A) there is no substitution effect. B) there is no income effect. C) the substitution effect usually outweighs the income effect. D) the income effect usually outweighs the substitution effect. E) the disutility of market work is usually high. A) there is no substitution effect. B) there is no income effect. C) the substitution effect usually outweighs the income effect. D) the income effect usually outweighs the substitution effect. E) the disutility of market work is usually high.

Exam 12: The Supply of and Demand for Productive Resources

If the MPP of labor is 60 and the price of labor per period is $20, the MPP of machinery is 75 and the price of the machinery per period is $25, in order to achieve optimal input proportions the firm should use

(Multiple Choice)

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Question 41

The marginal product of labor is the

(Multiple Choice)

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Question 42

Which of the following is a correct statement about the labor market?

(Multiple Choice)

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Question 43

As the price of land decreases along its demand curve, the relative price of land

(Multiple Choice)

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Question 44

If businesses found that changing economic conditions made it attractive for them to hire a larger number of economics majors, we would expect

(Multiple Choice)

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Question 45

Use the figure to answer the following question(s). Figure 12-2 The demand D ₁ and short-run supply S _SR of accountants is indicated in Figure 12-2. Which of the following would most likely shift the demand for accountants from D ₁ to D ₂?

(Multiple Choice)

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Question 46

Table 12-5 Refer to Table 12-5. At which number of workers does diminishing marginal product begin?

(Multiple Choice)

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Question 47

The supply curve of a human resource will be more elastic the

(Multiple Choice)

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Question 48

Which of the following scenarios would serve to decrease the demand for unskilled labor in our country?

(Multiple Choice)

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Question 49

The derived demand and, consequently, the demand curve for labor are determined by

(Multiple Choice)

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Question 50

The demand for a factor of production depends largely on the

(Multiple Choice)

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Question 51

If a firm is using a resource hired in a perfectly competitive market, and if the marginal resource cost is less than its marginal revenue product,

(Multiple Choice)

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Question 52

The demand for accountants is a result of the complicated tax code. This is an example of

(Multiple Choice)

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Question 53

Marginal revenue product is the

(Multiple Choice)

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Question 54

Use the information given in the table below to answer the following question(s). Assume the firm hires labor competitively and sells its product in a competitive price-taker market at a price of $2 per unit. Table 12-7 Refer to Table 12-7. If the market wage rate is $5 per day, how many workers should the firm employ if it wants to maximize profits?

(Multiple Choice)

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Question 55

At a low wage rate,

(Multiple Choice)

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Question 56

If an advance in computer technology reduces the need for businesses to hire accountants, students majoring in accounting should expect

(Multiple Choice)

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Question 57

An unexpected increase in the demand for accountants will lead to

(Multiple Choice)

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Question 58

In the short run, the supply of a resource will generally be

(Multiple Choice)

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Question 59

When the supply of workers is plentiful, one would predict that market wages would be

(Multiple Choice)

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Question 60

Showing 41 - 60 of 200

If the MPP of labor is 60 and the price of labor per period is $20, the MPP of machinery is 75 and the price of the machinery per period is $25, in order to achieve optimal input proportions the firm should use

The marginal product of labor is the

Which of the following is a correct statement about the labor market?

As the price of land decreases along its demand curve, the relative price of land

If businesses found that changing economic conditions made it attractive for them to hire a larger number of economics majors, we would expect

Use the figure to answer the following question(s). Figure 12-2 The demand D ₁ and short-run supply S _SR of accountants is indicated in Figure 12-2. Which of the following would most likely shift the demand for accountants from D ₁ to D ₂?

Table 12-5 Refer to Table 12-5. At which number of workers does diminishing marginal product begin?

The supply curve of a human resource will be more elastic the

Which of the following scenarios would serve to decrease the demand for unskilled labor in our country?

The derived demand and, consequently, the demand curve for labor are determined by

The demand for a factor of production depends largely on the

If a firm is using a resource hired in a perfectly competitive market, and if the marginal resource cost is less than its marginal revenue product,

The demand for accountants is a result of the complicated tax code. This is an example of

Marginal revenue product is the

At a low wage rate,

If an advance in computer technology reduces the need for businesses to hire accountants, students majoring in accounting should expect

An unexpected increase in the demand for accountants will lead to

In the short run, the supply of a resource will generally be

When the supply of workers is plentiful, one would predict that market wages would be

The Economic Approach

Some Tools of the Economist

Demand, Supply, and the Market Process

Supply and Demand: Applications and Extensions

Difficult Cases for the Market, and the Role of Government

The Economics of Political Action

Consumer Choice and Elasticity

Costs and the Supply of Goods

Price Takers and the Competitive Process

Price-Searcher Markets With Low Entry Barriers

Price-Searcher Markets With High Entry Barriers

Earnings, Productivity, and the Job Market

Investment, the Capital Market, and the Wealth of Nations

Income Inequality and Poverty

Applying the Basics: Special Topics in Economics

Filters

Exam 12: The Supply of and Demand for Productive Resources

If the MPP of labor is 60 and the price of labor per period is $20, the MPP of machinery is 75 and the price of the machinery per period is $25, in order to achieve optimal input proportions the firm should use

The marginal product of labor is the

Which of the following is a correct statement about the labor market?

As the price of land decreases along its demand curve, the relative price of land

If businesses found that changing economic conditions made it attractive for them to hire a larger number of economics majors, we would expect

Use the figure to answer the following question(s). Figure 12-2 The demand D 1 and short-run supply S SR of accountants is indicated in Figure 12-2. Which of the following would most likely shift the demand for accountants from D 1 to D 2?

Table 12-5 Refer to Table 12-5. At which number of workers does diminishing marginal product begin?

The supply curve of a human resource will be more elastic the

Which of the following scenarios would serve to decrease the demand for unskilled labor in our country?

The derived demand and, consequently, the demand curve for labor are determined by

The demand for a factor of production depends largely on the

If a firm is using a resource hired in a perfectly competitive market, and if the marginal resource cost is less than its marginal revenue product,

The demand for accountants is a result of the complicated tax code. This is an example of

Marginal revenue product is the

At a low wage rate,

If an advance in computer technology reduces the need for businesses to hire accountants, students majoring in accounting should expect

An unexpected increase in the demand for accountants will lead to

In the short run, the supply of a resource will generally be

When the supply of workers is plentiful, one would predict that market wages would be

The Economic Approach

Some Tools of the Economist

Demand, Supply, and the Market Process

Supply and Demand: Applications and Extensions

Difficult Cases for the Market, and the Role of Government

The Economics of Political Action

Consumer Choice and Elasticity

Costs and the Supply of Goods

Price Takers and the Competitive Process

Price-Searcher Markets With Low Entry Barriers

Price-Searcher Markets With High Entry Barriers

Earnings, Productivity, and the Job Market

Investment, the Capital Market, and the Wealth of Nations

Income Inequality and Poverty

Applying the Basics: Special Topics in Economics

Filters

Use the figure to answer the following question(s). Figure 12-2 The demand D ₁ and short-run supply S _SR of accountants is indicated in Figure 12-2. Which of the following would most likely shift the demand for accountants from D ₁ to D ₂?