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.To maximize profits,Laura should employ _____ workers.

A) 2 B) 3 C) 4 D) 6 A) 2 B) 3 C) 4 D) 6

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.What is the value of the marginal product for the fourth worker?

A) 5 cakes B) $50 C) $210 D) 21 cakes A) 5 cakes B) $50 C) $210 D) 21 cakes

Exam 19: Factor Markets and the Distribution of Income

Use the following to answer questions : Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers)Use Figure: The Demand for Bricklayers.The equilibrium market wage for bricklayers is $100.For a profit-maximizing firm at the equilibrium level of output,the VMPL_Bricklayers:

(Multiple Choice)

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Question 21

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.To maximize profits,Laura should employ _____ workers.

(Multiple Choice)

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Question 22

A leftward shift in the labour supply curve might result from:

(Multiple Choice)

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Question 23

If the extra output that is produced by hiring one more unit of labour adds more to _ than to _,the firm will increase its profit by increasing the use of labour.

(Multiple Choice)

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Question 24

Using standard economic theory,a firm should continue hiring workers until:

(Multiple Choice)

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Question 25

A small university employs two economists.Rob has been employed by the university for 15 years,and Nasrin has been employed for 1 year.Rob's salary is significantly higher than Nasrin's,although both have their doctoral degrees in economics.Each professor averages one publication per year,and both are excellent teachers.Given this information,the wage difference is BEST explained by:

(Multiple Choice)

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Question 26

A factor demand curve will shift to the left because of a(n)_ in the price of the _.

(Multiple Choice)

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Question 27

The trade-off between work and leisure underlying the supply of labour involves the substitution effect and the _____ effect.

(Multiple Choice)

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Question 28

John is an entrepreneur who owns an auto body repair shop.John's business is booming,and his salary is rising.John's labour supply curve will be _ if the substitution effect is _ the income effect.

(Multiple Choice)

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Question 29

An efficiency wage is:

(Multiple Choice)

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Question 30

In terms of labour supply,the substitution effect of a higher wage causes a(n):

(Multiple Choice)

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Question 31

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.What is the value of the marginal product for the fourth worker?

(Multiple Choice)

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Question 32

If the demand for orange juice increases,the derived demand for orange grove workers will decrease.

(True/False)

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Question 33

When each factor is paid an amount equal to the value of the marginal product of the last unit of that factor employed in the factor market as a whole,this is:

(Multiple Choice)

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Question 34

A lumberjack cutting large trees in rural British Colombia being paid more than a person cutting and selling small Christmas trees is an example of wage disparity due primarily to differences in human capital.

(True/False)

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Question 35

For the Blue Jays baseball team,the value of the marginal product curve is the team's labour _ curve.This means that the marginal product curve has a _ slope.

(Multiple Choice)

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Question 36

Differences in talent and ability of workers resulting in differences in their wages are consistent with the marginal productivity theory of income distribution.

(True/False)

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Question 37

A change in the wage rate will shift the supply curve in the market for labour.

(True/False)

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Question 38

The marginal productivity theory of income distribution says that:

(Multiple Choice)

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Question 39

Lisa works 46 hours a week at $10 an hour.If her wage increases to $16.50:

(Multiple Choice)

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Question 40

Showing 21 - 40 of 317

Use the following to answer questions : Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers)Use Figure: The Demand for Bricklayers.The equilibrium market wage for bricklayers is $100.For a profit-maximizing firm at the equilibrium level of output,the VMPL_Bricklayers:

A leftward shift in the labour supply curve might result from:

If the extra output that is produced by hiring one more unit of labour adds more to _ than to _,the firm will increase its profit by increasing the use of labour.

Using standard economic theory,a firm should continue hiring workers until:

A factor demand curve will shift to the left because of a(n)_ in the price of the _.

The trade-off between work and leisure underlying the supply of labour involves the substitution effect and the _____ effect.

John is an entrepreneur who owns an auto body repair shop.John's business is booming,and his salary is rising.John's labour supply curve will be _ if the substitution effect is _ the income effect.

An efficiency wage is:

In terms of labour supply,the substitution effect of a higher wage causes a(n):

If the demand for orange juice increases,the derived demand for orange grove workers will decrease.

When each factor is paid an amount equal to the value of the marginal product of the last unit of that factor employed in the factor market as a whole,this is:

A lumberjack cutting large trees in rural British Colombia being paid more than a person cutting and selling small Christmas trees is an example of wage disparity due primarily to differences in human capital.

For the Blue Jays baseball team,the value of the marginal product curve is the team's labour _ curve.This means that the marginal product curve has a _ slope.

Differences in talent and ability of workers resulting in differences in their wages are consistent with the marginal productivity theory of income distribution.

A change in the wage rate will shift the supply curve in the market for labour.

The marginal productivity theory of income distribution says that:

Lisa works 46 hours a week at $10 an hour.If her wage increases to $16.50:

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

Exam 19: Factor Markets and the Distribution of Income

Use the following to answer questions : Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers)Use Figure: The Demand for Bricklayers.The equilibrium market wage for bricklayers is $100.For a profit-maximizing firm at the equilibrium level of output,the VMPLBricklayers:

A leftward shift in the labour supply curve might result from:

If the extra output that is produced by hiring one more unit of labour adds more to _____ than to _____,the firm will increase its profit by increasing the use of labour.

Using standard economic theory,a firm should continue hiring workers until:

A factor demand curve will shift to the left because of a(n)_____ in the price of the _____.

The trade-off between work and leisure underlying the supply of labour involves the substitution effect and the _____ effect.

John is an entrepreneur who owns an auto body repair shop.John's business is booming,and his salary is rising.John's labour supply curve will be _____ if the substitution effect is _____ the income effect.

An efficiency wage is:

In terms of labour supply,the substitution effect of a higher wage causes a(n):

If the demand for orange juice increases,the derived demand for orange grove workers will decrease.

When each factor is paid an amount equal to the value of the marginal product of the last unit of that factor employed in the factor market as a whole,this is:

A lumberjack cutting large trees in rural British Colombia being paid more than a person cutting and selling small Christmas trees is an example of wage disparity due primarily to differences in human capital.

For the Blue Jays baseball team,the value of the marginal product curve is the team's labour _____ curve.This means that the marginal product curve has a _____ slope.

Differences in talent and ability of workers resulting in differences in their wages are consistent with the marginal productivity theory of income distribution.

A change in the wage rate will shift the supply curve in the market for labour.

The marginal productivity theory of income distribution says that:

Lisa works 46 hours a week at $10 an hour.If her wage increases to $16.50:

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

Use the following to answer questions : Figure: The Demand for Bricklayers -(Figure: The Demand for Bricklayers)Use Figure: The Demand for Bricklayers.The equilibrium market wage for bricklayers is $100.For a profit-maximizing firm at the equilibrium level of output,the VMPL_Bricklayers:

If the extra output that is produced by hiring one more unit of labour adds more to _ than to _,the firm will increase its profit by increasing the use of labour.

A factor demand curve will shift to the left because of a(n)_ in the price of the _.

John is an entrepreneur who owns an auto body repair shop.John's business is booming,and his salary is rising.John's labour supply curve will be _ if the substitution effect is _ the income effect.

For the Blue Jays baseball team,the value of the marginal product curve is the team's labour _ curve.This means that the marginal product curve has a _ slope.