Exam 12: The Supply of and Demand for Productive Resources

The following figure indicates the reductions in total losses due to theft if a jewelry store hires additional security guards. If the security guards can be hired for $45 per day, how many guards should the shop hire?

An increase in the demand for a resource

A firm's demand curve for labor shifts when the

The change in the total revenue of a firm that results from employing one additional unit of a factor of production is defined as the

Which of the following is the best example of an investment in human capital?

The marginal revenue product of a resource is best described as the

Farmer Ted owned a worn-out piece of farmland for growing cotton, which he had been unable to rent for years. Suddenly he was getting offers from cotton farmers to lease his land. What is the most likely explanation of this?

Physical and human capital investments are

What happens to labor supply in the pear-picking market when the wage paid to apple pickers increases?

An unanticipated decline in the demand for legal services will

Ceteris paribus, a decrease in the demand for automobiles will

If the demand for computer scientists increases relative to their supply,

Which of the following best illustrates the concept of "derived demand"?

Other things equal, when the supply of workers is scarce, one would predict that market wages would be

In recent years, the ratio of earnings of the typical U.S. college graduate to the earnings of the typical high school graduate without additional education has

If a firm used only two factors of production, labor (L) and capital (K), which of the following conditions would be present if the firm was minimizing its cost of production?

Which of the following most clearly illustrates the concept of "derived demand"?

Table 12-3 -Refer to Table 12-3. What is the marginal product of the third worker?

The marginal revenue product of a resource is best described as the

The labor supply curve reflects how