HMGT 3320 COMPREHENSIVE EXAM 2026
QUESTIONS WITH SOLUTIONS GRADED A+
◉ The additional revenue obtained from employing one more unit of
input is its marginal value product. Answer: True
◉ Marginal productivity is determined by dividing total output by total
input. Answer: False
◉ The labor market is the institution by which workers and employers
come together to engage in the production of output. Answer: True
◉ An individual will increase work time hours from zero as long as the
value of lost leisure is greater than the wage rate. Answer: False
◉ A demand curve for labor is the graphical representation of the
relationship between the quantity of labor inputs a firm wishes to
purchase per period of time and the price of that labor, ceteris paribus.
Answer: True
◉ If there is a $6,000 wage difference between two occupations and a
difference in mortality rate of 0.00099 per individual, the value of a
statistical life is calculated to be. Answer: $6.061 million
, ◉ The demand curve for labor will shift upward and to the left if labor
becomes more productive. Answer: False
◉ If an individual does not have a strong willingness to work more as
wages increases, then the supply curve will be. Answer: Steeply slopped
◉ Productivity is a key determinant in the employers' demand for labor.
Answer: True
◉ Assuming that the price of a medical encounter is $1,000 and the
beneficiary has an unmet $500 deductible and a 20% coinsurance rate,
the amount the beneficiary will pay is. Answer: $600
◉ The most regressive method of financing healthcare is. Answer:
Community rated premiums
◉ If there is a vertical supply curve, then a mandated benefit will result
in a full employment effect. Answer: False
◉ A stop-loss feature sets a lower limit on the amount the consumer will
have to pay during a specified period of time (annually or lifetime).
Answer: False
QUESTIONS WITH SOLUTIONS GRADED A+
◉ The additional revenue obtained from employing one more unit of
input is its marginal value product. Answer: True
◉ Marginal productivity is determined by dividing total output by total
input. Answer: False
◉ The labor market is the institution by which workers and employers
come together to engage in the production of output. Answer: True
◉ An individual will increase work time hours from zero as long as the
value of lost leisure is greater than the wage rate. Answer: False
◉ A demand curve for labor is the graphical representation of the
relationship between the quantity of labor inputs a firm wishes to
purchase per period of time and the price of that labor, ceteris paribus.
Answer: True
◉ If there is a $6,000 wage difference between two occupations and a
difference in mortality rate of 0.00099 per individual, the value of a
statistical life is calculated to be. Answer: $6.061 million
, ◉ The demand curve for labor will shift upward and to the left if labor
becomes more productive. Answer: False
◉ If an individual does not have a strong willingness to work more as
wages increases, then the supply curve will be. Answer: Steeply slopped
◉ Productivity is a key determinant in the employers' demand for labor.
Answer: True
◉ Assuming that the price of a medical encounter is $1,000 and the
beneficiary has an unmet $500 deductible and a 20% coinsurance rate,
the amount the beneficiary will pay is. Answer: $600
◉ The most regressive method of financing healthcare is. Answer:
Community rated premiums
◉ If there is a vertical supply curve, then a mandated benefit will result
in a full employment effect. Answer: False
◉ A stop-loss feature sets a lower limit on the amount the consumer will
have to pay during a specified period of time (annually or lifetime).
Answer: False
