Use the following to answer questions : \[\begin{array}{l} \text { Table: Total Product of Labour at Debbie's Bakery }\\ \begin{array} { l c } \begin{array} { l } \text { Quantity of Labour } \\ \text { (workers) } \end{array} & \begin{array} { c } \text { Total Product of Labour } \\ \text { (cakes per worker) } \end{array} \\ \hline 0 & 0 \\ 1 & 3 \\ 2 & 10 \\ 3 & 16 \\ 4 & 21 \\ 5 & 25 \\ 6 & 28 \end{array} \end{array}\] -(Table: Total Product of Labour at Debbie's Bakery)Use Table: Total Product of Labour at Debbie's Bakery.Debbie can sell cakes at $10 each.If Debbie must pay each worker $40 per day,how many workers will she hire to maximize profit?

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

A) consists of man-made resources such as buildings and machines. B) is the improvement in labour produced by education and knowledge that is embodied in the workforce. C) has become less important because of the progress in technology. D) is the improvement in labour produced by education,which has become less important because of the progress in technology. A) consists of man-made resources such as buildings and machines. B) is the improvement in labour produced by education and knowledge that is embodied in the workforce. C) has become less important because of the progress in technology. D) is the improvement in labour produced by education,which has become less important because of the progress in technology.

Use the following to answer questions : Scenario: The Decision to Hire Labour Assume that both the product market and the labour market are perfectly competitive.The price of this firm's product is $5.The firm's total product with respect to labour is given in the table that follows. $\begin{array}{llcc} \hline \text { Quantity } & \\ \text { of Labour } & \text { Quantity } \\ \text { (workers) } & \text {of Output }\\ \hline 0&0\\ 1 &7\\ 2 &13\\ 3&18\\ 4&21\\ \hline \end{array}$ -(Scenario: The Decision to Hire Labour)Use Scenario: The Decision to Hire Labour.This firm experiences diminishing marginal product after it hires the _____ worker.

A) first B) second C) third D) fourth A) first B) second C) third D) fourth

Exam 19: Factor Markets and the Distribution of Income

Use the following to answer questions : Figure: Equilibrium in the Labour Market -The marginal productivity theory of income distribution assumes that factor markets are:

(Multiple Choice)

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Question 261

The individual producer's labour demand curve is the:

(Multiple Choice)

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Question 262

Use the following to answer questions : Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers)Use Figure: The Demand for Bricklayers.If the equilibrium market wage for bricklayers is $100 per day,_____ bricklayers will be hired by this masonry firm.

(Multiple Choice)

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Question 263

Suppose that a firm sells a good for a perfectly competitive price of $5.The equilibrium wage rate is $10.The first worker it hires produces five units.Two workers produce a total of nine units.If it hires 2 workers,the value of marginal product for the second worker is:

(Multiple Choice)

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Question 264

The invention of labour-saving appliances has decreased the supply of labour in Canada.

(True/False)

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Question 265

Use the following to answer questions : Table: Total Product of Labour at Debbie's Bakery Quantity of Labour (workers) Total Product of Labour (cakes per worker) 0 0 1 3 2 10 3 16 4 21 5 25 6 28 -(Table: Total Product of Labour at Debbie's Bakery)Use Table: Total Product of Labour at Debbie's Bakery.Debbie can sell cakes at $10 each.If Debbie must pay each worker $40 per day,how many workers will she hire to maximize profit?

(Multiple Choice)

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Question 266

The clearest sign of discrimination against an individual is that they are paid less than the value of their marginal productivity.

(True/False)

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Question 267

Human capital:

(Multiple Choice)

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Question 268

Firms that engage in discrimination are usually more profitable than firms that don't discriminate.

(True/False)

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Question 269

In 2015,about 69% of all unionized employees working belonged to national unions.

(True/False)

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Question 270

Unions are organizations of workers that try to raise wages and improve working conditions for their members through collective bargaining with employers.

(True/False)

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Question 271

The equilibrium value of the marginal product of a factor is the additional value produced by the most productive unit of that factor employed in the factor market as a whole.

(True/False)

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Question 272

Use the following to answer questions : Figure: Equilibrium in the Labour Market -At Hamill Manufacturing of Alberta,highly skilled senior machinists are paid $70 000,excluding benefits,but the average-skilled machinist generates approximately $137 000 in value added.This difference is due to the fact that the:

(Multiple Choice)

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Question 273

An example of the substitution effect dominating the income effect occurs when people take summer vacations rather than winter vacations,even though their pay is the same year-round.

(True/False)

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Question 274

The value of the marginal product is the:

(Multiple Choice)

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Question 275

Use the following to answer questions : Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers)Use Figure: The Demand for Bricklayers.If there is an increase in technology that increases the productivity of bricklayers,then the value of the marginal product of the sixth bricklayer will be _ than _.

(Multiple Choice)

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Question 276

Use the following to answer questions : Scenario: The Decision to Hire Labour Assume that both the product market and the labour market are perfectly competitive.The price of this firm's product is $5.The firm's total product with respect to labour is given in the table that follows. Quantity of Labour Quantity (workers) of Output 0 0 1 7 2 13 3 18 4 21 -(Scenario: The Decision to Hire Labour)Use Scenario: The Decision to Hire Labour.This firm experiences diminishing marginal product after it hires the _____ worker.

(Multiple Choice)

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Question 277

Use the following to answer questions : Table: Workers and Corn Output Numbers of Workers Output of Corn (units of corn) 0 0 1 30 2 58 3 79 4 94 5 104 6 108 7 110 -(Table: Workers and Corn Output)Use Table: Workers and Corn Output.Laura is a price-taking farmer who produces corn.Assume that the wage rate for workers is $130 and the price per kilogram of corn is $10.Suppose that Laura acquires more land and as a result the output that can be produced by any given number of workers doubles.Laura should hire _____ workers to maximize profits.

(Multiple Choice)

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Question 278

Factor demand is called derived demand because it:

(Multiple Choice)

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Question 279

Use the following to answer questions : Figure: The Value of the Marginal Product Curve -(Figure: The Value of the Marginal Product Curve)Use Figure: The Value of the Marginal Product Curve.In the figure,if the price of the good increases and everything else stays the same,then the profit-maximizing quantity of labour:

(Multiple Choice)

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Question 280

Showing 261 - 280 of 317

Use the following to answer questions : Figure: Equilibrium in the Labour Market -The marginal productivity theory of income distribution assumes that factor markets are:

The individual producer's labour demand curve is the:

Use the following to answer questions : Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers)Use Figure: The Demand for Bricklayers.If the equilibrium market wage for bricklayers is $100 per day,_____ bricklayers will be hired by this masonry firm.

Suppose that a firm sells a good for a perfectly competitive price of $5.The equilibrium wage rate is $10.The first worker it hires produces five units.Two workers produce a total of nine units.If it hires 2 workers,the value of marginal product for the second worker is:

The invention of labour-saving appliances has decreased the supply of labour in Canada.

The clearest sign of discrimination against an individual is that they are paid less than the value of their marginal productivity.

Human capital:

Firms that engage in discrimination are usually more profitable than firms that don't discriminate.

In 2015,about 69% of all unionized employees working belonged to national unions.

Unions are organizations of workers that try to raise wages and improve working conditions for their members through collective bargaining with employers.

The equilibrium value of the marginal product of a factor is the additional value produced by the most productive unit of that factor employed in the factor market as a whole.

An example of the substitution effect dominating the income effect occurs when people take summer vacations rather than winter vacations,even though their pay is the same year-round.

The value of the marginal product is the:

Factor demand is called derived demand because it:

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve- Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

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Monopolistic Competition

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Public Goods and Common Resources

The Economics of the Welfare State

Uncertainty, risk, and Private Information

Graphs in Economics

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