negative.      the substitution effect is greater than the income effect.      the substitution effect is less than the income effect.     Question 10 10 / 10 pts A change in wages causes a:     shift in the marginal revenue product curve for labour.      shift in the marginal physical product curve for labour.      shift in the derived demand curve for labour.      movement along the demand for labour curve. Quiz 5 Attempt Time Score LATEST Attempt 1 15 minutes 40 out of 100  Correct answers are hidden. Score for this quiz: 40 out of 100 Submitted Feb 27 at 1:25pm This attempt took 15 minutes.   Question 1 10 / 10 pts To decide the quantity of a factor of production to hire, a firm compares the ____ to the ____.    factor’s price; average factor price      factor’s price; value of marginal product      factor’s output; average factor output      factor’s output; value of marginal product     Question 2 10 / 10 pts A profit-maximizing firm hires labor up to the point where    the wage times the quantity of labor equals the marginal product.      price equals the wage.      price equals the quantity of labor.      the wage equals value of marginal product.     Question 3 10 / 10 pts A company finds that the value of marginal product for the current level of employment is $53 and the wage rate is $45. Which of the following is correct?    Too much labor is currently employed and the firm will lay off some workers.      The firm should shut down and produce nothing      The firm is employing the profit-maximizing quantity of labor.      Too few workers are currently employed and the firm will hire more workers.     IncorrectQuestion 4 0 / 10 pts A firm’s demand for labor curve is also    its value of marginal product curve      the supply of labor curve.      the demand curve for the good it produces.      its marginal cost curve.     IncorrectQuestion 5 0 / 10 pts If the price of a firm’s product falls, the firm’s demand for labor curve    shifts leftward      does not shift and there is no movement along it.      does not shift but there is a movement along it.      shifts rightward.     IncorrectQuestion 6 0 / 10 pts If the wage rate increases, a firm’s demand for labor curve    shifts leftward.      does not shift and there is no movement along it.      shifts rightward.      does not shift but there is a movement along it.     IncorrectQuestion 7 0 / 10 pts An increase in the price of the firm’s output leads to a    movement upward along the demand for labor curve.      rightward shift of the demand for labor curve      movement downward along the demand for labor curve      leftward shift of the demand for labor curve.     Question 8 10 / 10 pts A country has a balance of trade deficit if the value of its exports are ____ the value of its imports.    less than      equal to      greater than      None of the above answers is correct because a balance of trade deficit has nothing to do with the value of exports or the value of imports     IncorrectQuestion 9 0 / 10 pts Dynamic comparative advantage results from    acquisition of new resource supplies.      workers learning-by-doing.      changing world demand for different products.      changing technology.     IncorrectQuestion 10 0 / 10 pts The exchange rate is the    number of times a typical U.S. dollar bill changes hands in the world market during a day.      price of a currency in terms of gold.      price of a currency in terms of another currency      speed at which currency is traded in the foreign exchange market.   Quiz Score: 40 out of 100 PreviousNext Submission Details: Time: 15 minutes Current Score: 40 out of 100 Kept Score: 40 out of 100 Quiz 6   IncorrectQuestion 1 0 / 10 pts In a competitive labour market, the demand curve for labour is given by which one of the following?    Total physical product      Marginal revenue product      Marginal cost      Marginal physical product     Question 2 10 / 10 pts A monopsony type of market failure is said to occur for which one of the following?    Buyers of products have market power.      Suppliers of labour have market power.      Suppliers of products have market power.      Buyers of labour have market power.     Question 3 10 / 10 pts Which two conditions are most likely to lead to a rise in union bargaining power?    Rise in the percentage of the workforce in the union      Relatively high elasticity of demand for labour      Increased competition in the product market      A sustained rise in GDP     IncorrectQuestion 4 0 / 10 pts Which one of the following describes a state of the labour market which is often linked to a lower wage for those employed?    Monopsony.      Highly skilled occupation      Strong trade unions      National minimum wage     IncorrectQuestion 5 Original Score: 0 / 10 pts Regraded Score: 10 / 10 pts  This question has been regraded. Where the return to the factor is greater than is needed for it to supply itself:    Economic rent.      Quasi rent      Interest      Transfer earnings     IncorrectQuestion 6 0 / 10 pts Where the return to the factor is economic rent in the short run but transfer earnings in the long run:    Interest      National minimum wage      Quasi rent      Economic rent.     IncorrectQuestion 7 0 / 10 pts A situation in which the marginal cost of labour curve will lie above the average cost of labour curve:    Monopsony.      Oligopoly.      Bilateral monopoly      Bargaining power     IncorrectQuestion 8 0 / 10 pts The addition to total revenue from employing the last person:    Marginal physical product      Marginal revenue product      Marginal social benefit      Marginal profit.     IncorrectQuestion 9 0 / 10 pts That return to the factor just sufficient to cause it to supply itself:    Quasi rent      Marginal physical product      Marginal revenue product      Transfer earnings     Question 10 10 / 10 pts With international trade, a country    cannot consume at a point on its PPF      can consume at a point outside its PPF.      cannot consume at a point outside of its PPF      None of the above answers are correct.   Quiz Score: 40 out of 100 Quiz 7   IncorrectQuestion 1 0 / 10 pts A monopoly union increases the wage by    reducing employment      increasing the demand for union labor      increasing employment along the labor supply curve      holding employment fixed and threatening to strike     IncorrectQuestion 2 0 / 10 pts In our model of an efficient-contracting union (i.e., one that maximizes union profit), the equilibrium is at the    intersection of the firm’s iso-profit curve and the union’s iso-profit curve      the tangency of one of the firm’s iso-profit curves to one of the union’s iso-profit curves      the tangency of the labor demand curve to one of the union’s iso-profit curves      the intersection of the labor demand curve and the union’s iso-profit curve     Question 3 10 / 10 pts Union-organizing drives are more successful in firms that have relatively___________ labor demand curves.    inelastic      elastic      flat      linear     IncorrectQuestion 4 0 / 10 pts In the monopoly-union model with a nonunion sector, the allocation of labor is ________. In particular, shifting employment from the nonunion sector to the union sector would ________ the total value of output.    inefficient; increase      efficient; increase      inefficient; not affect      efficient; not affect     IncorrectQuestion 5 0 / 10 pts A skill-biased innovation    raises the relative supply of skilled workers      does not affect the relative demand for unskilled workers      overstates the effect of skill on wages      increases the demand for skilled workers relative to the demand for unskilled workers     Question 6 10 / 10 pts Compensation systems can influence    how motivated workers are      the quality of workers who want to work at the firm      who quits and who stays on the job      All of the above are true     IncorrectQuestion 7 0 / 10 pts Piece-rate compensation    underemphasizes the quantity of output produced      attracts the most able workers      doesn’t elicit effort in large firms          IncorrectQuestion 8 0 / 10 pts In the context of relative performance pay, using a large reference group    insulates each worker’s pay from coworker-specific fluctuations in performance      raises labor cost      reduces effort and (on average) performance      increases workers’ aversion to risk     IncorrectQuestion 9 0 / 10 pts Paying an efficiency wage increases work effort because    workers are required to work harder to get the super-competitive wage      the efficiency wage enriches workers, and they work harder as an income effect      the efficiency wage makes the job more valuable, so workers work harder to reduce the chance of being dismissed      the value of the worker’s marginal product     IncorrectQuestion 10 0 / 10 pts CEO Kevin currently holds plenty of stock options that he received as part of his compensation in prior years. These stock options give Kevin the incentive to    enjoy all the perks, such as lavish meals and entertainment and personal use of the corporate jet      grow accounting measures of performance, such as sales revenue and net income      make decisions that increase the price of the firm’s stock      shifting compensation from wages to benefits