Multiple-Choice Questions

  1. Question

    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
    The four principal classes of factors of production are
  2. Question

    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
    Because it results from the demand for automobiles, the demand for automobile workers is a/an
  3. Question

    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
    In the United States, the percentage of factor income earned by labor is close to
  4. Question

    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
    For a perfectly competitive firm in both the product market and the factor market, the demand curve for labor slopes downward due to
  5. Question

    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
    If marginal product is positive and falling as the firm hires more workers, then
  6. Question

    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
    Use the following production data for a firm operating in both a perfectly competitive product market and a perfectly competitive factor market to answer Questions
  7. Question

    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
    Assume the firm sells its product for $2 each and must pay each worker $8 per hour. What is the marginal revenue product of labor for the second worker?
  8. 730

    Question

    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
    Assume the firm sells its product for $2 each and must pay each worker $8 per hour. How many workers should the firm hire in order to maximize profit?
  9. Question

    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
    Which of the following would shift the demand curve for labor to the right?
  10. Question

    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
    Suppose a firm produces coffee mugs in a perfectly competitive output market. Which of the following would shift the firm’s demand curve for labor to the left?
  11. Question

    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
    Suppose a firm hires labor in a perfectly competitive labor market. If the marginal revenue product is less than the wage, the firm should definitely
  12. Question

    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
    Compared to the supply curve for capital, the supply curve for land is
  13. Question

    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
    The supply curve for labor slopes downward when
  14. Question

    e6e9sDcabx9MN15+6b/F/aeyyfdJiLwBjYEqzHhOBWTpVGwtplAxS6jXyDf2RAe6PPPdNo7L+sZdVU4fbRkxzFDLs0QFWFiR2IsK75YLlCKTA67XSHrnv1H+umfZY0ydxBR75I1DDLKAyw4udumi8Fqsk91awNfHeEpIHfy4pRyWeDIJGf63EeVE40waN/3EZ+A1bXhyjBPh0D5oZvbv23yh1LT1HJxC5KVp6xWT3IpBnQ2lA9kR2JM6gxZGjD32qfmNy4eKrcWeoHFvmZhRckt28NyLTX8JK0ee+uITfrpDKNxGHVc50MZ59tVFDOR+cDMW5jtpEK38TDeeEdCXLmqsP1Me/b+Xtzg6af53FesTLfjD/tQbm3Zkcld3ePmHAFGk0QTS1cebEk93rOfQaP7Dp2OolOdrp16VMhL4BtKqNsx8qTpesE01s1kE8Y1YRrUGrFEneO51M9BRkZNscF+EBpPHbOv2KeJ55llJVdXru4kxLoU1+ZpVFdAlOeedI/vnOQZT+THdMiVVYCdEYbbi/lEPOb2FPZVoarhCySHY+Rz2xIIYRTAHjM4Gt66VbRKC6MgXmDfyodNgdd5W611yVkQorvqzwyH4eVEj+cssJplSyxumtrDI0rMaQF/BCEp3g1xszQzHpIpS2KJDAvpyVaPm03Rl9BwG5DabNusfmy7/T4AhlDA3a6IX58HdGgL2MpAlFT+BUajY7S+2nCjtL8jmBE6orsRbvqh16+CNnuF6VydCHF+5KDn2vyao3kkHWuDLTzXoH9bfbvV7d4GI6hW5kCVza3icuCN5UDEl7S5UU0emoIM9ABCEFJiUCOPFnyaULuJjBIVuhCp6RK55w8HNX46ATEWvDkPjIHOxayr2ZUTLxXjwd7cgCOc3Gkc/ZX94j+Fh3AyJpdUGAvBHRxSZXnWJLkGcZt7g1mbzJNksQtt9NkfLs6E38JYQcxHc8G8YMaDApUnKYjJGa2pDANnRTslXqumklyXOlpGwLN1lZQ57e3MJCMyjaWBily0ol0VQWkcis0fy+6G+/wX6k8xho8T7k41HLgZiMK9/NWsADnHgdxV6f+vP7mpPjdH3Ur2lhfhToSpo5vlKmr7XDluls487+gDR8Ju9OUQILahoA5bUz/XPlNApCGMVQZ+1iA==
    The supply curve for labor may shift to the left due to
  15. Question

    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
    For a monopsony, the marginal factor cost of labor curve lies above the supply curve at every quantity of labor due to
  16. Question

    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
    Compared to a competitive labor market, a firm with monopsony power in the labor market would pay a
  17. Question

    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
    Assume an effective minimum wage is imposed on a monopsony labor market, and the minimum wage is set below the wage that would exist in a perfectly competitive market. Employment would
  18. Question

    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
    Assume a firm is operating as a monopolist in the product market and as a perfect competitor in the factor market. The firm’s demand curve for labor will be
  19. Question

    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
    If a former monopolist in the product market begins to face competition as firms enter the market, the firm’s demand curve for labor would
  20. 731

    Question

    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
    Suppose that a firm is currently producing its desired quantity of output and that the firm’s marginal product of labor is 20, its marginal product of capital is 100, the wage rate for labor is $5, and the rent for capital is $25. All data are per hour. The firm should
  21. Question

    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
    According to marginal productivity theory, a factor of production will be paid based on the
  22. Question

    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
    According to marginal productivity theory, wage inequality in perfectly competitive markets can be attributed to
  23. Question

    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
    An increase in which of the following practices would help to minimize wage inequality in labor markets?
  24. Question

    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
    Efficiency wages are wages that