Question 1

If the wage rate were $250, how many workers would be hired?

Accepted Answer

The answer of If the wage rate were $250, how...

Question 2

All of the following will decrease the demand for labor by firms in an industry except

Accepted Answer

A) a decrease in the prices of inputs that complement labor. 
B) a decrease in the demand for the product produced by the industry. 
C) a decrease in the price of the product produced by the industry. 
D) a decrease in the prices of inputs that substitute for labor. 
A) a decrease in the prices of inputs that complement labor. 
B) a decrease in the demand for the product produced by the industry. 
C) a decrease in the price of the product produced by the industry. 
D) a decrease in the prices of inputs that substitute for labor.

Question 3

Demand for a factor can shift for all of the following reasons except?

Accepted Answer

A) Change in demand for the final product 
B) Change in the factor's price 
C) Change in the price of other factors 
D) Change in technology 
A) Change in demand for the final product 
B) Change in the factor's price 
C) Change in the price of other factors 
D) Change in technology

Question 4

As the price of washing machines fell, tens of millions of housewives substituted _______ for ______.

Accepted Answer

The answer of As the price of washing machines fell,...

Question 5

A firm has 8 workers and each earns $100 a day. If the 8th worker has an MRP of $80, then the firm has _______ workers.

Accepted Answer

The answer of A firm has 8 workers and each...

Question 6

An increase in rent would

Accepted Answer

A) increase the demand for land. 
B) decrease the demand for land. 
C) increase the supply of land. 
D) decrease the supply of land. 
E) None of the choices are correct. 
A) increase the demand for land. 
B) decrease the demand for land. 
C) increase the supply of land. 
D) decrease the supply of land. 
E) None of the choices are correct.

Question 7

The MRP is the additional ___________ obtained by using one more unit of input.

Accepted Answer

The answer of The MRP is the additional ___________ obtained...

Question 8

The demand for labor is called a derived demand because it is derived from the

Accepted Answer

A) productivity of labor. 
B) amount of labor available at different wages. 
C) demand for firms' outputs. 
D) supply of the firm's products. 
A) productivity of labor. 
B) amount of labor available at different wages. 
C) demand for firms' outputs. 
D) supply of the firm's products.

Question 9

If the productivity of an assembly line worker rises from 6 rivets per minute to 9 rivets per minute, we can say that her productivity

Accepted Answer

A) fell by 50%. 
B) stayed the same. 
C) rose by 50%. 
D) rose by 100%. 
A) fell by 50%. 
B) stayed the same. 
C) rose by 50%. 
D) rose by 100%.

Question 10

Use the following Table to answe the question : 
 
-If the wage rate were $200, how many workers would be hired?

Accepted Answer

A) 3 
B) 4 
C) 5 
D) 6 
E) 7 
A) 3 
B) 4 
C) 5 
D) 6 
E) 7

Question 11

A decrease in the wage rate will change the amount of ________ employed, and it may also change __________.

Accepted Answer

labor; the

Question 12

If the prices of cars doubled, the MRP schedule for autoworkers would

Accepted Answer

A) rise. 
B) fall. 
C) stay about the same. 
A) rise. 
B) fall. 
C) stay about the same.

Question 13

If the MRP of the last acre of land hired is lower than the rent, the firm has hired _______.

Accepted Answer

too many a

Question 14

You operate a shop that repairs TVs and VCRs. The going wage rate in a competitive market for skilled repair people is $18 per hour. Given the current demand for your services, the marginal revenue product of your repair people is $28 per hour.
-If you were to employ one more hour of a repair person's services you would

Accepted Answer

A) increase your profit by $28. 
B) increase your profit by $18. 
C) increase your profit by $10. 
D) not increase your profit at all. 
E) decrease your profit. 
A) increase your profit by $28. 
B) increase your profit by $18. 
C) increase your profit by $10. 
D) not increase your profit at all. 
E) decrease your profit.

Question 15

Capital and labor are both ___________ and ___________ factors of production.

Accepted Answer

substitute

Question 16

Use the Table below  to answer the question :
 
The maximum number of machines you would use is

Accepted Answer

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

Question 17

All of the following affect the demand for labor by a firm except

Accepted Answer

A) the amount of labor that will be supplied at different wages. 
B) the level of demand for the firm's products. 
C) the marginal physical product of the labor. 
D) the marginal revenue the firm receives for its products. 
A) the amount of labor that will be supplied at different wages. 
B) the level of demand for the firm's products. 
C) the marginal physical product of the labor. 
D) the marginal revenue the firm receives for its products.

Question 18

The demand for a resource rises as

Accepted Answer

A) its productivity rises and the relative prices of substitutable resources rise. 
B) its productivity rises and prices of substitutable resources fall. 
C) its productivity falls and the relative prices of substitutable resources fall. 
D) its productivity falls and prices of substitutable resources fall. 
A) its productivity rises and the relative prices of substitutable resources rise. 
B) its productivity rises and prices of substitutable resources fall. 
C) its productivity falls and the relative prices of substitutable resources fall. 
D) its productivity falls and prices of substitutable resources fall.

Question 19

If the MRP of labor were $50 and the wage rate were $100,

Accepted Answer

A) exactly the right amount of labor is being used. 
B) not enough labor is being used. 
C) only half as much labor is being used as should be used. 
D) too much labor is being used. 
A) exactly the right amount of labor is being used. 
B) not enough labor is being used. 
C) only half as much labor is being used as should be used. 
D) too much labor is being used.

Question 20

In general, as units of resource inputs rise, the marginal revenue product

Accepted Answer

A) rises faster under imperfect competition than under perfect competition. 
B) rises faster under perfect competition than under imperfect competition. 
C) falls faster under perfect competition than under imperfect competition. 
D) falls faster under imperfect competition than under perfect competition. 
A) rises faster under imperfect competition than under perfect competition. 
B) rises faster under perfect competition than under imperfect competition. 
C) falls faster under perfect competition than under imperfect competition. 
D) falls faster under imperfect competition than under perfect competition.

If the wage rate were $250, how many workers would be hired?

All of the following will decrease the demand for labor by firms in an industry except

Demand for a factor can shift for all of the following reasons except?

As the price of washing machines fell, tens of millions of housewives substituted _ for .

A firm has 8 workers and each earns $100 a day. If the 8th worker has an MRP of $80, then the firm has _______ workers.

An increase in rent would

The MRP is the additional ___________ obtained by using one more unit of input.

The demand for labor is called a derived demand because it is derived from the

If the productivity of an assembly line worker rises from 6 rivets per minute to 9 rivets per minute, we can say that her productivity

Use the following Table to answe the question : -If the wage rate were $200, how many workers would be hired?

A decrease in the wage rate will change the amount of employed, and it may also change __.

If the prices of cars doubled, the MRP schedule for autoworkers would

If the MRP of the last acre of land hired is lower than the rent, the firm has hired _______.

Capital and labor are both _ and _ factors of production.

Use the Table below to answer the question : The maximum number of machines you would use is

All of the following affect the demand for labor by a firm except

The demand for a resource rises as

If the MRP of labor were $50 and the wage rate were $100,

In general, as units of resource inputs rise, the marginal revenue product

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

If the wage rate were $250, how many workers would be hired?

All of the following will decrease the demand for labor by firms in an industry except

Demand for a factor can shift for all of the following reasons except?

As the price of washing machines fell, tens of millions of housewives substituted _______ for ______.

A firm has 8 workers and each earns $100 a day. If the 8th worker has an MRP of $80, then the firm has _______ workers.

An increase in rent would

The MRP is the additional ___________ obtained by using one more unit of input.

The demand for labor is called a derived demand because it is derived from the

If the productivity of an assembly line worker rises from 6 rivets per minute to 9 rivets per minute, we can say that her productivity

Use the following Table to answe the question : -If the wage rate were $200, how many workers would be hired?

A decrease in the wage rate will change the amount of ________ employed, and it may also change __________.

If the prices of cars doubled, the MRP schedule for autoworkers would

If the MRP of the last acre of land hired is lower than the rent, the firm has hired _______.

Capital and labor are both ___________ and ___________ factors of production.

Use the Table below to answer the question : The maximum number of machines you would use is

All of the following affect the demand for labor by a firm except

The demand for a resource rises as

If the MRP of labor were $50 and the wage rate were $100,

In general, as units of resource inputs rise, the marginal revenue product

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

As the price of washing machines fell, tens of millions of housewives substituted _ for .

A decrease in the wage rate will change the amount of employed, and it may also change __.

Capital and labor are both _ and _ factors of production.