Question 1

Additional human capital and physical capital as well as new technology are all instrumental in improving labor:

Accepted Answer

A)  productivity. 
B)  wages. 
C)  price. 
D)  marginal revenue. 
A)  productivity. 
B)  wages. 
C)  price. 
D)  marginal revenue.

Question 2

ΔOutput/ΔLabor is the formula for the:

Accepted Answer

A)  marginal revenue product of labor. 
B)  total revenue of labor. 
C)  marginal physical product of labor. 
D)  total product of labor. 
A)  marginal revenue product of labor. 
B)  total revenue of labor. 
C)  marginal physical product of labor. 
D)  total product of labor.

Question 3

(Figure: Labor in a Competitive Market A) In the figure, if the price of labor is $450, the firm will hire:

Accepted Answer

A)  one worker. 
B)  two workers. 
C)  three workers. 
D)  four workers. 
A)  one worker. 
B)  two workers. 
C)  three workers. 
D)  four workers.

Question 4

Roofers, loggers, and construction workers are more likely to _____ than office workers, teachers, and sales clerks.

Accepted Answer

A)  have holidays off 
B)  receive more vacation time 
C)  receive a compensating differential 
D)  make lower wages 
A)  have holidays off 
B)  receive more vacation time 
C)  receive a compensating differential 
D)  make lower wages

Question 5

The idea that when the amount of physical capital is fixed, an additional worker adds less to output than the previous worker is known as the:

Accepted Answer

A)  marginal revenue product. 
B)  marginal physical product. 
C)  law of diminishing returns. 
D)  production function. 
A)  marginal revenue product. 
B)  marginal physical product. 
C)  law of diminishing returns. 
D)  production function.

Question 6

The formula for marginal physical product of labor is:

Accepted Answer

A)  ΔOutput/ΔLabor. 
B)  ΔLabor/ΔOutput. 
C)  ΔRevenue/ΔLabor. 
D)  ΔLabor/ΔRevenue. 
A)  ΔOutput/ΔLabor. 
B)  ΔLabor/ΔOutput. 
C)  ΔRevenue/ΔLabor. 
D)  ΔLabor/ΔRevenue.

Question 7

Changes in either marginal revenue (MR) or _____ will shift the demand curve for labor.

Accepted Answer

A)  the price of labor 
B)  total revenue (TR) 
C)  marginal physical product of labor (MPPL) 
D)  total product (TP) 
A)  the price of labor 
B)  total revenue (TR) 
C)  marginal physical product of labor (MPPL) 
D)  total product (TP)

Additional human capital and physical capital as well as new technology are all instrumental in improving labor:

ΔOutput/ΔLabor is the formula for the:

(Figure: Labor in a Competitive Market A) In the figure, if the price of labor is $450, the firm will hire:

Roofers, loggers, and construction workers are more likely to _____ than office workers, teachers, and sales clerks.

The idea that when the amount of physical capital is fixed, an additional worker adds less to output than the previous worker is known as the:

The formula for marginal physical product of labor is:

Changes in either marginal revenue (MR) or _____ will shift the demand curve for labor.

The Basics of Economics

Why We Trade

The Supply and Demand Model

Elasticity

Consumer Choice

The Economic Efficiency of Markets

Taxation: An Economic Analysis

Externalities, the Environment, and Public Goods

Organizing a Business

Stocks and Bonds

The Cost of Doing Business

Perfect Competition

Monopoly and Antitrust Laws

Monopolistic Competition and Price Discrimination

Oligopoly

Behavioral Economics and Strategy

The Distribution of Income

Information and Health Economics

GDP and the Price Level

Unemployment and the Business Cycle

Long Run Economic Growth

Saving, Investment, and the Federal Budget Deficit

The Monetary System

Money and the Price Level in the Long Run

Aggregate Supply and Aggregate Demand

Monetary Policy and Interest Rates

Fiscal Policy and the Business Cycle

The Aggregate Expenditure Model

Inflation Expectations and Stabilization Policies

International Trade

Foreign Exchange Markets

International Finance

Filters

Exam 17: Labor and Other Resources

Additional human capital and physical capital as well as new technology are all instrumental in improving labor:

ΔOutput/ΔLabor is the formula for the:

(Figure: Labor in a Competitive Market A) In the figure, if the price of labor is $450, the firm will hire:

Roofers, loggers, and construction workers are more likely to _____ than office workers, teachers, and sales clerks.

The idea that when the amount of physical capital is fixed, an additional worker adds less to output than the previous worker is known as the:

The formula for marginal physical product of labor is:

Changes in either marginal revenue (MR) or _____ will shift the demand curve for labor.

The Basics of Economics

Why We Trade

The Supply and Demand Model

Elasticity

Consumer Choice

The Economic Efficiency of Markets

Taxation: An Economic Analysis

Externalities, the Environment, and Public Goods

Organizing a Business

Stocks and Bonds

The Cost of Doing Business

Perfect Competition

Monopoly and Antitrust Laws

Monopolistic Competition and Price Discrimination

Oligopoly

Behavioral Economics and Strategy

The Distribution of Income

Information and Health Economics

GDP and the Price Level

Unemployment and the Business Cycle

Long Run Economic Growth

Saving, Investment, and the Federal Budget Deficit

The Monetary System

Money and the Price Level in the Long Run

Aggregate Supply and Aggregate Demand

Monetary Policy and Interest Rates

Fiscal Policy and the Business Cycle

The Aggregate Expenditure Model

Inflation Expectations and Stabilization Policies

International Trade

Foreign Exchange Markets

International Finance

Filters