Labor Economıcs (ENG) - İktisat (İngilizce)

Ünite 1

Soru 1

The labor market is perhaps the most important among all the factor markets. Because, _________________________________.
Which of the following sentences correctly fills in the blank in the above sentence?

Labor economics uses the basic tools of economics in understanding and predicting the behavior of employers and workers.

The livelihoods and standards of living of the majority of individuals and households depend on their labor market outcomes.

Expected returns in the labor market guide the many important decisions that individuals make on education, training, health, and migration.

The labor market facilitates free, mutually beneficial transactions between the buyers of labor services and sellers of labor services.

The government often intervenes in the labor market through labor market programs, policies, laws, and regulations, intending to improve market outcomes.

Açıklama:

The labor market is perhaps the most important among all the factor markets. The reason lies in the fact that in Türkiye and elsewhere, the livelihoods and standards of living of the majority of individuals and households depend on their labor market outcomes: what sorts of jobs they hold, how many hours they work, the wages earned, and whether they are able to find employment.
The correct answer is B.

Doğru Cevap: B

Soru 2

I. Workers
II. Government
III. Students
IV. Employers
Which of the following is one of the main actors in the labor market?

I, II, III

I, III, IV.

I, II, IV

II, III, IV

I, II, III, IV

Açıklama:

In the labor market, the two main economic actors are workers who supply their labor services and firms that demand these services. Government is also an important actor in the labor market.
So, main actors in the labor markets are workers, employers and government.
The correct answer is C.

Doğru Cevap: C

Soru 3

I. Individuals are assumed to act in a way to maximize their happiness.
II. Individuals would rather spend their time at work.
III. Higher wages are likely to induce workers to supply more hours of labor to the labor market.
Which of the sentences given above is/are true?

III

I and II

I and III

I, II and III

Açıklama:

Individuals are assumed to act in a way to maximize their happiness, or more formally, their utility, which depends on the amount of consumption goods and leisure time.
Individuals would rather spend their time leisurely than at work.
All else being the same (ceteris paribus), a change in the wage rate will induce the worker to reconsider his/ her time allocation problem. Higher wages are likely to induce workers to supply more hours of labor to the labor market.
Second sentence is false. So, the correct answer is D (I and III).

Doğru Cevap: D

Soru 4

I. Cash payments
II. Free meals
III. Subsidized child care services
IV. Paid sick or maternity/paternity leave
Which one of the options mentioned above could be considered as a form of wage payment to the workers?

I and II

I and IV

I, II and III

I, III and IV

I, II, III and IV

Açıklama:

Workers and employers respond to market incentives that take the form of wages, prices, profits, and non-pecuniary returns. The wages paid to workers need not only take the form of cash payments but may also include fringe benefits such as free meals, subsidized child care services, free commuter bus services, free health care services on firm premises, paid sick or maternity/paternity leave, pensions, etc.
The correct answer is E.

Doğru Cevap: E

Soru 5

Assume the nominal wage is 7,750 TL for 2024 and the price index is 110.
Using the information given above, calculate the real wage in 2024.

7045,5

4545,5

7500

4750

7250,5

Açıklama:

Real wages are calculated by dividing nominal wages by a price index such as the consumer price index (CPI):
Real wage = (Nominal wage / Price index)*100
Real wage = (7750/110)*100 = 7045,45455 = 7045,5
The correct answer is A

Doğru Cevap: A

Soru 6

Economic decisions in the labor market are based on __________ and not ___________.
Fill in the blanks in the above sentence with the appropriate option from the options below.

fair wage/nominal wage

real wage/fair wage

real wages/nominal wages

nominal wage/fair wage

nominal wages/real wages

Açıklama:

Economic decisions in the labor market are based on real wages and not nominal wages.
The correct answer is C.

Doğru Cevap: C

Soru 7

I. A rightward movement occurs along the labour supply curve.
II. A rightward movement occurs along the demand curve.
III. The quantity demanded falls and leftward movement occurs along the labor demand curve.
Which of the following will happen if wages increase?

III

I and II

I and III

I, II and III

Açıklama:

Higher wages attract more workers to the labor market, which is shown as a rightward movement along the labor supply curve. The quantity demanded, on the other hand, falls. This is shown by a leftward movement along the labor demand curve. The shortage is eliminated at W*; therefore, no more change occurs in the wage rate.
If the wage rate falls, which causes firms to want to employ more workers. This is represented by a movement along the demand curve to the right.
Second sentence is wrong because it occurs when the wage rate falls. The correct answer is D.

Doğru Cevap: D

Soru 8

Which of the following sentences is incorrect?

Labor force consists of working age individuals who are either employed or unemployed.

The employed comprise persons who have done at least one hour of work for pay or profit in a period of one month.

If an individual is employed, he/she cannot be unemployed, even though he/she might be looking for another job.

If a retired individual is looking for work and meets the criteria for unemployment, he/she is classified as unemployed and not part of the out-of-labor force.

Persons who are temporarily absent from work due to such reasons as sick leave, annual vacation, etc. are also considered employed.

Açıklama:

Labor force consists of working age individuals who are either employed or unemployed.
The employed comprise persons who have done at least one hour of work for pay or profit in a period of one week.
If an individual is employed, he/she cannot be unemployed, even though he/she might be looking for another job.
If a retired individual is looking for work and meets the criteria for unemployment, he/she is classified as unemployed and not part of the out-of-labor force.
Persons who are temporarily absent from work due to such reasons as sick leave, annual vacation, job-related training, maternity leave, strike, and the like are also considered employed.
The correct answer is B.

Doğru Cevap: B

Soru 9

Ali is not working for a while. He would like to work but he is no longer looking for work because he has lost lost hope of finding work.
How is this person classified?

Discouraged worker

Secondary worker

Both employed and unemployed

Employed

Added-worker

Açıklama:

Ali is discouraged woeker. Because Discouraged workers are individuals who would like to work but who are no longer looking for work because they have lost hope of finding work.
The coeerct answer is A.

Doğru Cevap: A

Soru 10

This surveys is the primary data source for official national statistics on the labor market. It includes thousands of individual observations at a point in time. In thiş information is solicited on personal characteristics such as age, education, and marital status, as well as labor market outcomes that include whether the individual is employed or unemployed, hours of work, the type of occupation held, status in employment, earnings from employment, and the like.
Which of the following is the data source used by labour economics described above?

Household Labor Force Surveys

Earnings Structure Survey

Survey on Income and Living Conditions

Longitudinal Survey

Entrepreneur Information Survey

Açıklama:

One of Türkiye’s most important sources of information on the labor market is the Household Labor Force Surveys (HLFS), conducted regularly by TurkStat since 1988. HLFS surveys households in Türkiye and is the primary data source for official national statistics on the labor market. It includes thousands of individual observations at a point in time. In the HLFS, information is solicited on personal characteristics such as age, education, and marital status, as well as labor market outcomes that include whether the individual is employed or unemployed, hours of work, the type of occupation held, status in employment, earnings from employment, and the like. The HLFS data from multiple survey years can be pooled and turned into time-series data to observe the evolution of key labor market indicators.

Doğru Cevap: A

Soru 11

Which of the following in the scope of labor economics?

how the market for labor works and the resulting outcomes.

how individual goods and services prices are determined in perfectly competitive markets

how is interest rate is determined in the money market.

how the international flows of capital are determined.

how is the mobility of resources determined among the countries.

Açıklama:

Labor economics is the study of how the market for labor works and the resulting outcomes.

Doğru Cevap: A

Soru 12

Which of the following is not the labor market outcome that does not affect the livelihoods and standards of living of the majority of individuals and households in Turkey?

whether they prefer to live in their region.

what sorts of jobs they hold.

how many hours they work.

the wages earned.

whether they are able to find a job.

Açıklama:

In Türkiye and elsewhere, the livelihoods and standards of living of the majority of individuals and households depend on their labor market outcomes: what sorts of jobs they hold, how many hours they work, the wages earned, and whether they are able to find employment.

Doğru Cevap: A

Soru 13

Which of the following factor’s behavior will help to determine the labor market outcomes?

workers.

business man.

top managers.

worker unions.

the Ministry of Labor and Social Security.

Açıklama:

The behavior of workers in the labor market will help determine their labor market outcomes.

Doğru Cevap: A

Soru 14

Which of the following choices of workers will not affect the labor market outcomes?

about leisure.

about education.

about training.

about health.

about migration.

Açıklama:

the choices that individuals make regarding education, training, health, and migration will also impact these outcomes.

Doğru Cevap: A

Soru 15

I. Labor market programs
II. Policies
III. Law
IV. regulations
Which of above policies does give the government to intervene the labor market outcomes?

Only I.

I and II

I, II and III.

II, III and IV.

I, II, III and IV.

Açıklama:

the government often intervenes in the labor market through labor market programs, policies, laws, and regulations, intending to improve market outcomes

Doğru Cevap: E

Soru 16

I.Workers
II. Firms
III. Unions
IV. Regulations
V. International labor Organization (ILO)
Which of the followings are considered as the main economic actors in labor markets?

I and II.

I, II and III.

I, II, III and V

I, II, III and IV.

I, II, III, IV and V.

Açıklama:

In the labor market, the two main economic actors are workers who supply their labor services and firms that demand.

Doğru Cevap: A

Soru 17

What is the opportunity cost of not leisure?

forgone wage income.

forgone investment.

forgone saving.

forgone education.

forgone edtraining.

Açıklama:

An hour of leisure comes at the cost of forgone wage income that could have been earned and used to buy consumption goods.

Doğru Cevap: A

Soru 18

On which of the following principle, rational agent will allocate his/her time between leisure activities and work?

maximizing his/her utility.

spending whole income.

increasing working hours.

minimizing the living costs.

minimizing time to go to work.

Açıklama:

A rational agent will choose to allocate his/her time between leisure activities and work in a way that maximizes his/her utility.

Doğru Cevap: A

Soru 19

Why of the following is not taken into account by individuals to solve the time allocation problem?

number of children in the family

personal tastes and preferences.

the wage rates.

the price of consumption goods.

non-wage income.

Açıklama:

While personal tastes and preferences are important factors in this time allocation problem, so are the wage rate, the price of consumption goods, and non-wage income (i.e., income not originating from the labor market, such as rent income or interest income).

Doğru Cevap: A

Soru 20

Given the input prices, including the wage rate, the output price, and their technology, which of the following should be determined by the firms to maximize their profits?

the input combination and the level of output.

price of raw materials.

the average cost of labor

selling price of the product that they produce.

level of inventory.

Açıklama:

Given the input prices, including the wage rate, the output price, and their technology, they try to find the input combination and the level of output that maximizes their profits.

Doğru Cevap: A

Ünite 2

Soru 1

I. Intensive margin reflects the intensity of effort and working hours.
II. If individuals choose to work, economists call this decision as extensive margin.
III. Leisure time is what is left over from work.
Which of the sentences given above is/are correct?

I and II

I and III

II an III

I, II, and III

Açıklama:

Almost all individuals need to work for a living, at least at some point in their lives. There are two choices the individuals make; i) whether to work, i.e., to enter the labor market and search for a job and, ii) upon finding a job, how many hours to work given a real wage rate. Economists call the first decision, which is a binary decision, the extensive margin, and the second decision, the intensive margin, which reflects the intensity of effort and working hours. Considering that individuals have only 24 hours a day and on average 8 hours to sleep, what is left over from work is leisure time. Hence, by deciding how many hours to work, i.e., the intensive margin of work, the individuals are effectively choosing how much leisure to consume.
The correct answer is E.

Doğru Cevap: E

Soru 2

Which organization/institution is the responsible government body to collect and disseminate statistics on labor in Türkiye?

The Turkish Statistical Institute

International Labor Organization

Central Bank

Employment Agency

Ministry of Labor and Social Security

Açıklama:

The Turkish Statistical Institute is the responsible government body to collect and disseminate statistics on labor.
The correct answer is A.

Doğru Cevap: A

Soru 3

Which of the following sentences is correct?

Persons engaged in household chores at home are counted as being in employment.

The employment definition includes individuals who might work without receiving any payments in family businesses, as long as they engage in an economic activity.

Individuals who are temporarily away from work, for instance due to sick leave, considered to be unemployed.

Actively seeking a job means, individuals should have explored job opportunities at least once in the last six weeks ending with the reference week

According to Turkstat, individuals who have already found a job and will start working within 3 months are also considered to be in the employed category.

Açıklama:

- Persons engaged in household chores at home are not counted as being in employment.
- The employment definition includes individuals who might work without receiving any payments in family businesses, as long as they engage in an economic activity.
- Individuals might be temporarily away from work, for instance due to sick leave, maternity leave, or shocks like the COVID-19 Pandemic, as long as they have a job that they will return to, they are considered to be in employment.
- According to Turkstat classifications, “actively seeking a job” means, individuals should have explored job opportunities at least once in the last four weeks ending with the reference week.
- According to Turkstat, individuals who have already found a job and will start working within 3 months are also considered to be in the unemployed category.

Doğru Cevap: B

Soru 4

The most common method to collect labor market data everywhere in the world is _______________ on a regular basis.
Which of the following options correctly fills in the blank in the above sentence?

to interview people

making observations

to conduct surveys

to conduct experiments

to conduct participatory observation

Açıklama:

The most common method to collect labor market data everywhere in the world is to conduct surveys on a regular basis.
The correct answer is C.

Doğru Cevap: C

Soru 5

Which of the following is incorrect about the Neoclassical Model of Labor-Leisure Choice?

This model makes assumptions simple enough to understand the main mechanisms affecting labor supply

It provides important insights capable of explaining the trends we observe around us

It is assumed that there is no inflation in the economy

The model is astatic

In this model the prices are fixed.

Açıklama:

The basic model to analyze labor supply behavior is called the Neoclassical model of LaborLeisure choice. This model makes assumptions simple enough to understand the main mechanisms affecting labor supply, but at the same time it provides important insights capable of explaining the trends we observe around us.
Since the model is static, there is no inflation in this economy, and the prices are fixed.
The correct answer is D

Doğru Cevap: D

Soru 6

I. Indifference curves associated with a utility function are downward sloping,
II. Higher indifference curves indicate lower levels of utility
III. Indifference curves do not intersect
IV. Indifference curves are convex to the origin
Which of the sentences given above are correct?

I and II

I, II, III

I, III, IV

II, III, IV

I, II, III, IV

Açıklama:

I. Indifference curves associated with a utility function are downward sloping,
II. Higher indifference curves indicate higher levels of utility
III. Indifference curves do not intersect
IV. Indifference curves are convex to the origin
The correct answer is C.

Doğru Cevap: C

Soru 7

_______________________ is the absolute value of the slope of an indifference curve and shows how much an individual has to give up of a consumption good in order to consume more of the other good (or leisure time) without changing the level of utility.
Which of the following correctly fills in the blank in the above sentence?

The Marginal Rate of Substitution

The Budget Constraint

Consumer Equilibrium

Aggregate Labor Supply

Reservation Wage

Açıklama:

The Marginal Rate of Substitution is the absolute value of the slope of an indifference curve and shows how much an individual has to give up of a consumption good in order to consume more of the other good (or leisure time) without changing the level of utility.
The correct answer is A.

Doğru Cevap: A

Soru 8

I. At higher levels of the consumption good and low levels of leisure, the individual’s indifference curves are flatter
II. High levels of leisure and low levels of the consumption good, the indifference curves are steep
III. Individuals with a stronger preference for consumption have flatter indifference curves
IV. Individuals who enjoy their leisure time more than the consumption good will have steeper indifference curves
According to the Neoclassical Model of Labour-Leisure Choice, which of the above information is correct?

I and II

II and III

III and IV

I, II, and III

II, III and IV

Açıklama:

I. At higher levels of the consumption good and low levels of leisure, the individual’s indifference curves are steep.
II. High levels of leisure and low levels of the consumption good, the indifference curves are flatter.
III. Individuals with a stronger preference for consumption have flatter indifference curves
IV. Individuals who enjoy their leisure time more than the consumption good will have steeper indifference curves
The correct aswer is C.

Doğru Cevap: C

Soru 9

Suppose that the wage rate changes, holding the non-wage income constant. If the wage rate increases, how does the budget line change?

Rotates inward

Rotates outward

Doesn't change

Becomes convex

Becomes concave

Açıklama:

Suppose that the wage rate changes, holding the non-wage income constant. If the wage rate increases, the budget line rotates outward from the endowment point, whereas if the wage rate falls, the budget line rotates inward.
The correct answer is B.

Doğru Cevap: B

Soru 10

Assume the wage rate goes up from 100 TL to 140 TL and the hours supplied in the labor market increases from 5 hours to 10 hours. Calculate the labor supply elasticity.

2,5

8,5

Açıklama:

When the wage rate goes up from 100 TL to 140 TL, the corresponding change is 40 percent. On the other hand, the hours supplied in the market double: it increases from 5 to 10 hours or by 100 percent. The labor supply elasticity is therefore;

Doğru Cevap: A

Soru 11

Which of the following correctly completes the blank part in the sentence?
"Leisure comes with a cost, and the cost of leisure is the ............"

psychological cost

variable cost

estimated cost

production loss

forgone earnings

Açıklama:

Leisure comes with a cost, and the opportunity cost of leisure is the forgone earnings.An extra hour of leisure means that individuals give up their hourly wage.

Doğru Cevap: E

Soru 12

According to Turkstat's definition, which of the following is not considered employed?

Individuals who work without receiving any payments in family businesses

Individuals who work just one hour per week

Persons engaged in household chores at home

Individuals who are temporarily away from work, but have a job that they will return to

People who work in a company where work is slowed down for technical reasons, but have assurance of returning to work.

Açıklama:

Persons engaged in household chores at home are not counted as being in employment. The reason is simply that activities such as cleaning or cooking for ourselves or for the benefit of our family members do not involve any transactions in a market, although these activities do have economic value.

Doğru Cevap: C

Soru 13

Which of the following assumptions about the utility function U=U(C,L) is correct?
I- preferences of the individuals are well-defined, II- preferences are not always consistent, III- utility levels increase with higher consumption of C and L, IV- preferences are incomplete and temporary

Only I

Only II

Only IV

I and III

II and IV

Açıklama:

We will also assume that the utility function U satisfies the classical axioms such that the preferences of the individuals are well-defined, consistent and the utility levels increase with higher consumption of C and L. In technical terms, we assume that the
preferences are complete, transitive, reflexive, and continuous.

Doğru Cevap: D

Soru 14

Which of the following is the slope of the indifference curve?

Marginal propensity to consume

Marginal utility maximization ratio

Marginal rate of technical substitution

Marginal rate of profitability

Marginal rate of substitution

Açıklama:

The Marginal Rate of Substitution is the absolute value of the slope of an indifference
curve and shows how much an individual has to give up of a consumption good in order to consume more of the other good (or leisure time) without changing the level of utility.

Doğru Cevap: E

Soru 15

Which of the following statements about the figure is incorrect?

The person has a non-wage income of 400 TL

The hourly wage is 120 TL

The individual's utility is maximized at point E*

If the individual chooses not to work at all, his/her entire income will be 400 TL

If the individual had no non-wage income, the budget constraint would start from point F on the horizontal axis.

Açıklama:

In the figure, an individual working 16 hours earns a wage income of 1600 TL. In this case, the hourly wage is 100 TL.

Doğru Cevap: B

Soru 16

Which of the following statements about the budget constraint is true if both the individual's non-wage income and the wage rate increase?

The budget constraint shifts upward parallel to the previous budget constraint.

The budget constraint shifts downward parallel to the previous budget constraint.

The budget constraint both shifts upward and becomes steeper than the previous budget constraint.

The budget constraint shifts upwards and becomes flatter compared to the previous budget constraint.

The budget constraint shifts downwards and becomes flatter compared to the previous budget constraint

Açıklama:

In this case, the starting point of the budget constraint shifts upward, indicating the increase in non-wage income, while its slope becomes steeper, indicating the increase in wages.

Doğru Cevap: C

Soru 17

If an individual who initially worked 40 hours a week at an hourly wage of 50 TL increased his/her working hours to 56 hours when the wage increased to 65 TL, which of the following is the wage elasticity of labor supply?

0,71

0,76

0,80

1,06

1,33

Açıklama:

In this question, a 30 percent increase in wage causes a 40 percent increase in working hours. Accordingly, the wage elasticity of labor supply is 40%/30% = 1.33.

Doğru Cevap: E

Soru 18

Which of the following correctly completes the blank part in the sentence?
"While ……. might have persistent effects on gender imbalances, it is still a sector that can provide opportunities for women to work, especially for low educated women"

agriculture

heavy industry

high tech industry

qualified service sector

mining

Açıklama:

While agriculture might have persistent effects on gender imbalances, it is still a sector that can provide opportunities for women to work, especially for low educated women

Doğru Cevap: A

Soru 19

Which of the following are factors that positively affect women's participation in the workforce?
I- inadequacy of childcare services, II- increasing the education level of women, III- decreased fertility rates, IV- employment growth in professions requiring hard skills, V- lack of institutions to meet elderly care needs

I and IV

I and V

IV and V

II and III

Only IV

Açıklama:

While II and III of the mentioned factors positively affect women's participation in the workforce, the others have negative effects.

Doğru Cevap: D

Soru 20

In 1992, under the Süleyman Demirel government, with the law no. 3774, the retirement age for men and women in Turkey was reduced to which ages?

Women: 35 Men:40

Women: 38 Men:44

Women: 40 Men:44

Women: 44 Men:49

Women: 49 Men:53

Açıklama:

In 1992, Law Number 3774 was passed by the parliament, and the minimum age for
retirement entitlement was reduced to 38 for women and 44 for men, conditional on meeting certain requirements such as years worked and number of days for premium contribution. But even worse, the reform removed the minimum age condition for certain cohorts.

Doğru Cevap: B

Ünite 3

Soru 1

It is the link between output and all inputs, including labor, and it defines the maximum quantity of output as a function of a given set of inputs. It is the key to understanding the demand for labor and is a function that represents the maximum quantity of output a firm can produce given a certain quantity of input(s).
Which of the following is the concept described above?

Labor demand

Production function

Labor supply

Avarage product of labor

Marginal product of labor

Açıklama:

The link between output and all inputs, including labor, is the production function that defines the maximum quantity of output as a function of a given set of inputs. The production function is key to understanding the demand for labor. This is why this chapter on labor demand starts with a section on the production function. A production function is a function that represents the maximum quantity of output a firm can produce given a certain quantity of input(s).
The correct answer is B.

Doğru Cevap: B

Soru 2

I. The demand for labor in the economy determines how many people (or labor hours) will be employed
II. The demand for labor in the economy determines how much people who are employed will earn
III. So-called “third sector” means private sector
IV. The demand for labor is a derived demand
Which of the sentences above are correct?

I and II

I, II and III

I, III and IV

II, III and IV

I, II, III and IV

Açıklama:

The demand for labor in the economy determines how many people (or labor hours) will be employed and how much these people will earn. Labor is demanded by a variety of institutions, private and public companies, public organizations, and the so-called “third sector” (non-profit civil society organizations) to supply all kinds of products and services.
the demand for labor is a derived demand, i.e., it depends on the demand for the product produced by the firm.

Doğru Cevap: C

Soru 3

I. They have only one objective (profit maximization)
II. They ae rational
III. It's impossible for them to know all the techniques that form a production function
Which of the above assumptions about private firms within the scope of the production function is/are incorrect?

III

I and II

II and III

Açıklama:

The functional relationship between the quantities of outputs and inputs is called the “production function”. It is assumed that private companies have only one objective (profit maximization), they are rational (they maximize their profits), and they know all the techniques that form a production function (they can operate at any point on the production function that maximizes their profits).
The correct answer is C.

Doğru Cevap: C

Soru 4

Suppose that a firm employes 20 workers and each workers works 7 hours per day. Please find the quantity of labor.

140

280

Açıklama:

The quantity of labor is usually measured by the number of hours worked. If the firm employs 20 workers each working 7 hours per day, the quantity of labor is 140 hours of labor per day.
20x7=140
The correct answer is D.

Doğru Cevap: D

Soru 5

____________________ is the increase in the quantity of output that results from employing one more unit of labor.
Which of the following correctly completes the blank given in the sentence above?

The marginal product of labor

Short run demand for labor

Short run elasticity of labor demand

The average product of labor

Profit maximization

Açıklama:

The marginal product of labor is the increase in the quantity of output that results from employing one more unit of labor.
The correct answer is A.

Doğru Cevap: A

Soru 6

Suppose that the product price is 5 TL per unit. By using the table find the value of average product for 5 workers.

19,6

32,5

150

Açıklama:

The value of average product is the product price times the average product. If the product price is 5 TL per unit, then the value of the average product for 5 workers will be equal to 32,5 TL per worker. Please find the average product of 5 workers in the table (It is 6,5).
VAP = p*AP = 5*6,5=32,5
The correct answer is B.

Doğru Cevap: B

Soru 7

Suppose a firm with 5 units of capital. The product price for is 4 TL per unit and the rental price of capital is 2 TL per unit of capital. Firm employs 5 workers and will produce 42 units of output. Please calculate the firm's profit.

168

Açıklama:

p: product price, q: units of output, w: wage rate per worker E: number of employees, r: rental price of capital per unit, K0: units of capital
First we should calculate the wage rate per worker: It is 5x4TL= 20 TL
Then we should put the variables in the formula.
Profit = 4.42 - 20.5 - 2.5
Profit = 168 - 100 - 10
Profit = 58 TL

Doğru Cevap: B

Soru 8

Which of the following is incorrect about the long run demand for labor?

Firm can change the level of capital stock in the long run.

The capital stock affects the marginal product of labor

The long run demand for labor at the firm level is derived from the solution of the profit maximization problem

The firm changes only the employment level in the long run in response to changes in the wage rate

The firm can adjust both labor and capital inputs in the long run demand for labor

Açıklama:

The firm changes only the employment level in the short run in response to changes in the wage rate. However, the firm can also change the level of capital stock in the long run. Since the capital stock affects the marginal product of labor. The long run demand for labor at the firm level is derived from the solution of the profit maximization problem, in which the firm can adjust both labor and capital inputs.
The correct answer is D.

Doğru Cevap: D

Soru 9

I. Informal labor has a large share in total employment in developed countries
II. Informal labor refers to those employees who are not registered in any social security organization
III. The wage rate is the price of labor per unit of time or output, usually as negotiated between workers and employers
Which of the information given above is correct?

I and II

I and III

II and III

I, II and III

Açıklama:

A category of labor that has a large share in total employment in developing countries is “informal labor”.
“Informal labor” or “informal employment” refers to those employees (wage workers, selfemployed, and entrepreneurs) who are not registered in any social security organization.
The wage rate is the price of labor per unit of time or output, usually as negotiated between workers and employers.
First sentence is wrong. The correct answer is D.

Doğru Cevap: D

Soru 10

Which of the following is the correct matching of the concepts and definitions given above?

1-K, 2-L, 3-M

1-K, 2-M, 3-L

1-M, 2-L, 3-K

1-L, 2-K, 3-M

1-L, 2-M, 3-K

Açıklama:

We can define at least three types of wages in the Turkish context:
• “net wage” is the income (in cash or inkind) received by the worker,
• “gross wage” is the money paid by the firm for the worker, and
• “labor cost” is the employer’s total cost of employing a worker.
The correct answer is E.

Doğru Cevap: E

Soru 11

Which of the following senteces is incorrect?

When the wage rate increases, the demand for labor declines

When the product price increases, the demand function shifts downwards

When the product price increases, the firm will plan to employ more workers

If the firm wants to reduce its employment level, it incurs firing costs, like paying severance payments to workers

Adjustment costs have two components, variable and fixed costs.

Açıklama:

When there is a change in a firm’s economic environment, the firm will adjust the levels of inputs (labor and capital), and output to maximize its profit under the new conditions. For example, when the wage rate increases, the demand for labor declines (a movement along the demand function); when the product price increases, the demand function shifts upwards so that the firm demands more labor, etc.
Suppose the product price is rising. In that case, the firm plans to employ more workers, and it needs to advertise job openings, screen job applications, train new workers, etc.
If, for some reason, the firm wants to reduce its employment level, it incurs firing costs, like paying severance payments to workers, allowing workers to search for a new job, etc.
Adjustment costs have two components, variable and fixed costs. Variable adjustment costs change with the number of workers hired or fired.
The correct answer is B.

Doğru Cevap: B

Soru 12

Considering the above function, what are the marginal product of labor (MPL) and marginal product of capital (MPK) functions?

Açıklama:

the marginal product of labor is defined as the derivative of the production function with respect to labor: MPE = dq/dE = fE. Therefore, when we take production funcion's derivative, MPL and MPK equals

Doğru Cevap: C

Soru 13

If the product price is 3 TL per unit, the wage rate (w) is 3 TL per worker, the rental price of capital (r) is 2 TL per unit of capital, and the firm employs 8 workers and 3 capital, and its profit is 120 TL. How many units of output does the firm produce?

Açıklama:

The profit of the firm is equal to the difference between the revenue (pq) and the production cost (wE + rK0): Π = pq - wE - rK0
120=3.q-3.8-2.3
102=3q
Q=34

Doğru Cevap: D

Soru 14

What is the first order condition?

At the optimum employment level, the (nominal) wage rate should be equal to the value of the marginal product of labor.

The marginal product curve should have an inverted-U shape.

The optimum is achieved at the downward sloping (declining) part of the marginal product curve.

All prices should be fixed.

The firm changes the amount of labor used to maximize its profit.

Açıklama:

The first order condition means that at the optimum employment level, the (nominal) wage rate should be equal to the value of the marginal product of labor.

Doğru Cevap: A

Soru 15

Which one of the following will cause an upward shift in the labor demand curve?

Increase in wage

Increase in the price of the product

Decrease in the capital stock

Decrease in the productivity

Decrease in the substitute good's price

Açıklama:

An increase in the product price will cause an upward shift in the short run labor demand function so that, for a given wage rate, the firm will demand more workers.

Doğru Cevap: B

Soru 16

The demand for labor at the industry level will increase from 5000 to 6500 workers in response to a decline in the wage rate from 40 TL to 35 TL. What is the short run elasticity of labor demand?

-1,5

-2,1

-2,4

-3,5

-3,8

Açıklama:

The short run elasticity of labor demand is δSR = ((6500- 5000) / 5000)/((35- 40) / 40) = -2.4

Doğru Cevap: C

Soru 17

The marginal product of labor is 30, marginal product of capital is 15, and the price of the labor (w) is 6. Which one of the fallowing equals price of the capital?

Açıklama:

MPE /w = MPK /r
30/6=15/r
r=3

Doğru Cevap: A

Soru 18

Which one of the following is a Leontief type production function?

q=20E+10K

q = min(30E, 6K)

Açıklama:

The Leontief production function, which is also called the fixed-proportions production function, is
defined as follows:
q = min(aE, bK)
where a and b are technology parameters, and min(.) is a function that returns the minimum of its
arguments.

Doğru Cevap: B

Soru 19

I.Labor demand is more elastic the greater the elasticity of demand for the output.
II. Labor demand is more elastic the greater the elasticity of substitution.
III. Labor demand is more elastic the greater labor’s share in total costs.
IV. Labor demand is more elastic the lesser the supply elasticity of capital
Which one of the above expressions that are related with the Marshall's Laws of Derived Demand are correct?

I,II

I,III

I,II,III

II,III

II,III,IV

Açıklama:

I,II,III are true while fourth one is false. Because labor demand is more elastic the greater the
supply elasticity of capital.

Doğru Cevap: C

Soru 20

What is the rate of informal unemployment in Türkiye by 2021?

13%

29%

33%

41%

Açıklama:

The share of informal employment in total is quite high, 29% in Türkiye.

Doğru Cevap: C

Soru 21

The normal working time is how many hours per week in Turkiye?

Açıklama:

The standard working time is determined by law in Türkiye, as in many other countries. The labor law (no 4857) states that “the “normal working time” is 45 hours per week.

Doğru Cevap: C

Ünite 4

Soru 1

I. There are many workers and they are homogenous
II. Neither firms nor workers have the market power to determine the wage, they are wage-takers
III. Workers and firms have perfect information
IV. Workers are completely mobile across firms
Which of the statements mentioned above are considered as assumptions about a labor market that operates under perfect competition?

I and II

II and IV

I, II and IV

II, III and IV

I, II, III and IV

Açıklama:

A perfectly competitive labor market has similar assumptions to that of a perfectly competitive goods market.
• As in the goods market, in the labor market there are many firms, but this time they are competing to hire a specific type of labor for identical jobs.
• There are many workers and they are homogenous i.e., identical.
• Neither firms nor workers have the market power to determine the wage, they are wage-takers.
• Workers and firms have perfect information.
• Workers are completely mobile across firms.
The correct answer is E.

Doğru Cevap: E

Soru 2

The wage rate at which demand equals supply is ______________________.
Which one of the following options correctly fills in the blank?

Marginal cost

The market-clearing wage

Average cost

The marginal product of labor

Profit maximization

Açıklama:

The wage rate at which demand equals supply is the market-clearing wage.
The correct answer is B.

Doğru Cevap: B

Soru 3

I. If output price increases, the demand curve shifts to the right
II. Holding the employment level created by other firms constant, if the number of buyers of labor increases, the demand curve shifts to the left
III. Given the output price, if the marginal product of labor increases, and the demand curve shifts to the right
IV. If it is a substitute, labor demand decreases, and the demand curve shifts to the left
Which of the following statements about labor demand is accurate?

I and III

II and III

I, II and III

I, III and IV

II, III and IV

Açıklama:

Please see the Table 4.1 at the page 101 for the answer.
I. Fluctuations in market demand for a product that increase its price increase the marginal revenue product (MRP) of labor, which leads to an increase in labor demand. The demand curve shifts to the right.
II. Holding the employment level created by other firms constant, an increase in the number of buyers of labor increases labor demand, and the demand curve shifts to the right.
III. Given the output price, an increase in the marginal product of labor increases labor demand, and the demand curve shifts to the right.
IV. Technology might play a role as either a substitute for or complement to labor. If it is a substitute (complement), labor demand decreases (increases), and the demand curve shifts to the left (right).
The correct answer is D.

Doğru Cevap: D

Soru 4

I. A change in preferences towards work over leisure increases labor supply, and the supply curve shifts to the right
II. An increase in the wage rates of other jobs decreases the labor supply in a particular labor market, and the supply curve shifts to the left
III. An advancement of non-wage job characteristics increases labor supply, and the supply curve shifts to the right.
IV. An increase in the number of workers, increase labor supply, shifting the supply curve to the right
Which of the following statements about labor supply is accurate?

II and III

I, II and III

I, III and IV

II, III and IV

I, II, III and IV

Açıklama:

Please see the Table 4.1 at the page 101 for the answer.
I. A change in preferences towards work over leisure increases labor supply, and the supply curve shifts to the right.
II. An increase in the wage rates of other jobs decreases the labor supply in a particular labor market, and the supply curve shifts to the left.
III. An advancement of non-wage job characteristics increases labor supply, and the supply curve shifts to the right.
IV. An increase in the number of workers, due to such events as immigration, increasing population, and changes in education and age structure increase labor supply, shifting the supply curve to the right.
The correct answer is E.

Doğru Cevap: E

Soru 5

Which of the following is incorrect about perfect competition and monopoly in the goods market?

A perfectly competitive firm has a perfectly elastic, horizontal demand curve for output

The demand curve of a monopolist is downward-sloping

In monopolists, price is equal to marginal revenue

The demand curve of monopolists is equal to the market demand curve for output

In a perfectly competitive labor market, all firms, including the monopolist, are wage-takers

Açıklama:

A major difference between perfect competition and monopoly is the demand curve for output faced by an individual firm. While a perfectly competitive firm has a perfectly elastic, horizontal demand curve for output (at the going market price), the demand curve of a monopolist is downward-sloping and is equal to the market demand curve for output. Remember that in perfect competition, price is equal to marginal revenue (MR).
As noted before, in a perfectly competitive labor market, all firms, including the monopolist, are wage-takers.
The correct answer is C.

Doğru Cevap: C

Soru 6

Which of the following is the relationship between MRP (Marginal Revenue Product) and VMP (Value of the Marginal Product) under the assumption of perfect competition?

MRP>VMP

MRP

MRP=VMP

MRP<0

-1

Açıklama:

Because we assume a perfectly competitive goods market, MRP is equal to VMP.

Doğru Cevap: C

Soru 7

I. According to the official statistics, union density in Türkiye is high
II. Unions can increase labor demand by increasing labor productivity
III. Unions may increase labor demand by increasing demand for the goods they produce via lobbying
Which of the sentences given above is true about unions?

III

I and III

II and III

I, II and III

Açıklama:

Another key labor market institution are the unions, which aim to improve the working conditions of workers. According to the official statistics, union density (the number of union members who are employees as a percentage of the total number of employees) in Türkiye in 2022 is 14.2%, which is low compared to many developed and developing countries.
There are alternative ways for a union to increase labor demand. Firstly, it can increase labor demand by increasing labor productivity. If the union is strong within a firm, the workers could take part in the decisionmaking processes of the firm through worker democracy. Moreover, unions may increase labor demand by increasing demand for the goods they produce via lobbying. For instance, unions actively push legislation that would raise the amount of money the government spends buying the products they produce.
The corect answer is D.

Doğru Cevap: D

Soru 8

The introduction of ___________________ aims to sustain a wage level that is needed to cover the bare necessities of life. It also protects workers from being exploited by employers, particularly disadvantaged groups like women, youth, and minorities.
Which one of the following options correctly fills in the blank?

the taxes

the minimum wage

the subsidies

the mandated benefits

the Cobweb Model

Açıklama:

The introduction of the minimum wage aims to sustain a wage level that is needed to cover the bare necessities of life. It also protects workers from being exploited by employers, particularly disadvantaged groups like women, youth, and minorities.
The correct answer is B.

Doğru Cevap: B

Soru 9

In a particular industry, labor supply is given by: E=200+4w; while labor demandisgiven by: E=500-6w.
What is the equilibrium wage and employment if the labor market is competitive?

w=30, E=320

w=50, E=150

w=120, E=320

w=35, E=70

w=20, E=200

Açıklama:

At equilibrium, Demand of labor = Supply of Labor
200+4w =500-6w
10w = 300
w = 30 (wage)
E (employment) = 200+4w
E = 200+4.30
E = 200+120
E = 320
The correct answer is A.

Doğru Cevap: A

Soru 10

In a particular industry, labor supply is given by: E=100+3w; while labor demand is given by: E=300-2w.
Suppose the government sets a minimum hourly wage of 50 TL. What is number of unemployed individuals?

100

200

250

300

Açıklama:

When w=50 TL,
The supply of labor is:
E=100+3w
E=100+3.50
E=100+150
E=250
The demand of labor is:
E=300-2w
E=300-2.50
E=300-100
E=200
Hence, the number of unemployed individuals is:
The Supply of Labor - The Demand of Labor = 250 - 200 = 50
The correct answer is A.

Doğru Cevap: A

Soru 11

Which of the following play a key role in both in terms of a firm’s hiring decision and a person’s working decision?

Wage rate.

Leisure.

Interest rate

Inflation rate

Exchange rate

Açıklama:

Wages play a key role both in terms of a firm’s hiring decision and a person’s working decision.

Doğru Cevap: A

Soru 12

When we first analyze the labor market equilibrium, which of the following market structure is assumed for labor markets?

Perfect competition.

Monopoly.

Monopsony.

Monopolistic competition.

Oligopoly.

Açıklama:

we first analyze the labor market equilibrium under perfect competition. If markets are competitive, the equilibrium allocation of workers to firms is efficient, and so the total gains of firms and workers are maximized.

Doğru Cevap: A

Soru 13

Which of the is not the one of the assumptions of a perfectly competitive labor market?

Workers are wage searchers.

there are many firms.

there are many identical workers.

both firms and workers are wage takers.

Workers and firms have perfect information.

Açıklama:

A perfectly competitive labor market has similar assumptions to that of a perfectly competitive goods market.

As in the goods market, in the labor market there are many firms, but this time they are competing to hire a specific type of labor for identical jobs.
There are many workers and they are homogenous i.e., identical.
Neither firms nor workers have the market power to determine the wage, they are wage-takers.
Workers and firms have perfect information.
Workers are completely mobile across firms.

Doğru Cevap: A

Soru 14

Why are the firms and workers in competitive markets called as wage-takers?

absence of market power for both firms and workers.

because of identical workers.

complete mobilization of workers across firms.

The existence of perfect information for both workers and firms.

existence of wage takers workers.

Açıklama:

Because neither firms nor workers have the market power to determine the wage, they are wage-takers.

Doğru Cevap: A

Soru 15

Which of the following is not true for labor market equilibrium?

If the wage is above equilibrium wage, there is an excess demand of labor.

the equilibrium in a single labor market occurs by the intersection of the labor supply (S) and labor demand (D) curves.

the supply curve represents the total number of employees (or employee hours) allocated to the market by individuals at any given wage.

The demand curve represents the total number of employees (or employee hours) that firms want to hire at that wage.

The “invisible hand” will bring the market to equilibrium.

Açıklama:

If the wage is above equilibrium wage, there is an excess supply (surplus) of labor.

Doğru Cevap: A

Soru 16

If there is a surplus of labor, which of the following is likely to happen?

There will be downward pressure on the wage rate.

the quantity of labor demanded will increase.

the quantity of labor supply will increase

Labor demand will decrease.

Labor supply will increase

Açıklama:

If there is an excess supply (surplus) of labor, leading to a decline in wage down to equilibrium wage.

Doğru Cevap: A

Soru 17

What is the implication of being wage-takers for the firm?

the firm will have a perfectly elastic labor supply curve.

the firm will have a downward sloping labor supply curve.

the firm will have a upward sloping labor supply curve.

the firm will have a vertical labor supply curve.

the firm will have a market power.

Açıklama:

Since there are many firms in the market, the individual firm does not have the power to affect the price, it is a wage-taker. If the firm offers a wage lower than w*, it cannot hire any worker. On the other hand, the firm is not willing to give any wage higher than w*, because it can hire as many workers as it wants at that wage. Therefore, the wage line w* is the firm’s perfectly elastic labor supply curve (Sf ).

Doğru Cevap: A

Soru 18

Which of the following is not true for perfectly competitive goods and labor markets firms?

their labor supply curves are equal to marginal revenue of firm.

they are wage takers.

their labor supply curves are horizontal.

their labor supply curves are equal to the marginal cost of labor.

their labor supply curves are equal to the price of labor.

Açıklama:

For perfectly competitive goods and labor markets firms, the supply of labor for the firm is equal to the marginal cost of labor, the average cost of labor, and the price of labor, which is the wage rate, since the firms are wgae-takers.

Doğru Cevap: A

Soru 19

Why is the equilibrium wage rate is called market-clearing wage rate?

Because there is neither surplus nor shortage of labor exist at this wage rate

because labor demand is equal to Marginal Revenue Product curve.

because labor supply is equal to the marginal cost of labor curve.

because labor supply is equal to the average cost of labor.

because the labor market is assumed to be perfectly competitive.

Açıklama:

since there is neither surpplus nor the shaortage of labor at the equilibrium wage rate, it is called market-clearing wage rate.

Doğru Cevap: A

Soru 20

What is the demand for labor curve of competitive firm in the short-run equal to?

marginal revenue product curve.

the marginal cost of labor curve.

the average cost of labor

the wage rate.

the total cost of labor.

Açıklama:

the labor demand curve of a firm is the Marginal Revenue Product, which is is equal to the value of the marginal product (VMP), which is MP*P (the marginal product of labor multiplied by the price of output (MRP) in the short run.

Doğru Cevap: A

Ünite 5

Soru 1

All else being equal, the ____ the risk of injury on the job, the ____ the utility of the worker.
Which of the following should come in the place of the blank space above?

higher, lower

lower,higher

lower, lower

higher,higher

higher, constant

Açıklama:

all else
being equal, the higher the risk of injury on the job,
the lower the utility of the worker.

Doğru Cevap: A

Soru 2

Consider the figure above showing employee’s indifference curves between the
wage and probability of injury. Which of the following cannot be said regarding the figure?

Each point on a specific indifference curve, such as points A and B on U1 is considered equally satisfactory to the worker.

Moving from point A to point B, the worker is willing to accept a higher risk of injury.

Moving from point A to point B, the worker is willing to accept a higher level of job safety

It is possible to increase overall utility by moving to a higher indifference curve.

The movement from one indifference curve to a higher one is represented
by a northwest direction.

Açıklama:

Each point on a specific indifference curve, such
as points A and B on U1 in Figure 5.1 is considered
equally satisfactory to the worker. Moving from
point A to point B, the worker is willing to accept
a higher risk of injury (or a lower level of job
safety) in order to receive a higher wage. It is also
possible to increase overall utility by moving to a
higher indifference curve. The movement from one
indifference curve to a higher one is represented
by a northwest direction (from U1 to U2) on the
graph. Holding the risk of injury constant, a higher
wage rate increases the utility of the worker.

Doğru Cevap: C

Soru 3

_______________ is a graphical representation of the various combinations
of wages and levels of nonwage characteristics that would provide the same level of utility or satisfaction to a worker.
Which of the following should come in the place of the blank space above?

Indifference curve

Engel curve

Income consumption curve

Price consumption curve

Consumption curve

Açıklama:

An indifference curve is a graphical representation of the various combinations
of wages and levels of nonwage characteristics
that would provide the same level of utility
or satisfaction to a worker.

Doğru Cevap: A

Soru 4

Which of the folowing refers to the amount of money required for a worker to be willing to accept the risky job?

ceiling price

mirror price

reservation price

bottom price

nominal price

Açıklama:

The reservation price is the amount of money
required for a worker to be willing to accept
the risky job.

Doğru Cevap: C

Soru 5

Which of the following shows the various combinations of risk and wage levels that yield a given level of profit?

Isoprofit curves

Isoquant curves

Isocost curves

Isowage curves

Isoprice curves

Açıklama:

Isoprofit curves show the various combinations of risk and wage levels that
yield a given level of profits.

Doğru Cevap: A

Soru 6

The _______ shape of the isoprofit curve reflects the idea that safety expenditures have diminishing marginal returns.
Which of the following should come in the place of the blank space above?

convex

concave

flat

vertical

horizontal

Açıklama:

The concave shape of the isoprofit curve reflects
the idea that safety expenditures have diminishing
marginal returns

Doğru Cevap: B

Soru 7

Consider the figure showing isoprofit curves for an employer in the risky job market. Which of the following is true for the figure?

The convex shape of the isoprofit curve reflects the idea that safety expenditures have diminishing marginal returns.

The firm will focus on mitigating the most easily fixable hazards. As a result, these efforts lead to substantial increases in risk and injury costs, and the firm does not need to significantly lower wages to maintain a constant level of profits.

If a firm is operating at point A, where the risk of injury is high, the initial safety expenditures will have a relatively high impact, since the firm will focus on mitigating the most easily fixable hazards.

The firm will focus on mitigating the most easily fixable hazards. As a result, these efforts lead to substantial increases in risk and injury costs, and the firm does not need to significantly increase wages to maintain a constant level of profits.

At point C, the curve is steeply sloped, indicating that the firm would need to increase wages significantly in order to maintain its profits in the face of a safety program.

Açıklama:

The concave shape of the isoprofit curve reflects
the idea that safety expenditures have diminishing
marginal returns. For instance, if a firm is operating
at point A, where the risk of injury is high, the
initial safety expenditures will have a relatively high
impact, since the firm will focus on mitigating the
most easily fixable hazards. As a result, these efforts
lead to substantial reductions in risk and injury
costs, and the firm does not need to significantly
lower wages to maintain a constant level of profits.
This is reflected in the relatively flat slope of the
isoprofit curve at point A. At point C, however,
the curve is steeply sloped, indicating that the
firm would need to reduce wages significantly in
order to maintain its profits in the face of a safety
program. This is because, at this point, further
increases in safety are very costly.

Doğru Cevap: C

Soru 8

Consider the figure representing employee-employer matching via worker indifference curves and employer isoprofit curves. Which of the following cannot be true for the figure?

Employee A achieves maximum utility on UA2 by working for employer X at wage WAX and risk level RAX.

Employee B attains maximum utility on UB2 by working for employer Y at wage WBY and risk level RBY.

If A chose to work for Y at wage WBY and risk level RBY, the level of utility
attained would be UA1, which is less than UA2.

If B chose to work for Y at wage WBY and risk level RBY, the level of utility
attained would be UB1, which is less than UA2.

Person A is more risk averse, and the wage WBY is not high enough to compensate for the high level of risk.

Açıklama:

Employee A achieves
maximum utility on UA2 (the highest indifference
curve attainable by A) by working for employer
X at wage WAX and risk level RAX. In contrast,
employee B attains maximum utility on UB2 by
working for employer Y at wage WBY and risk
level RBY. If A chose to work for Y at wage WBY
and risk level RBY (as B does), the level of utility
attained would be UA1, which is less than UA2.
This is because person A is more risk averse, and
the wage WBY is not high enough to compensate
for the high level of risk. In contrast, person B’s
indifference curves are flatter (i.e., less risk averse),
and thus, B prefers the offer of WBY and RBY on
curve UB2 compared to the offer accepted by A

Doğru Cevap: D

Soru 9

Which of the following sector is at higher risk level at fatal accidents at work?

Manufacturing

Construction

Transportation

Electricity, Gas, Steam And Air Conditioning Supply

Mining And Quarrying

Açıklama:

Doğru Cevap: B

Soru 10

In the case of favorable job characteristics, the ____________ curves will be ____________ sloped.
Which of the following should come in the place of the blank spaces above?

indifference, positively

indifference, negatively

isocost, negatively

isocost, positively

isoquant, positively

Açıklama:

In the case of favorable job characteristics, the indifference curves will be negatively sloped.

Doğru Cevap: B

Soru 11

Which one correctly completes the blank parts in the following sentence?
"In the presence of compensating wage differentials, workers and firms are matched based on …………..and………"

value of marginal product/ nominal wages

their preferences for job characteristics/ working conditions

marginal revenue product of labor / average wages

average wages/ average profitability

labor surplus/ labor shortage

Açıklama:

In the presence of compensating wage differentials, workers and firms are matched based on their preferences for job characteristics and working conditions.

Doğru Cevap: B

Soru 12

Which of the following is the lowest wage level required for a worker to accept a risky job?

Efficiency price

Bargaining price

Reservation price

Rejection price

Risk price

Açıklama:

The worker’s reservation price is the minimum amount of money required for a worker to be willing to accept the risky job.

Doğru Cevap: C

Soru 13

In which of the following situations would no worker willingly accept a job that carries a high degree of risk?
I- If all workers are risk averse, II- If some workers are risk lovers, III- If there is a wage premium for risky jobs, IV- If the wage offered is lower than what is offered for a less risky job

I and IV

II and III

II and IV

Only II

Only III

Açıklama:

If some workers are risk-lovers and there is a wage premium for risky work, there will always be someone willing to do risky work.

Doğru Cevap: A

Soru 14

Which of the following is correct for the shape of the labor demand curve for risky jobs if a compensating wage differential is paid?

Has a positive slope

Has a negative slope

It is parallel to the vertical axis at a given level of employment

It is parallel to the horizontal axis at a given wage level

It slopes positively up to a certain wage level, then it slopes negatively

Açıklama:

The demand curve for risky jobs slopes downward because fewer firms will offer risky working conditions if they have to pay very high wages to attract workers

Doğru Cevap: B

Soru 15

In the hedonic wage theory, which of the following do employees maximize?

Monetary incomes

Working hours

Fringe benefits

Profits

Net utilities

Açıklama:

In the hedonic wage theory workers aim to maximize their net pleasure (utility) by seeking jobs that offer a high wage income and pleasant working conditions, while also trying to avoid jobs with low wages and unpleasant working conditions.

Doğru Cevap: E

Soru 16

Which of the following is on the horizontal axis of the hedonic wage theory graph?

Number of workers in risky jobs

Number of workers in risk free jobs

Probability of injury

Probability of finding a job

Expected wage

Açıklama:

Look page 133 Figure 5.6

Doğru Cevap: C

Soru 17

Which of the following statements about the figure is correct?

The concave shape of the isoprofit curve reflects the idea that safety expenditures have increasing marginal returns

If a firm is operating at point A, the initial safety expenditures will have a relatively high impact

At point A, the company will focus on reducing the hazards that are most difficult to fix.

At point A, since firm’s efforts hardly reduce the probablity of injury the firm needs to significantly lower wages to maintain a constant level of profits.

At point C, the firm would not need to reduce wages in order to maintain its profits in the face of a safety program.

Açıklama:

The concave shape of the isoprofit curve reflects the idea that safety expenditures have diminishing marginal returns. For instance, if a firm is operating at point A, where the risk of injury is high, the initial safety expenditures will have a relatively high impact, since the firm will focus on mitigating the most easily fixable hazards. As a result, these efforts lead to substantial reductions in risk and injury costs, and the firm does not need to significantly lower wages to maintain a constant level of profits. This is reflected in the relatively flat slope of the isoprofit curve at point A. At point C, however, the curve is steeply sloped, indicating that the firm would need to reduce wages significantly in order to maintain its profits in the face of a safety program. This is because, at this point, further increases in safety are very costly.

Doğru Cevap: B

Soru 18

In which of the following sectors would VSL be expected to be lower?

Construction

Mining

Office and customer services

Mass transportation

Aviation

Açıklama:

The VSL may be higher in sectors or industries where the risk of death is higher, such as construction or mining. Similarly, the VSL may be higher in sectors or industries where a large number of people are exposed to the risk, such as mass transit or aviation. The office and customer services sectors are business lines where work accidents do not occur much compared to these sectors.

Doğru Cevap: C

Soru 19

Which of the following is not among the factors considered in calculating the statistical injury value?

expected medical costs of injury

Loss of wages due to not being able to work

value placed on human life

Employer profit resulting from not making occupational safety expenses

Loss of productivity due to work accident

Açıklama:

The calculation of the value of a statistical injury is based on a variety of factors, including the expected medical costs, lost wages and productivity, and the value placed on human life.

Doğru Cevap: D

Soru 20

Which one correctly completes the blank part in the following sentence? "The value of statistical life (VSL) is an estimate of the economic value that society places on a reduction in the risk of death. It is used in ……………analyses"

cost-benefit

profit maximisation

cost minimisation

profitability maximization

revenue maximization

Açıklama:

The value of statistical life (VSL) is an estimate of the economic value that society places on a reduction in the risk of death. It is used in cost-benefit analyses to evaluate the economic efficiency of public policies or private investments that affect health and safety.

Doğru Cevap: A

Ünite 6

Soru 1

Which of the following refers to the productive capacity of a worker?

rate of benefit

real value

nominal value

present value

human capital

Açıklama:

Human capital represents the productive capacity of a worker. Investments in
education, on-the-job-training, health, mobility, and migration increase human
capital and its value.

Doğru Cevap: E

Soru 2

What is the future value (FV) of the investment that involves a 1000 TL payment today?

FV = 1000 + 1000(0.5) = 1500 TL

FV = 1000 + 1000(0.4) = 1400 TL

FV = 1000 + 1000(0.3) = 1300 TL

FV = 1000 + 1000(0.2) = 1200 TL

FV = 1000 + 1000(0.1) = 1100 TL

Açıklama:

The delayed nature of benefits complicates the
decision-making process. The reason is that the
1000 TL received today is not the same as the
1000 TL received a year ago.
Even in the absence of inflation, an investor will always prefer an
immediate payment since 1000 TL invested at, say,
a 10% interest rate will become 1100 TL a year
from today. We calculate the future value (FV) of
the investment that involves a 1000 TL payment
today as follows:
FV = 1000 + 1000(0.1) = 1000(1+0.1) = 1100 TL

Doğru Cevap: E

Soru 3

Which of the following predictions can be made from the schooling model given in below equation?

the longer the worker expects to remain in the labor market, the higher the net benefit to be derived from schooling

the longer the worker expects to remain in the labor market, the lower the net benefit to be derived from schooling

the shorter the worker expects to remain in the labor market, the higher the net benefit to be derived from schooling

schooling is likely to be undertaken when old

there is no relationship between expected labor market time and the benefit to be derived from schooling

Açıklama:

The schooling model would also make the following predictions: (1) the
longer the worker expects to remain in the labor
market, the higher the net benefit to be derived
from schooling, and (2) schooling is likely to be
undertaken when young. The former prediction
suggests that a university education will not be
worthwhile for people who expect to have a short
working life. On the other hand, the latter prediction
stems from the fact that forgone earnings are low
when young. Furthermore, younger individuals
have a longer time horizon over which they can
recoup their investment, making it more likely for
them than older individuals to attend school.

Doğru Cevap: A

Soru 4

Consider the figure above showing the wage-schooling locus. Which of the following is not true ccording to the figure?

The individual will earn in the labor market if she were to acquire a particular level of schooling.

The wage-schooling locus is positively sloped

The more-educated individuals earn more than less-educated individuals.

Wages increase linearly with schooling

Wages increase at a decreasing rate with schooling

Açıklama:

The wage-schooling locus shows what the individual will earn in the labor
market if she were to acquire a particular level of
schooling. The wage-schooling locus is positively
sloped, showing that more-educated individuals
earn more than less-educated individuals. However,
wages do not increase linearly with schooling
but rather at a decreasing rate, giving the wageschooling locus a concave shape. The concavity is
due to the diminishing returns to schooling. Early
years of schooling add more to worker productivity
than later years. Arguably, basic literacy and
numeracy make the highest contribution to worker
productivity.

Doğru Cevap: D

Soru 5

Which of the following defines the percentage change in earnings resulting
from one more year of schooling?

Rate of return to schooling

Total rate of return to schooling

marginal rate of return to schooling

Average rate of return to schooling

marginal rate of return to investment

Açıklama:

Marginal rate of return (MRR) to schooling
is the percentage change in earnings resulting
from one more year of schooling.

Doğru Cevap: C

Soru 6

Assume the individual's discount rate to be r0 which is illustrated in the figure. What is her optimal level of schooling at this discount rate?

S₁

S^*

S^**

origin

Açıklama:

Doğru Cevap: A

Soru 7

Which of the following is true for the above figure showing optimal schooling with different discount rates?

The optimal level of schooling is at where the discount rate is equal
to marginal rate of return.

If marginal rate of return is lower than the discount rate, it makes sense for the individual to acquire more schooling.

As the individual acquires additional years of schooling, the marginal rate of return becomes bigger.

Continuing to invest beyond S* years make sense since additional years
will have a return more than the discount rate r0.

the lower the discount rate, the more heavily future earnings streams are
discounted to today.

Açıklama:

Figure depicts the MRR for different levels
of schooling. Because of the concavity of the
wage-schooling locus discussed above, the MRR
schedule is downward sloping: higher schooling
levels are associated with a lower MRR. Whether
a given return from schooling is acceptable to the
individual depends on her discount rate. Assume
her discount rate to be r0., which is illustrated in
Figure 6.3 (ignore r1 for the moment). The optimal
level of schooling at this discount rate is S* because
at this level of schooling, the discount rate is equal
to MRR. If MRR is greater than the discount rate,
such as at S1, it makes sense for the individual to
acquire more schooling. As the individual acquires
additional years of schooling, the MRR becomes
smaller and eventually equals the individual’s
discount rate. Continuing to invest beyond S*
years does not make sense since additional years
will have a return less than the discount rate r0.
As noted earlier, the higher the discount rate,
the more heavily future earnings streams are
discounted to today. Therefore, individuals with a
lower discount rate will choose to get more years
of schooling. Figure shows two individuals
with different discount rates but the same MRR
schedule. The individual with a lower discount
rate, r1, acquires S** years of schooling.

Doğru Cevap: A

Soru 8

What is the value of the marginal product of labor (VMP) if the goods market is perfectly competitive?

wage rate*marginal product of labor

Price*marginal product of labor

Price*average product of labor

Price*total product of labor

wage rate*average product of labor

Açıklama:

The value of the marginal product of labor
(VMP) is equal to P*MPE if the goods market
is perfectly competitive.

Doğru Cevap: B

Soru 9

TWhat is the most common method used by labor economists to identify the causal impact of schooling on wages?

difference in difference approach

the ordinary least squares approach

the explanatory variables approach

the instrumental variables approach

the omitted variables approach

Açıklama:

The most common method used by labor
economists to identify the causal impact of schooling
on wages is the instrumental variables (IV) approach.

Doğru Cevap: D

Soru 10

Which of the following can be used as one of the most commonly used instrumental variable in the literature to identify the causal impact of schooling
on wages?

parental education

age

gender

individual income

household income

Açıklama:

The most common method used by labor
economists to identify the causal impact of schooling
on wages is the instrumental variables (IV) approach.
The idea here is to find a variable (an instrument)
that affects schooling but not wages (directly). The
most commonly used instruments in the literature
are based on family background variables (e.g.,
parental education) and natural experiments (e.g.,
changes in education policies).

Doğru Cevap: A

Soru 11

What is the present value of a three-year project that pays 500 TL at the end of the first year, 650 TL at the end of the second year, and 800 TL at the end of the third year if the interest rate is 5% for the three years?

1252.2

1399.6

1545,4

1689.7

1756,8

Açıklama:

The present value of this project is calculated as follows:

Doğru Cevap: E

Soru 12

I. It shows what the individual will earn in the labor market if she were to acquire a particular level of schooling.
II. It is negatively sloped.
III. It has a concave shape.
IV. We can use it to calculate the returns to schooling.
Which of the above statements about the wage-schooling locus are true ?

I,II

I,IV

I,II,III

I,III,IV

II,III,IV

Açıklama:

I,III,IV are correct. . However, the wage-schooling locus is positively sloped, showing that more-educated individuals earn more than less-educated individuals.

Doğru Cevap: D

Soru 13

What is the marginal rate of return (MRR) to schooling?

is the percentage change in costs resulting from one more year of working

is the percentage change in earnings resulting from one more year of working

is the percentage change in costs resulting from one more year of schooling

is the percentage change in earnings resulting from one more year of schooling

is the opportuniy cost resulting from one more year of schooling

Açıklama:

Marginal rate of return (MRR) to schooling is the percentage change in earnings resulting from one more year of schooling.

Doğru Cevap: D

Soru 14

Which one of the below statements about the marginal rate of return (MRR) to schooling is false?

the MRR schedule is downward sloping

If MRR is greater than the discount rate, it makes sense for the individual to acquire more schooling

The optimal level of schooling will also be higher for individuals with higher MRR schedules

MRR schedules may differ among individuals due to ability differences.

Higher-ability individuals MRR schedule is always higher than that of lower-ability individuals.

Açıklama:

higher-ability individuals will also face higher forgone earnings. Therefore, it is not clear whether their MRR schedule will be higher or lower than that of lower-ability individuals.

Doğru Cevap: E

Soru 15

What is the screening hypothesis?

It assumes that schooling increases the productivity of workers.

It argues that schooling does not add to worker productivity

It states that technology is also important besides schooling

It assumes that effect of schooling to earnings change from country to country.

It indicates that more schooling causes worse life standarts.

Açıklama:

The human capital theory assumes that schooling increases the productivity of workers. The screening hypothesis, however, argues that schooling does not add to worker productivity. All it does is screen more able workers from less able ones. The main argument is that employers cannot observe workers’ productivity levels. Workers acquire schooling to signal to employers that they are of high ability

Doğru Cevap: B

Soru 16

I. Schooling reduces crime
II. Any deficits in early years naturally reflect negatively on later investments in schooling
III. Schooling has negative externalities.
IV. Education improves infant, child, and adult health outcomes
Which one of the above statements about the rate of return to schooling are correct?

I,II

I,II,III

I,II,IV

II,III

II,III,IV

Açıklama:

I,II,IV are correct. However, schooling has positive externalities.

Doğru Cevap: C

Soru 17

I. The worker and the employer share the costs and benefits of specific job training.
II. The higher the value of specific training, the less likely it would be for the firm to want to lay off the worker or for the worker to want to quit his job.
III. The employer shoulders the cost of general training.
Which one of the above statements are true about the general and specific job training?

III

I,II

I,III

Açıklama:

I,II are correct. However, in the general training, the worker shoulders the cost of general training by agreeing to receive a lower wage than his/her value of marginal product.

Doğru Cevap: D

Soru 18

Which one of the fallowing choices is not a component of the Mincer earnings function?

years of schooling

labor market experience

gender

vector of worker characteristics

wage

Açıklama:

A,B,D and E are components of the Mincer earnings function.

Doğru Cevap: C

Soru 19

What does the Roy model indicate?

It shows the relationship between native and migrant workers earnings

It exhibits the relationship between skill and wage of migrated workers

It reveals the relationship between education and wage

It presents the relationship between training and earning

It shows the relationship between costs and benefits of migration

Açıklama:

An important issue concerning migration, immigration, in particular, is whether it is the more skilled or the less skilled workers that migrate. The Roy model suggests that this depends on the wage structures of the origin and destination countries. Therefore, it shows the relationship between skill and wage of migrated workers.

Doğru Cevap: C

Soru 20

I. If migrant and native workers are substitutes, labor supply curve shifts right, wage rate decreases and fewer native workers are employed in the industry.
II. If migrant and native workers are substitutes, it decreases firm's profit in the short run.
III. If migrant and native workers are complemets, labor demand curve shifts to the left, wage rate decreases.
IV. In the long term, migrants generally have a limited impact on overall employment in the host country.
Which one of the above statements about the impact of migrants are correct?

I,II

I,IV

I,II,III

I,III,IV

II,III,IV

Açıklama:

I,IV are correct. However, because labor costs are lower now, consumers will benefit: they will enjoy larger quantities of the product that labor helps produce at a lower price. The employers will also enjoy higher profits. Moreover, If migrant and native workers are complemets, labor demand curve shifts to the right, with an increase in the demand for labor, which results in higher wages and employment for natives.

Doğru Cevap: B

Ünite 7

Soru 1

Which of the following qualifies as human capital?

Individual skills and productivity

Collective bargaining

Minimum wages

Social welfare benefits

Market dynamics

Açıklama:

Individual skills and productivity, which we characterize as human capital, accumulate over time and lead to a rise in earnings. Other options are external factors, such as minimum wages, collective bargaining, and social welfare benefits, in addition to market dynamics, contribute to the variation in income and wages.

Doğru Cevap: A

Soru 2

Which of the following is not a contributing external factor to differences income and wages?

Minimum wages

Collective bargaining

Social welfare benefits

Education and skills

Market dynamics

Açıklama:

Education and skills are not external factors.
In this chapter, we will also examine how external factors, such as minimum wages, collective bargaining, and social welfare benefits, in addition to market dynamics, contribute to the variation in income and wages.

Doğru Cevap: D

Soru 3

Which of the followings are the major factor in the accumulation of human capital over a lifetime?

The differences in skills and productivity

The differences in minimum wage and inflation rate

The differences in average wage and growth rate

The differences in life-cycle wage and lifespan rate

The differences in manual jobs and cognitive jobs.

Açıklama:

The differences in skills and productivity are a major factor in the accumulation of human capital over a lifetime.

Doğru Cevap:

Soru 4

Which of the following is used by OECD to referre household income?

Education income

Equivalised household income

Skills income

Country income

Village income

Açıklama:

The scale used by the OECD is the square root of household size. We divide household income by the OECD scale to obtain what is referred to as the equivalised household income and use it in the calculation of
inequality indices.

Doğru Cevap: B

Soru 5

Which of the following is a graphical representation of the distance between the actual distribution of income and absolute equality for various segments of the population.

Income curve

Household curve

Market curve

Lorenz curve

Gini curve

Açıklama:

Lorenz Curve: The Lorenz curve is a graphical representation of the distance between the actual distribution of income and absolute equality for various segments of the population.

Doğru Cevap: D

Soru 6

Which of the followings are the two main ways to reduce income inequality?

Importation and exportation

Direct foreign investment

Indirect foreign investment

Labor market and corporate

Taxation and redistribution

Açıklama:

There are two main ways to reduce income inequality through policy: taxation and redistribution. Taxation can be used to decrease income disparities by applying different tax rates to different income groups.

Doğru Cevap: E

Soru 7

Which of the following tax system should be used to reduce income inequality through taxation ?

Regressive tax system

Progressive tax system

Proportinal tax system

Spesific tax system

Ad valorem tax system

Açıklama:

Policy to Reduce Income Inequality There are two main ways to reduce income inequality through policy: taxation and redistribution.
Taxation can be used to decrease income disparities by applying different tax rates to different income groups. A progressive tax system, where tax rates increase with income, can slow the accumulation of wealth in high-income groups and provide more resources for redistribution. Redistribution policies, like transfers, can also be used to decrease income differences.

Doğru Cevap: B

Soru 8

Which one of the following have been defined as the minimum amount of remuneration that an
employer is required to pay earners for the work performed during a given period, which cannot be reduced by a collective agreement or an individual contract?

Average wage

Maksimum wage

Minimum wage

Marjinal wage

Fair wage

Açıklama:

The International Labor Organization (ILO) (2014a, p. 33) defines the minimumLabor Economics wage as follows: “Minimum wages have been defined as the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by a collective agreement or an individual contract.”

Doğru Cevap: C

Soru 9

Which one of the following is described by G. Becker as discrimination in the labor market that can be understood as a result of employer preferences?

Gender discrimination

Race discrimination

Competetive discrimination

Taste discrimination

Market discrimination

Açıklama:

The model proposed by G. Becker in his 1957 doctoral dissertation was a seminal contribution to the literature on discrimination. Becker argues that discrimination in the labor market can be understood as a result of employer preferences.

Doğru Cevap: D

Soru 10

Which one of the following refers to the intangible barriers that women face throughout their careers as choosing not to apply for certain positions or retire early?

Wage gap

Internal barriers

Concrete ceiling

Glass wall

Glass ceiling

Açıklama:

Another potential outcome is that if there is a lack of updates, some feedback effects may create selffulfilling expectations that result in persistence. For
instance, if high skilled women in a firm tend to believe that there is a “glass ceiling” in promotions, they may choose not to apply for certain positions, retire early, or leave their jobs. The term “glass ceiling” refers to the intangible barriers that women
face throughout their careers.

Doğru Cevap: E

Ünite 8

Soru 1

Which one of the following gives the pertantage of the labor force that is unemployed?

The unemployment rate

The job rate

The labor force rate

The individual rate

The frequent rate

Açıklama:

The unemployment rate gives the percentage of the labor force that is unemployed.
The unemployment rate gives the percentag
of the labor force that is unemployed.

Doğru Cevap: A

Soru 2

Which of the following is not one of the characteristics required for a person to be counted as unemployed?

She or he must be without a job

She or he must be willing to work

She or he must actively seeking job

He or she must be a farmworker

He or she ready to take up work in a short period of time.

Açıklama:

He or she must be a farmworker is not one of the characteristics required for a person to be counted as unemployed.
For an individual to be counted as unemployed, she or he must be without a job, willing to work and actively seeking one, and ready to take up work in a short period of time.

Doğru Cevap: D

Soru 3

Which one of the following models considers only strategy of the workers and leaves from behavior aside?

The perspective model

The working model

The basic model

The imperfect model

The employee model

Açıklama:

The basic job search model, which is also called the partial model, considers only the strategy of the workers and leaves firm behavior aside. A more complete description of the functioning of the labor market under two-sided search frictions is provided
by the search and matching models.

Doğru Cevap: C

Soru 4

Which of the following allows us to determine in the reservation wage model for each worker?

The unemployment exit rate

Wage distribution

Job offer arrival rate

The job search rate

The separation rate

Açıklama:

The model allows us to determine the unemployment exit rate for each worker but not the overall unemployment rate. The reason is simple: wage distribution, reservation wage, and job offer arrival rates are not the same for every unemployed
person, as we have seen in the cases of Deniz and Derya. Nevertheless, as changes in the parameters of the model affect large numbers of people at the same
time, we can infer the impact of these changes on the unemployment rate

Doğru Cevap: A

Soru 5

Which one of the following results from the transitions of workers from one job
to another or from the job search of labor market entrants and reentrants?

Structural unemployment

Frictional unemployment

Rigidity unemployment

Cylical unemployment

Contraction unemployment

Açıklama:

Frictional unemployment results from the transitions of workers from one job
to another or from the job search of labor market entrants and reentrants.

Doğru Cevap: B

Soru 6

Which one of the following is the unemployment caused by the mismatch between skills demnded and supplied?

Rigidity unemployment

Cylical unemployment

Structural unemployment

Frictional unemployment

Capital unemployment

Açıklama:

Structural unemployment is the unemployment caused by the mismatch between skills demanded and supplied.

Doğru Cevap: C

Soru 7

Which oneof the following results from low labor demand due to a downturn in the business cycle?

Structural unemployment

Frictional unemployment

Capital unemployment

Cyclical unemployment

Supply unemployment

Açıklama:

Cyclical unemployment results from low labor demand due to a downturn in the
business cycle.

Doğru Cevap: D

Soru 8

According to Nickell et al. (2005) how can be explained of more than half of the broad unemployment movements in the OECD between 1960 and 1990 ?

By shifts in the labour market institution

By shifts in the wholesale market institution

By shifts in the retail market institution

By shifts in the motor vehicle market institution

By shifts in the second hand market institution

Açıklama:

For example, Nickell et al. (2005) find that more than half of the broad unemployment movements in the OECD between 1960 and 1990 can be explained by shifts in labor market institutions such as unemployment insurance systems, labor unions, taxes, and employment protection legislation.

Doğru Cevap: A

Soru 9

In countries like the Netherlands and Switzerland, more than 80% of the working age population (15-64) takes part in market activity.Which of the following is the rate of the working age population actively takes part in Turkey?

less than 55%

less than 50%

less than 45%

less than 60%

less than 40%

Açıklama:

In countries like the Netherlands and Switzerland, more than 80% of the working age population (15-64) takes part in market activity, while
the corresponding rate is less than 60% in Türkiye.

Doğru Cevap: D

Soru 10

There are also significant regional differences in the unemployment rates and the labor force participation rates in Türkiye. Which of the following city has the highest rate of unemployment?

Tekirdağ

Aydın

Kastamonu

Van

Manisa

Açıklama:

Van has the highest rate of unemployment.

Doğru Cevap: D

Labor Economıcs (ENG) - Tüm Sorular

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