Exam 19: Factor Markets and the Distribution of Income

Use the following to answer question: Figure: The Value of the Marginal Product Curve -(Figure: The Value of the Marginal Product Curve)Use Figure: The Value of the Marginal Product Curve.In the figure,the VMPL curve will shift to the right if:

(Multiple Choice)

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Question 241

The value of the marginal product is the:

(Multiple Choice)

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Question 242

When a firm is a perfect competitor in the product market,its demand curve for labor will _ because the _ product declines as additional workers are hired.

(Multiple Choice)

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Question 243

Suppose that a firm sells a good for a perfectly competitive price of $5.The equilibrium wage rate is $10.The first worker it hires produces five units.Two workers produce a total of nine units.Given this information,the firm will:

(Multiple Choice)

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Question 244

The fact that members of labor unions often have higher wages than do workers who are not members of a union is proof that the marginal productivity theory of income distribution is not valid.

(True/False)

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Question 245

The value of the marginal product is equal to:

(Multiple Choice)

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Question 246

The government increases the sales tax on all goods but does not change the tax on income earned from labor.What happens?

(Multiple Choice)

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Question 247

Your boss is trying to decide whether to buy out a rival company and asks for your advice.The boss says that she will buy the rival if there is evidence that the rival is operating inefficiently.(Your company will then improve its efficiency and increase profits. )She will not buy the rival if there is evidence that the rival is already operating efficiently.Your boss gives you the following data on the rival's operations: The average product of labor is 4,the marginal product of the last worker hired is 10,the wage is $20,and the price of output is $5.Based on this information,you should tell your boss to buy the rival.

(True/False)

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Question 248

Wage differences across jobs reflecting the fact that some jobs are less pleasant or safe than others are called compensating differentials.

(True/False)

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Question 249

For the Tampa Bay Rays baseball team,the value of the marginal product curve is the team's labor _ curve.This means the marginal product curve has a _ slope.

(Multiple Choice)

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Question 250

A profit-maximizing producer employs each factor of production up to the point at which the value of the marginal product of the last unit of the factor employed is equal to the price per unit of output.

(True/False)

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Question 251

Use the following to answer question: -(Table: Employment and Output)Use Table: Employment and Output.In the table,if the price of a bushel of wheat is $10,then the value of the marginal product of the third worker is:

(Multiple Choice)

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Question 252

In 2015,women,regardless of ethnicity,earned:

(Multiple Choice)

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Question 253

An example of the substitution effect dominating the income effect occurs when people take summer vacations rather than winter vacations,even though their pay is the same year-round.

(True/False)

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Question 254

A firm's demand curve for labor is:

(Multiple Choice)

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Question 255

In the United States,payments to labor account for roughly:

(Multiple Choice)

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Question 256

The equilibrium value of the marginal product of a factor is the additional value produced by the most productive unit of that factor employed in the factor market as a whole.

(True/False)

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Question 257

Use the following to answer question: -(Table: Total Product of Labor at Debbie's Bakery)Use Table: Total Product of Labor at Debbie's Bakery.Debbie can sell cakes at $10 each.What is the value of the marginal product for the fourth worker?

(Multiple Choice)

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Question 258

Efficiency wages reduce unemployment.

(True/False)

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Question 259

An increase in the demand for construction workers may come about because of a(n):

(Multiple Choice)

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Question 260

Showing 241 - 260 of 316

Exam 19: Factor Markets and the Distribution of Income

Use the following to answer question: Figure: The Value of the Marginal Product Curve -(Figure: The Value of the Marginal Product Curve)Use Figure: The Value of the Marginal Product Curve.In the figure,the VMPL curve will shift to the right if:

The value of the marginal product is the:

When a firm is a perfect competitor in the product market,its demand curve for labor will _____ because the _____ product declines as additional workers are hired.

Suppose that a firm sells a good for a perfectly competitive price of $5.The equilibrium wage rate is $10.The first worker it hires produces five units.Two workers produce a total of nine units.Given this information,the firm will:

The fact that members of labor unions often have higher wages than do workers who are not members of a union is proof that the marginal productivity theory of income distribution is not valid.

The value of the marginal product is equal to:

The government increases the sales tax on all goods but does not change the tax on income earned from labor.What happens?

Wage differences across jobs reflecting the fact that some jobs are less pleasant or safe than others are called compensating differentials.

For the Tampa Bay Rays baseball team,the value of the marginal product curve is the team's labor _____ curve.This means the marginal product curve has a _____ slope.

A profit-maximizing producer employs each factor of production up to the point at which the value of the marginal product of the last unit of the factor employed is equal to the price per unit of output.

Use the following to answer question: -(Table: Employment and Output)Use Table: Employment and Output.In the table,if the price of a bushel of wheat is $10,then the value of the marginal product of the third worker is:

In 2015,women,regardless of ethnicity,earned:

An example of the substitution effect dominating the income effect occurs when people take summer vacations rather than winter vacations,even though their pay is the same year-round.

A firm's demand curve for labor is:

In the United States,payments to labor account for roughly:

The equilibrium value of the marginal product of a factor is the additional value produced by the most productive unit of that factor employed in the factor market as a whole.

Use the following to answer question: -(Table: Total Product of Labor at Debbie's Bakery)Use Table: Total Product of Labor at Debbie's Bakery.Debbie can sell cakes at $10 each.What is the value of the marginal product for the fourth worker?

Efficiency wages reduce unemployment.

An increase in the demand for construction workers may come about because of a(n):

First Principles

Economic Models: Trade-Offs and Trade

Consumer and Producer Surplus

Supply and Demand

Price Controls and Quotas: Meddling With Markets

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Uncertainty, Risk, and Private Information

Graphs in Economics

Consumer Preferences and Consumer Choice

Filters

When a firm is a perfect competitor in the product market,its demand curve for labor will _ because the _ product declines as additional workers are hired.

For the Tampa Bay Rays baseball team,the value of the marginal product curve is the team's labor _ curve.This means the marginal product curve has a _ slope.