Exam 25: The Supply of and Demand for Productive Resources

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

An increase in the demand for a resource

Figure 12-1 -If Figure 12-1 indicated the short-run and long-run supply curves for a resource, which of the following would probably be the long-run supply curve of the resource?

Economists refer to expenditures on training, education, and skill development designed to increase the productivity of an individual as

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

A decrease in the demand for a final product will cause

Why is it more expensive to acquire a new house in an urban area than in a rural area if the costs of labor and building materials are the same?

If the demand for workers with doctorate degrees in economics increases, we would expect

The demand for a factor of production depends largely on the

Which one of the following labor resources will likely have the most inelastic supply schedule in the short run?

Figure 12-2 -If an unanticipated increase in demand in Figure 12-2 shifts the demand for accountants from D₁ to D₂, how will the higher level of demand influence the wages of accountants in the short run and the long run?

The marginal revenue product of a resource is equal to the value of marginal product when the product produced by the resource is sold in

If a college education did not increase worker productivity,

Generally, the supply of a resource in the short run will be

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

Table 12-1 The following table indicates the reductions in total losses due to theft if a jewelry store hires additional security guards. -Refer to Table 12-1. If the security guards can be hired for $75 per day, how many guards should the shop hire?

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?

Suppose a change in technology increases the marginal product of labor. The result is

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

Unions often attempt to obtain stricter certification requirements and/or longer apprenticeships. These changes will tend to raise union workers' wages because they