Question 1

Using the table, how many units of land, labor, and capital would you hire?

Accepted Answer

5 units of land; 6 units of capital; and 4 units of labor.

Question 2

Fill in the above table.

Accepted Answer

The answer of  
Fill in the above table....

Question 3

If the demand for fast food declines sharply, the marginal revenue product curve for fast food workers will

Accepted Answer

A) shift to the left. 
B) shift to the right. 
C) stay exactly where it is. 
A) shift to the left. 
B) shift to the right. 
C) stay exactly where it is. A

Question 4

As output rises,

Accepted Answer

A) marginal revenue product declines. 
B) marginal revenue product stays the same. 
C) marginal revenue product rises. 
D) there is no way to determine if marginal revenue product will fall, rise, or remain the same. 
A) marginal revenue product declines. 
B) marginal revenue product stays the same. 
C) marginal revenue product rises. 
D) there is no way to determine if marginal revenue product will fall, rise, or remain the same.

Question 5

White-collar employment has risen sharply since the introduction of computers, so clearly the

Accepted Answer

A) output effect has outweighed the substitution effect. 
B) substitution effect has outweighed the output effect. 
C) substitution and output effects are equal. 
A) output effect has outweighed the substitution effect. 
B) substitution effect has outweighed the output effect. 
C) substitution and output effects are equal.

Question 6

Use the following Table to answe the question : 
 
-The maximum number of workers hired is

Accepted Answer

A) 4. 
B) 5. 
C) 6. 
D) 7. 
E) 8. 
A) 4. 
B) 5. 
C) 6. 
D) 7. 
E) 8.

Question 7

When the productivity of a resource declines, its ________ and its _________ also declines.

Accepted Answer

The answer of When the productivity of a resource declines,...

Question 8

The demand for an input is called a derived demand because

Accepted Answer

A) employers of inputs, particularly labor, derive income from using inputs. 
B) employers derive satisfaction from giving employment to an input. 
C) the demand for output is derived from the demand for the inputs used to produce it. 
D) it arises from the demand for the output that the input is used to produce. 
A) employers of inputs, particularly labor, derive income from using inputs. 
B) employers derive satisfaction from giving employment to an input. 
C) the demand for output is derived from the demand for the inputs used to produce it. 
D) it arises from the demand for the output that the input is used to produce.

Question 9

The marginal revenue product schedule for land refers to

Accepted Answer

A) a firm's demand for land. 
B) the final demand for land. 
C) the final supply of land. 
D) the firm's supply of land. 
E) the marginal physical product schedule for land. 
A) a firm's demand for land. 
B) the final demand for land. 
C) the final supply of land. 
D) the firm's supply of land. 
E) the marginal physical product schedule for land.

Question 10

How many workers would the firm hire if the wage rate were $459?

Accepted Answer

The answer of How many workers would the firm hire...

Question 11

If a firm's marginal revenue product of labor is $100 and it pays a wage rate of $85,

Accepted Answer

A) the firm should reduce the wage it pays. 
B) the firm is maximizing its profits. 
C) the law of diminishing marginal productivity is being observed. 
D) the firm can raise its profits by increasing the number of workers. 
A) the firm should reduce the wage it pays. 
B) the firm is maximizing its profits. 
C) the law of diminishing marginal productivity is being observed. 
D) the firm can raise its profits by increasing the number of workers.

Question 12

Is the firm a perfect competitor or an imperfect competitor?

Accepted Answer

Imperfect

Question 13

Use the following Table to answer the question : 
 
-How many units of labor would you hire?

Accepted Answer

The answer of Use the following Table to answer the...

Question 14

If the wage rate were $15, how many workers would be hired?

Accepted Answer

The answer of If the wage rate were $15, how...

Question 15

How many workers would the firm hire if the wage rate were $10?

Accepted Answer

The answer of How many workers would the firm hire...

Question 16

Fill in the above table.

Accepted Answer

The answer of  
Fill in the above table....

Question 17

Suppose that the marginal revenue product of the eighth worker hired is $12 an hour and the wage rate is $10 an hour. We can say that

Accepted Answer

A) not enough labor is being hired. 
B) just enough labor is being hired. 
C) too much labor is being hired. 
A) not enough labor is being hired. 
B) just enough labor is being hired. 
C) too much labor is being hired.

Question 18

Use the figure below to answer the question 
 
When 2 units of labor are used, output is

Accepted Answer

A) 5. 
B) 8. 
C) 10. 
D) 13. 
E) 23. 
A) 5. 
B) 8. 
C) 10. 
D) 13. 
E) 23.

Question 19

A firm uses 10 acres of land and pays $2,000 rent for each acre. If the 10th acre has an MRP of $3,000, then the firm is using ________ acres of land.

Accepted Answer

The answer of A firm uses 10 acres of land...

Question 20

A technological advance that increases the marginal product of labor will

Accepted Answer

A) decrease the demand for labor. 
B) increase the supply for labor. 
C) decrease the supply for labor. 
D) increase the demand for labor. 
A) decrease the demand for labor. 
B) increase the supply for labor. 
C) decrease the supply for labor. 
D) increase the demand for labor.

Using the table, how many units of land, labor, and capital would you hire?

Fill in the above table.

If the demand for fast food declines sharply, the marginal revenue product curve for fast food workers will

As output rises,

White-collar employment has risen sharply since the introduction of computers, so clearly the

Use the following Table to answe the question : -The maximum number of workers hired is

When the productivity of a resource declines, its and its _ also declines.

The demand for an input is called a derived demand because

The marginal revenue product schedule for land refers to

How many workers would the firm hire if the wage rate were $459?

If a firm's marginal revenue product of labor is $100 and it pays a wage rate of $85,

Is the firm a perfect competitor or an imperfect competitor?

Use the following Table to answer the question : -How many units of labor would you hire?

If the wage rate were $15, how many workers would be hired?

How many workers would the firm hire if the wage rate were $10?

Fill in the above table.

Suppose that the marginal revenue product of the eighth worker hired is $12 an hour and the wage rate is $10 an hour. We can say that

Use the figure below to answer the question When 2 units of labor are used, output is

A firm uses 10 acres of land and pays $2,000 rent for each acre. If the 10th acre has an MRP of $3,000, then the firm is using ________ acres of land.

A technological advance that increases the marginal product of labor will

A Brief Economic History of the United States

Resource Utilization

The Mixed Economy

Supply and Demand

Demand, Supply, and Equilibrium

The Price Elasticities of Demand and Supply

Theory of Consumer Behavior

Cost

Profit, Loss, and Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Corporate Mergers and Antitrust

Labor Unions

Labor Markets and Wage Rates

Rent, Interest, and Profit

Income Distribution and Poverty

International Trade

International Finance

Filters

Exam 14: Demand in the Factor Market

Using the table, how many units of land, labor, and capital would you hire?

Fill in the above table.

If the demand for fast food declines sharply, the marginal revenue product curve for fast food workers will

As output rises,

White-collar employment has risen sharply since the introduction of computers, so clearly the

Use the following Table to answe the question : -The maximum number of workers hired is

When the productivity of a resource declines, its ________ and its _________ also declines.

The demand for an input is called a derived demand because

The marginal revenue product schedule for land refers to

How many workers would the firm hire if the wage rate were $459?

If a firm's marginal revenue product of labor is $100 and it pays a wage rate of $85,

Is the firm a perfect competitor or an imperfect competitor?

Use the following Table to answer the question : -How many units of labor would you hire?

If the wage rate were $15, how many workers would be hired?

How many workers would the firm hire if the wage rate were $10?

Fill in the above table.

Suppose that the marginal revenue product of the eighth worker hired is $12 an hour and the wage rate is $10 an hour. We can say that

Use the figure below to answer the question When 2 units of labor are used, output is

A firm uses 10 acres of land and pays $2,000 rent for each acre. If the 10th acre has an MRP of $3,000, then the firm is using ________ acres of land.

A technological advance that increases the marginal product of labor will

A Brief Economic History of the United States

Resource Utilization

The Mixed Economy

Supply and Demand

Demand, Supply, and Equilibrium

The Price Elasticities of Demand and Supply

Theory of Consumer Behavior

Cost

Profit, Loss, and Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Corporate Mergers and Antitrust

Labor Unions

Labor Markets and Wage Rates

Rent, Interest, and Profit

Income Distribution and Poverty

International Trade

International Finance

Filters

When the productivity of a resource declines, its and its _ also declines.