Exam 19: Factor Markets and the Distribution of Income

Figure: The Value of the Marginal Product Curve (Figure: The Value of the Marginal Product Curve) In the figure The Value of the Marginal Product Curve, if the market wage rate increases:

(Multiple Choice)

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Question 181

(Table: Employment and Output) In the table Employment and Output, 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 182

A wage will the _ leisure.

(Multiple Choice)

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Question 183

The _ _ effect of a ____ wage causes individuals to substitute _.

(Multiple Choice)

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Question 184

A higher wage the price of and workers' incomes.The result of these two changes pulls the quantity of labor supplied in direction(s).

(Multiple Choice)

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Question 185

Scenario: The Decision to Hire Labor Assume that both the product market and the labor market are perfectly competitive.The price of this firm's product is $5.The firm's total product with respect to labor is given in the table that follows. (Scenario: The Decision to Hire Labor) Look at the scenario The Decision to Hire Labor.Look at the scenario The Decision to Hire Labor.This firm experiences diminishing marginal product after it hires the worker.

(Multiple Choice)

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Question 186

Andre Cummings, the production manager of Electric Designs, has asked his boss for a pay raise.His boss is concerned that if he increases Andre's salary, Andre might work less.In other words, Andre's boss is concerned that leisure is a normal good for Andre and that his:

(Multiple Choice)

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Question 187

Although horses were once a very important factor of production, the development of automobiles and other machinery reduced the demand for their use.This is an example of:

(Multiple Choice)

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Question 188

One example of a situation in which employers can sometimes organize to pay lower wages is when:

(Multiple Choice)

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Question 189

The value of the marginal product is the:

(Multiple Choice)

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Question 190

An increase in the demand for autoworkers may come about because of:

(Multiple Choice)

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Question 191

Figure: The Value of the Marginal Product Curve (Figure: The Value of the Marginal Product Curve) In the figure The Value of the Marginal Product Curve, if a technological advance makes labor more productive and everything else stays the same, then the profit-maximizing quantity of labor:

(Multiple Choice)

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Question 192

The key distinction between a factor of production and an input is that:

(Multiple Choice)

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Question 193

The value of the marginal product is equal to:

(Multiple Choice)

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Question 194

An efficiency wage describes a wage rate that is:

(Multiple Choice)

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Question 195

Which of the following best describes the value of the marginal product?

(Multiple Choice)

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Question 196

If a firm hires labor and with its current employees W = VMPL, then profit:

(Multiple Choice)

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Question 197

(Table: Workers and Corn Output) Laura is a price-taking farmer who produces corn.Assume the wage rate for workers is $125 and the price per bushel of corn is $10.The table Workers and Corn Output shows Laura's production function.Suppose Laura is employing seven workers.If she lets the seventh worker go and reduces employment to six workers, her profits will:

(Multiple Choice)

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Question 198

The price of an extra hour of leisure is:

(Multiple Choice)

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Question 199

The demand for a factor of production is a(n):

(Multiple Choice)

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Question 200

Showing 181 - 200 of 241

Figure: The Value of the Marginal Product Curve (Figure: The Value of the Marginal Product Curve) In the figure The Value of the Marginal Product Curve, if the market wage rate increases:

(Table: Employment and Output) In the table Employment and Output, if the price of a bushel of wheat is $10, then the value of the marginal product of the third worker is:

A wage will the _ leisure.

The _ _ effect of a ____ wage causes individuals to substitute _.

A higher wage the price of and workers' incomes.The result of these two changes pulls the quantity of labor supplied in direction(s).

Andre Cummings, the production manager of Electric Designs, has asked his boss for a pay raise.His boss is concerned that if he increases Andre's salary, Andre might work less.In other words, Andre's boss is concerned that leisure is a normal good for Andre and that his:

Although horses were once a very important factor of production, the development of automobiles and other machinery reduced the demand for their use.This is an example of:

One example of a situation in which employers can sometimes organize to pay lower wages is when:

The value of the marginal product is the:

An increase in the demand for autoworkers may come about because of:

Figure: The Value of the Marginal Product Curve (Figure: The Value of the Marginal Product Curve) In the figure The Value of the Marginal Product Curve, if a technological advance makes labor more productive and everything else stays the same, then the profit-maximizing quantity of labor:

The key distinction between a factor of production and an input is that:

The value of the marginal product is equal to:

An efficiency wage describes a wage rate that is:

Which of the following best describes the value of the marginal product?

If a firm hires labor and with its current employees W = VMPL, then profit:

The price of an extra hour of leisure is:

The demand for a factor of production is a(n):

First Principles

Economic Models: Trade-Offs and Trade

Supply and Demand

Consumer and Producer Surplus

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

Filters

Exam 19: Factor Markets and the Distribution of Income

Figure: The Value of the Marginal Product Curve (Figure: The Value of the Marginal Product Curve) In the figure The Value of the Marginal Product Curve, if the market wage rate increases:

(Table: Employment and Output) In the table Employment and Output, if the price of a bushel of wheat is $10, then the value of the marginal product of the third worker is:

A ________ wage will ________ the _ leisure.

The _ _____ effect of a ________ wage causes individuals to substitute _.

A higher wage ________ the price of ________ and workers' incomes.The result of these two changes pulls the quantity of labor supplied in direction(s).

Andre Cummings, the production manager of Electric Designs, has asked his boss for a pay raise.His boss is concerned that if he increases Andre's salary, Andre might work less.In other words, Andre's boss is concerned that leisure is a normal good for Andre and that his:

Although horses were once a very important factor of production, the development of automobiles and other machinery reduced the demand for their use.This is an example of:

One example of a situation in which employers can sometimes organize to pay lower wages is when:

The value of the marginal product is the:

An increase in the demand for autoworkers may come about because of:

Figure: The Value of the Marginal Product Curve (Figure: The Value of the Marginal Product Curve) In the figure The Value of the Marginal Product Curve, if a technological advance makes labor more productive and everything else stays the same, then the profit-maximizing quantity of labor:

The key distinction between a factor of production and an input is that:

The value of the marginal product is equal to:

An efficiency wage describes a wage rate that is:

Which of the following best describes the value of the marginal product?

If a firm hires labor and with its current employees W = VMPL, then profit:

The price of an extra hour of leisure is:

The demand for a factor of production is a(n):

First Principles

Economic Models: Trade-Offs and Trade

Supply and Demand

Consumer and Producer Surplus

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

Filters

A wage will the _ leisure.

The _ _ effect of a ____ wage causes individuals to substitute _.

A higher wage the price of and workers' incomes.The result of these two changes pulls the quantity of labor supplied in direction(s).