Use the following to answer questions : \[\begin{array}{l} \text { Table: Workers and Corn Output }\\ \begin{array} { l c } \hline \begin{array} { l } \text { Numbers } \\ \text { of Workers } \end{array} & \begin{array} { c } \text { Output } \\ \text { of Corn } \\ \text { (units of corn) } \end{array} \\ \hline 0 & 0 \\ 1 & 30 \\ 2 & 58 \\ 3 & 79 \\ 4 & 94 \\ 5 & 104 \\ 6 & 108 \\ 7 & 110 \\ \hline \end{array} \end{array}\] -(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 $250 and the price per kilogram of corn is $20.Laura should hire _____ workers to maximize profits.

A) 1 B) 2 C) 4 D) 7 A) 1 B) 2 C) 4 D) 7

Use the following to answer questions : \[\begin{array}{l} \text { Table: Workers and Corn Output }\\ \begin{array} { l c } \hline \begin{array} { l } \text { Numbers } \\ \text { of Workers } \end{array} & \begin{array} { c } \text { Output } \\ \text { of Corn } \\ \text { (units of corn) } \end{array} \\ \hline 0 & 0 \\ 1 & 30 \\ 2 & 58 \\ 3 & 79 \\ 4 & 94 \\ 5 & 104 \\ 6 & 108 \\ 7 & 110 \\ \hline \end{array} \end{array}\] -(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 $125 and the price per kilogram of corn is $10.Suppose that Laura is employing 7 workers.If she reduces employment to 6 workers,her profits will:

A) increase by $20. B) decrease by $970. C) increase by $105. D) increase by $90. A) increase by $20. B) decrease by $970. C) increase by $105. D) increase by $90.

Exam 19: Factor Markets and the Distribution of Income

Wage differences between men and women and among various ethnic groups are proof that the marginal productivity theory of income distribution is invalid.

(True/False)

4.9/5

(30)

Question 281

Which factor does NOT partially explain wage differentials?

(Multiple Choice)

4.8/5

(40)

Question 282

People who have higher levels of human capital will tend to:

(Multiple Choice)

4.9/5

(40)

Question 283

If John's wage increases from $10 to $12 per hour,his opportunity cost of leisure has increased.

(True/False)

4.8/5

(38)

Question 284

As a rule,a profit-maximizing restaurant owner employs each factor of production up to the point at which the value of the marginal product of the _ unit of the factor employed is _ that factor's price.

(Multiple Choice)

4.8/5

(29)

Question 285

The category "compensation of employees":

(Multiple Choice)

4.8/5

(37)

Question 286

Now that Naila has her bachelor's degree,she has decided to pursue her master's degree.Naila's choice of additional education is called an investment in:

(Multiple Choice)

4.8/5

(39)

Question 287

Wage differences across jobs that reflect the fact that some jobs are less pleasant than others are called:

(Multiple Choice)

4.7/5

(44)

Question 288

When a firm is a perfect competitor in the product market,its demand curve for labour will _ because the _ product declines as additional workers are hired.

(Multiple Choice)

4.7/5

(44)

Question 289

The firm's value of the marginal product of labour curve:

(Multiple Choice)

4.9/5

(31)

Question 290

Use the following to answer questions : Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers)Use Figure: The Demand for Bricklayers.If the price for bricks laid in the wall is $0.10 a brick,the total production of bricks by the first three bricklayers is _____ bricks.

(Multiple Choice)

4.9/5

(31)

Question 291

The marginal productivity theory of income distribution assumes that factor markets are perfectly competitive.

(True/False)

4.9/5

(36)

Question 292

G.Reecy's Hamburger Joint is a fast-food restaurant.Which factor is associated with production?

(Multiple Choice)

4.9/5

(37)

Question 293

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 $250 and the price per kilogram of corn is $20.Laura should hire _____ workers to maximize profits.

(Multiple Choice)

4.8/5

(40)

Question 294

Tim works 51 hours per week,and his wage is $35 per hour.If his wage increases to $70 per hour:

(Multiple Choice)

4.8/5

(35)

Question 295

In the Canadian labour market,women of all ethnicities have the highest median earnings of any of the major demographic groups discussed in the chapter.

(True/False)

4.9/5

(41)

Question 296

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 $125 and the price per kilogram of corn is $10.Suppose that Laura is employing 7 workers.If she reduces employment to 6 workers,her profits will:

(Multiple Choice)

4.8/5

(45)

Question 297

Suppose that the government increases the child tax credit,which increases the after-tax income of families with children.How will this decision affect the amount of labour supplied by parents,assuming that leisure is a normal good?

(Multiple Choice)

4.9/5

(36)

Question 298

Which factor is associated with production at a university?

(Multiple Choice)

4.8/5

(38)

Question 299

An increase in the market demand for electricians in the factor market might occur if the:

(Multiple Choice)

4.8/5

(32)

Question 300

Showing 281 - 300 of 317

Exam 19: Factor Markets and the Distribution of Income

Wage differences between men and women and among various ethnic groups are proof that the marginal productivity theory of income distribution is invalid.

Which factor does NOT partially explain wage differentials?

People who have higher levels of human capital will tend to:

If John's wage increases from $10 to $12 per hour,his opportunity cost of leisure has increased.

As a rule,a profit-maximizing restaurant owner employs each factor of production up to the point at which the value of the marginal product of the _____ unit of the factor employed is _____ that factor's price.

The category "compensation of employees":

Now that Naila has her bachelor's degree,she has decided to pursue her master's degree.Naila's choice of additional education is called an investment in:

Wage differences across jobs that reflect the fact that some jobs are less pleasant than others are called:

When a firm is a perfect competitor in the product market,its demand curve for labour will _____ because the _____ product declines as additional workers are hired.

The firm's value of the marginal product of labour curve:

Use the following to answer questions : Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers)Use Figure: The Demand for Bricklayers.If the price for bricks laid in the wall is $0.10 a brick,the total production of bricks by the first three bricklayers is _____ bricks.

The marginal productivity theory of income distribution assumes that factor markets are perfectly competitive.

G.Reecy's Hamburger Joint is a fast-food restaurant.Which factor is associated with production?

Tim works 51 hours per week,and his wage is $35 per hour.If his wage increases to $70 per hour:

In the Canadian labour market,women of all ethnicities have the highest median earnings of any of the major demographic groups discussed in the chapter.

Suppose that the government increases the child tax credit,which increases the after-tax income of families with children.How will this decision affect the amount of labour supplied by parents,assuming that leisure is a normal good?

Which factor is associated with production at a university?

An increase in the market demand for electricians in the factor market might occur if the:

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

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Uncertainty, risk, and Private Information

Graphs in Economics

Consumer Preferences

Indifference Curve Analysis

Filters

As a rule,a profit-maximizing restaurant owner employs each factor of production up to the point at which the value of the marginal product of the _ unit of the factor employed is _ that factor's price.

When a firm is a perfect competitor in the product market,its demand curve for labour will _ because the _ product declines as additional workers are hired.