Question 1

Use the following table to answer the following questions:
  
-What is the value that belongs in cell C6?

Accepted Answer

A)  50 
B)  100 
C)  150 
D)  200 
E)  300 
A)  50 
B)  100 
C)  150 
D)  200 
E)  300

Question 2

When the opportunity cost of leisure is high,people tend to work ________ hours.When it is low,people tend to work ________ hours.

Accepted Answer

A)  the same; fewer 
B)  more; fewer 
C)  fewer; more 
D)  more; the same 
E)  fewer; the same 
A)  the same; fewer 
B)  more; fewer 
C)  fewer; more 
D)  more; the same 
E)  fewer; the same

Question 3

Use the following graph,which depicts Mighty Max's labor demand for his duffel bag business,to answer the following questions.The labor demand curve shown is calculated based on a duffel bag price of $10.
  
-Assume that the price of duffel bags is $10.If the marginal product of labor of the sixtieth worker drops by half,what is the value of the marginal product of labor of the sixtieth worker now?

Accepted Answer

A)  $10 
B)  $15 
C)  $20 
D)  $25 
E)  $30 
A)  $10 
B)  $15 
C)  $20 
D)  $25 
E)  $30

Question 4

The total production schedule for greeting card writers is as follows:
a.Find the marginal product for each additional worker,and graph the marginal product of labor (MPL)curve.
   
b.Why is the slope of the MPL curve negative?

Accepted Answer

a.The marginal product of labor can be f

Question 5

Companies begin to find that customers,when calling customer service,want to talk to real people rather than to a recording.The demand for receptionists will ________ and the market equilibrium wage will ________.

Accepted Answer

A)  fall; fall 
B)  increase; fall 
C)  stay the same; rise 
D)  decrease; rise 
E)  increase; increase 
A)  fall; fall 
B)  increase; fall 
C)  stay the same; rise 
D)  decrease; rise 
E)  increase; increase

Question 6

Two events are occurring simultaneously in the labor market for laborers who produce sports apparel.First,the government's campaign to increase the activity rate among its citizens is proving successful,and more people are going to the gym on a regular basis.Second,the sports apparel industry is known for its relatively high pay and good benefits,which are attractive to workers.
a.Graph the effect of each shift separately.Label the original equilibrium wage and quantity W1 and L1,respectively.
b.What needs to be true about the relative size of these shifts if workers in this labor market are to earn higher wages?

Accepted Answer

a.As more people exercise,they are likel

Question 7

Graph the impact of the following events in the market for typists.Your graph should include shifting the appropriate curve and indicate the change to equilibrium wage W1 and quantity of labor L1.
a.The introduction of new ergonomic keyboards increases the rate at which typists can complete their tasks.
b.The main supplies typists use-computers,desks,and chairs-are all increasing in cost for their bosses.
c.The conditions in a similar profession,such as office manager,are superior in terms of pay and benefits.

Accepted Answer

a.This increase in productivity will shi

Question 8

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions:
  
-The equilibrium wage is

Accepted Answer

A)  $10. 
B)  $20. 
C)  $30. 
D)  $40. 
E)  $50. 
A)  $10. 
B)  $20. 
C)  $30. 
D)  $40. 
E)  $50.

Question 9

A company that produces simple textiles outsources its operations to Indonesia.Wages for Indonesian workers will ________ and their employment will ________.

Accepted Answer

A)  rise; rise 
B)  fall; rise 
C)  stay the same; fall 
D)  fall; stay the same 
E)  fall; fall 
A)  rise; rise 
B)  fall; rise 
C)  stay the same; fall 
D)  fall; stay the same 
E)  fall; fall

Question 10

Immigration is when

Accepted Answer

A)  foreign persons enter another country. 
B)  foreign persons leave another country. 
C)  citizens move to another country. 
D)  citizens move within their own country. 
E)  foreign persons move within their own country. 
A)  foreign persons enter another country. 
B)  foreign persons leave another country. 
C)  citizens move to another country. 
D)  citizens move within their own country. 
E)  foreign persons move within their own country.

Question 11

Use the following graph,which depicts Mighty Max's labor demand for his duffel bag business,to answer the following questions.The labor demand curve shown is calculated based on a duffel bag price of $10.
  
-Assume that the price per duffel bag rises from $10 to $20.What is the value of the marginal product of labor of the twentieth worker?

Accepted Answer

A)  $30 
B)  $40 
C)  $50 
D)  $60 
E)  $70 
A)  $30 
B)  $40 
C)  $50 
D)  $60 
E)  $70

Question 12

Markets for people who work on bicycles are influenced by

Accepted Answer

A)  demand for bicycles. 
B)  supply of bicycles. 
C)  price elasticity of demand for bicycles. 
D)  cross-price elasticity of bicycle helmets. 
E)  miles of bike lanes. 
A)  demand for bicycles. 
B)  supply of bicycles. 
C)  price elasticity of demand for bicycles. 
D)  cross-price elasticity of bicycle helmets. 
E)  miles of bike lanes.

Question 13

If workers become more productive in a given occupation,they will likely see their employment ________.

Accepted Answer

A)  fall 
B)  double 
C)  rise 
D)  stay the same 
E)  go into overtime 
A)  fall 
B)  double 
C)  rise 
D)  stay the same 
E)  go into overtime

Question 14

The most important aspect(s)of labor,land,and capital is/are that they

Accepted Answer

A)  have derived demands. 
B)  are factors of production. 
C)  are inputs to the production process. 
D)  are resources in our economy. 
E)  have derived demands and are factors of production,inputs to the production process,and resources in our economy. 
A)  have derived demands. 
B)  are factors of production. 
C)  are inputs to the production process. 
D)  are resources in our economy. 
E)  have derived demands and are factors of production,inputs to the production process,and resources in our economy.

Question 15

Companies can rent a manufacturing robot named RoboMan for $2,500 a month and must pay workers $20 an hour.The value of the marginal product of RoboMan is $5,000,and the value of the marginal product of labor is $20.Companies should hire ________ RoboMen and ________ workers.

Accepted Answer

A)  more; fewer 
B)  more; more 
C)  fewer; fewer 
D)  fewer; more 
E)  the same amount of; more 
A)  more; fewer 
B)  more; more 
C)  fewer; fewer 
D)  fewer; more 
E)  the same amount of; more

Question 16

When people make more money,they sometimes take more vacation time.Based on this information,we can say that leisure is a(n)________ good.

Accepted Answer

A)  substitute 
B)  complement 
C)  inferior 
D)  Giffen 
E)  normal 
A)  substitute 
B)  complement 
C)  inferior 
D)  Giffen 
E)  normal

Question 17

The following graph represents Zendar's labor market.Use this graph to answer the following questions:
  
-What is the equilibrium number of workers in Zendar?

Accepted Answer

A)  20 
B)  25 
C)  30 
D)  35 
E)  40 
A)  20 
B)  25 
C)  30 
D)  35 
E)  40

Question 18

Use the following information to answer the following questions:
Mickey L.Douglas,owner of MLD Incorporated,knows that the marginal product of labor (MPL)for his workers can be defined as follows:
MPL = 32 - L
The total output a given level of workers can produce is found as:
Q = 32L -   LS1U1P12S1S1P0
He also knows that the price of his output is $3.His profits can be found as:
Profit = (P * Q)- (W * L)
-What is the value of additional output produced by the twelfth worker?

Accepted Answer

A)  $20 
B)  $100 
C)  $10 
D)  $60 
E)  $80 
A)  $20 
B)  $100 
C)  $10 
D)  $60 
E)  $80

Question 19

Use the following graph,which depicts Mighty Max's labor demand for his duffel bag business,to answer the following questions.The labor demand curve shown is calculated based on a duffel bag price of $10.
  
-If the price increases from $10 to $20 per bag,what happens to the labor demand curve?

Accepted Answer

A)  It shifts to the left. 
B)  It shifts to the right. 
C)  It remains unchanged. 
D)  The firm moves upward along the labor demand curve. 
E)  The firm moves downward along the labor demand curve. 
A)  It shifts to the left. 
B)  It shifts to the right. 
C)  It remains unchanged. 
D)  The firm moves upward along the labor demand curve. 
E)  The firm moves downward along the labor demand curve.

Question 20

Use the following information to answer the following questions:
Mickey L.Douglas,owner of MLD Incorporated,knows that the marginal product of labor (MPL)for his workers can be defined as follows:
MPL = 32 - L
The total output a given level of workers can produce is found as:
Q = 32L -   LS1U1P12S1S1P0
He also knows that the price of his output is $3.His profits can be found as:
Profit = (P * Q)- (W * L)
-What additional amount of output does the thirtieth worker contribute?

Accepted Answer

A)  150 units 
B)  60 units 
C)  2 units 
D)  14 units 
E)  9 units 
A)  150 units 
B)  60 units 
C)  2 units 
D)  14 units 
E)  9 units

Use the following table to answer the following questions: -What is the value that belongs in cell C6?

When the opportunity cost of leisure is high,people tend to work hours.When it is low,people tend to work hours.

The total production schedule for greeting card writers is as follows: a.Find the marginal product for each additional worker,and graph the marginal product of labor (MPL)curve. b.Why is the slope of the MPL curve negative?

Companies begin to find that customers,when calling customer service,want to talk to real people rather than to a recording.The demand for receptionists will and the market equilibrium wage will .

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -The equilibrium wage is

A company that produces simple textiles outsources its operations to Indonesia.Wages for Indonesian workers will and their employment will .

Immigration is when

Markets for people who work on bicycles are influenced by

If workers become more productive in a given occupation,they will likely see their employment ________.

The most important aspect(s)of labor,land,and capital is/are that they

Companies can rent a manufacturing robot named RoboMan for $2,500 a month and must pay workers $20 an hour.The value of the marginal product of RoboMan is $5,000,and the value of the marginal product of labor is $20.Companies should hire RoboMen and workers.

When people make more money,they sometimes take more vacation time.Based on this information,we can say that leisure is a(n)________ good.

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -What is the equilibrium number of workers in Zendar?

Use the following graph,which depicts Mighty Max's labor demand for his duffel bag business,to answer the following questions.The labor demand curve shown is calculated based on a duffel bag price of $10. -If the price increases from $10 to $20 per bag,what happens to the labor demand curve?

Five Foundations of Economics

Model Building and Gains From Trade

The Market at Work: Supply and Demand

Elasticity

Market Outcomes and Tax Incidence

Price Controls

Market Inefficiencies: Externalities and Public Goods

Business Costs and Production

Firms in a Competitive Market

Understanding Monopoly

Price Discrimination

Monopolistic Competition and Advertising

Oligopoly and Strategic Behavior

Income,inequality,and Poverty

Consumer Choice

Behavioral Economics and Risk Taking

Health Insurance and Health Care

International Trade

Filters

Exam 14: The Demand and Supply of Resources

Use the following table to answer the following questions: -What is the value that belongs in cell C6?

When the opportunity cost of leisure is high,people tend to work ________ hours.When it is low,people tend to work ________ hours.

The total production schedule for greeting card writers is as follows: a.Find the marginal product for each additional worker,and graph the marginal product of labor (MPL)curve. b.Why is the slope of the MPL curve negative?

Companies begin to find that customers,when calling customer service,want to talk to real people rather than to a recording.The demand for receptionists will ________ and the market equilibrium wage will ________.

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions: -The equilibrium wage is

A company that produces simple textiles outsources its operations to Indonesia.Wages for Indonesian workers will ________ and their employment will ________.

Immigration is when

Markets for people who work on bicycles are influenced by

If workers become more productive in a given occupation,they will likely see their employment ________.

The most important aspect(s)of labor,land,and capital is/are that they

Companies can rent a manufacturing robot named RoboMan for $2,500 a month and must pay workers $20 an hour.The value of the marginal product of RoboMan is $5,000,and the value of the marginal product of labor is $20.Companies should hire ________ RoboMen and ________ workers.

When people make more money,they sometimes take more vacation time.Based on this information,we can say that leisure is a(n)________ good.

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -What is the equilibrium number of workers in Zendar?

Use the following graph,which depicts Mighty Max's labor demand for his duffel bag business,to answer the following questions.The labor demand curve shown is calculated based on a duffel bag price of $10. -If the price increases from $10 to $20 per bag,what happens to the labor demand curve?

Five Foundations of Economics

Model Building and Gains From Trade

The Market at Work: Supply and Demand

Elasticity

Market Outcomes and Tax Incidence

Price Controls

Market Inefficiencies: Externalities and Public Goods

Business Costs and Production

Firms in a Competitive Market

Understanding Monopoly

Price Discrimination

Monopolistic Competition and Advertising

Oligopoly and Strategic Behavior

Income,inequality,and Poverty

Consumer Choice

Behavioral Economics and Risk Taking

Health Insurance and Health Care

International Trade

Filters

When the opportunity cost of leisure is high,people tend to work hours.When it is low,people tend to work hours.

Companies begin to find that customers,when calling customer service,want to talk to real people rather than to a recording.The demand for receptionists will and the market equilibrium wage will .

A company that produces simple textiles outsources its operations to Indonesia.Wages for Indonesian workers will and their employment will .

Companies can rent a manufacturing robot named RoboMan for $2,500 a month and must pay workers $20 an hour.The value of the marginal product of RoboMan is $5,000,and the value of the marginal product of labor is $20.Companies should hire RoboMen and workers.