Question 1

The following graph represents Zendar's labor market.Use this graph to answer the following questions:
  
-At all wages below ________,there will be ________.

Accepted Answer

A)  $10; a surplus 
B)  $25; a shortage 
C)  $40; a surplus 
D)  $35; no labor supplied 
E)  $20; no labor demanded 
A)  $10; a surplus 
B)  $25; a shortage 
C)  $40; a surplus 
D)  $35; no labor supplied 
E)  $20; no labor demanded

Question 2

You know that the rental price of capital is $3,000,the rental price of land is $2,000,and the wage of labor is $100.The value of the marginal product produced by each factor is $30,000,$4,000,and $200,respectively.You would advise the company to hire more

Accepted Answer

A)  labor. 
B)  land. 
C)  capital. 
D)  less labor and more land. 
E)  less capital and more labor. 
A)  labor. 
B)  land. 
C)  capital. 
D)  less labor and more land. 
E)  less capital and more labor.

Question 3

Income in the U.S.economy consists of

Accepted Answer

A)  wages and benefits paid to laborers. 
B)  wages and benefits paid to laborers and profits to businesses. 
C)  profits to businesses,interest to capital lenders,and rent to landowners. 
D)  rent to landowners and profits to businesses. 
E)  wages and benefits to laborers,and profits to businesses. 
A)  wages and benefits paid to laborers. 
B)  wages and benefits paid to laborers and profits to businesses. 
C)  profits to businesses,interest to capital lenders,and rent to landowners. 
D)  rent to landowners and profits to businesses. 
E)  wages and benefits to laborers,and profits to businesses.

Question 4

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 wage is $20,Mighty Max will hire __________ workers.

Accepted Answer

A)  20 
B)  30 
C)  40 
D)  50 
E)  60 
A)  20 
B)  30 
C)  40 
D)  50 
E)  60

Question 5

Lakeside Tubing knows that its total product schedule is as shown in the following table.It currently rents an inner tube for $5.Graph the labor demand curve.

Accepted Answer

The first thing we need to do is find th

Question 6

Kaitlin has recently been trained as a highly specialized medical physician.There is only one hospital that needs her services.Kaitlin can expect her wages to be ________ compared to what her wages would be in a situation of perfect competition.

Accepted Answer

A)  higher 
B)  double 
C)  half 
D)  the same 
E)  lower 
A)  higher 
B)  double 
C)  half 
D)  the same 
E)  lower

Question 7

Labor supply is the relationship between

Accepted Answer

A)  wages and willingness to hire workers. 
B)  price of output and amount of output for sale. 
C)  price of capital and amount of capital for sale. 
D)  wages and willingness to work. 
E)  wages and amount of output for sale. 
A)  wages and willingness to hire workers. 
B)  price of output and amount of output for sale. 
C)  price of capital and amount of capital for sale. 
D)  wages and willingness to work. 
E)  wages and amount of output for sale.

Question 8

Refer to the following graphs to answer the following questions:
A.   
B. 
C.  
D. 
E. 
-Which graph shows the income effect dominating the substitution effect of higher wages?

Accepted Answer

A)  Graph A 
B)  Graph B 
C)  Graph C 
D)  Graph D 
E)  Graph E 
A)  Graph A 
B)  Graph B 
C)  Graph C 
D)  Graph D 
E)  Graph E

Question 9

Refer to the following graphs to answer the following questions:
A.
   B.
   C.
   D.
   E.
  
-Choose the graph that represents the following situation: Consumer demand for Princeton Pickles increases as customers find out that pickles are highly nutritious.

Accepted Answer

A)  Graph A 
B)  Graph B 
C)  Graph C 
D)  Graph D 
E)  Graph E 
A)  Graph A 
B)  Graph B 
C)  Graph C 
D)  Graph D 
E)  Graph E

Question 10

Suppose that a profit-maximizing firm in a competitive market hires labor up to the point at which the value of the marginal product equals the wage and that labor is the only variable input.The price of the product is $150 per unit.If the firm pays a wage of $700 per week and the marginal product of labor equals 20 units per week,then the marginal cost of producing an additional unit of output is

Accepted Answer

A)  $35. 
B)  $70. 
C)  $14,000 divided by total output. 
D)  $3,000 divided by total output. 
E)  $4.29. 
A)  $35. 
B)  $70. 
C)  $14,000 divided by total output. 
D)  $3,000 divided by total output. 
E)  $4.29.

Question 11

After World War II,social norms relating to women's participation in the labor force relaxed and women were more likely to be employed outside the home.We would expect to see the labor supply curve

Accepted Answer

A)  stay the same. 
B)  shift left. 
C)  stay the same but move upward. 
D)  stay the same but move downward. 
E)  shift right. 
A)  stay the same. 
B)  shift left. 
C)  stay the same but move upward. 
D)  stay the same but move downward. 
E)  shift right.

Question 12

If more of the production process for automobiles were switched over to machines,the demand for auto factory assembly line workers would ________ machine maintenance.

Accepted Answer

A)  decline but increase 
B)  decline and also decline 
C)  increase but decline 
D)  increase and also increase 
E)  remained unchanged but increase 
A)  decline but increase 
B)  decline and also decline 
C)  increase but decline 
D)  increase and also increase 
E)  remained unchanged but increase

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At all wages below ,there will be .

You know that the rental price of capital is $3,000,the rental price of land is $2,000,and the wage of labor is $100.The value of the marginal product produced by each factor is $30,000,$4,000,and $200,respectively.You would advise the company to hire more

Income in the U.S.economy consists of

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 wage is $20,Mighty Max will hire __________ workers.

Lakeside Tubing knows that its total product schedule is as shown in the following table.It currently rents an inner tube for $5.Graph the labor demand curve.

Kaitlin has recently been trained as a highly specialized medical physician.There is only one hospital that needs her services.Kaitlin can expect her wages to be ________ compared to what her wages would be in a situation of perfect competition.

Labor supply is the relationship between

Refer to the following graphs to answer the following questions: A. B.11efbc7a_aae2_b1ce_a154_5b2bc6d63cd5_TB4871_00 C. D. E. -Which graph shows the income effect dominating the substitution effect of higher wages?

Refer to the following graphs to answer the following questions: A. B. C. D. E. -Choose the graph that represents the following situation: Consumer demand for Princeton Pickles increases as customers find out that pickles are highly nutritious.

After World War II,social norms relating to women's participation in the labor force relaxed and women were more likely to be employed outside the home.We would expect to see the labor supply curve

If more of the production process for automobiles were switched over to machines,the demand for auto factory assembly line workers would ________ machine maintenance.

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

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At all wages below ________,there will be ________.

You know that the rental price of capital is $3,000,the rental price of land is $2,000,and the wage of labor is $100.The value of the marginal product produced by each factor is $30,000,$4,000,and $200,respectively.You would advise the company to hire more

Income in the U.S.economy consists of

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 wage is $20,Mighty Max will hire __________ workers.

Lakeside Tubing knows that its total product schedule is as shown in the following table.It currently rents an inner tube for $5.Graph the labor demand curve.

Kaitlin has recently been trained as a highly specialized medical physician.There is only one hospital that needs her services.Kaitlin can expect her wages to be ________ compared to what her wages would be in a situation of perfect competition.

Labor supply is the relationship between

Refer to the following graphs to answer the following questions: A. B.11efbc7a_aae2_b1ce_a154_5b2bc6d63cd5_TB4871_00 C. D. E. -Which graph shows the income effect dominating the substitution effect of higher wages?

Refer to the following graphs to answer the following questions: A. B. C. D. E. -Choose the graph that represents the following situation: Consumer demand for Princeton Pickles increases as customers find out that pickles are highly nutritious.

After World War II,social norms relating to women's participation in the labor force relaxed and women were more likely to be employed outside the home.We would expect to see the labor supply curve

If more of the production process for automobiles were switched over to machines,the demand for auto factory assembly line workers would ________ machine maintenance.

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

The following graph represents Zendar's labor market.Use this graph to answer the following questions: -At all wages below ,there will be .