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Chapter 18 The Markets for the Factors of Production

Test B
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Which of the following would be considered capital? a. Tiger Woods golf clubs b. Greg Mankiws Ph.D. c. a West Virginia coal ine d. the !ansas "it# "hiefs defensi$e coach %&'W()* a. Tiger Woods golf clubs T+P(* M !(+1*D '("T,-&* 1 -./("T,V(* 1 )%&D-M* +
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The ost i portant factor of product based on inco e earned in the 1.'. econo # is a. land. b. labor. c. capital. d. profit. %&'W()* b. labor. T+P(* M !(+1*D '("T,-&* 1 -./("T,V(* 1 )%&D-M* +
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Deri$ed de and refers to the fact that the de and for a factor of production is deri$ed fro a. suppl# of that factor of production. b. le$el of a fir s in$est ent. c. de and for the product it produces. d. e3uilibriu price for that factor of production in the arket. %&'W()* c. de and for the product it produces. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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the

% production function shows the relationship between the 3uantit# of a. inputs used to ake a good and the cost associated with those inputs. b. inputs used to ake a good and the 3uantit# of output of that good. c. output of a good and the a ount of profit a fir akes fro the sale of that good. d. inputs used to ake a good and the total re$enue generated b# the sale of that good. %&'W()* b. inputs used to ake a good and the 3uantit# of output of that good. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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The $alue of the arginal product cur$e is downward sloping because a. as fir s hire additional workers6 profit for the fir declines. b. of the law of di inishing arginal product. c. as fir s hire additional workers6 the# are forced to hire less73ualified workers. d. fir s ust lower the price of their product in order to sell ore of it. %&'W()* b. of the law of di inishing arginal product. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +

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0:4 "hapter 1;<The Markets for the =actors of Production


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The increase in the a ount of output fro an additional unit of labor is called a. deri$ed de and. b. di inishing arginal product. c. factors of production. d. the arginal product of labor. %&'W()* d. the arginal product of labor. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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=or a profit7 a@i iAing fir 6 the decision to e plo# an additional worker is based on how a. long the worker plans to sta# with the co pan#. b. profitable that worker will be to the fir . c. uch of the product the worker can produce. d. uch e@perience the worker has with that t#pe of Bob. %&'W()* b. profitable that worker will be to the fir . T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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The $alue of the arginal product of labor is e3ual to a. total output di$ided b# the 3uantit# of labor. b. the price of the output the labor produced. c. the arginal product of labor ti es the price of the output. d. the suppl# cur$e for labor. %&'W()* c. the arginal product of labor ti es the price of the output. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* + NOTE: THE FOLLOWING QUESTION IS REPEATED FROM THE ON LINE QUI!!ES" #OUR STUDENTS MA# HA$E ALREAD# SEEN THIS QUESTION AND ITS ANSWER"
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The co petiti$e6 profit7 a@i iAing fir s de and for labor cur$e is a. a horiAontal line in perfectl# co petiti$e industries. b. t#picall# ore elastic than the de and for the product the fir s are producing. c. e3ual to the suppl# of labor when arkets are in e3uilibriu . d. e3ual to the $alue of the arginal product of labor cur$e. %&'W()* d. e3ual to the $alue of the arginal product of labor cur$e. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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,f the price of tele$isions falls6 the $alue of the arginal product of workers a. definitel# fall. b. definitel# rise. c. not change. d. fall or riseD we do not ha$e enough infor ation to know for certain. %&'W()* a. definitel# fall. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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aking tele$isions will

,f !ansans begin o$ing to "olorado to li$e because of the beautiful scener#6 we would e@pect a. fir s to auto aticall# relocate to !ansas. b. the suppl# of labor to increase in !ansas and decrease in "olorado. c. the suppl# of labor to increase in "olorado and decrease in !ansas. d. wages to increase in "olorado and decrease in !ansas. %&'W()* c. the suppl# of labor to increase in "olorado and decrease in !ansas. T+P(* M !(+1*D '("T,-&*0 -./("T,V(* 0 )%&D-M* + NOTE: THE FOLLOWING QUESTION IS REPEATED FROM THE ON LINE QUI!!ES" #OUR STUDENTS MA# HA$E ALREAD# SEEN THIS QUESTION AND ITS ANSWER"

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"hapter 1;<The Markets for the =actors of Production 0:5


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Plainco "orporations sells widgets for E2 each in a arket that is perfectl# co petiti$e. ,ncreasing the nu ber of Plainco workers fro 16::: to 16::1 would cause output to rise fro >15 to >05 widgets per da#. Plainco should hire the 16::1st worker onl# when a. the wage is E2: or less per da#. b. the wage is ore than E2: per da#. c. the wage is E>.05 or less per da#. d. workers are willing to work on a piecework basis. %&'W()* a. the wage is E2: or less per da#. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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Which of the following would &-T increase the de and for labor? a. an increase in the final product price b. an increase in the a ount of capital a$ailable for workers to use c. an increase in the arginal producti$it# of workers d. an increase in the wage labor recei$es %&'W()* d. an increase in the wage labor recei$es T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* +
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(ach of the following is a ke# deter inant of labor producti$it# (F"(PT the a ount of a. hu an capital ac3uired through education and training. b. technological knowledge that is a$ailable. c. tools and e3uip ent that is a$ailable. d. annual growth the co pan# e@periences. %&'W()* d. annual growth the co pan# e@periences. T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* + NOTE: THE FOLLOWING QUESTION IS REPEATED FROM THE ON LINE QUI!!ES" #OUR STUDENTS MA# HA$E ALREAD# SEEN THIS QUESTION AND ITS ANSWER" &u ber of Workers : 1 0 2 4 5
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Total -utput : 4 1: 15 1C 00

The Wee Widget "o pan# has no control o$er either the wage it ust pa# or the price it recei$es for its product. "urrentl#6 the co pan# recei$es E2: for each unit sold. .ased on the schedule6 what is the arginal product of the second worker? a. 2 b. 4 c. 5 d. > %&'W()* d. > T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* + NOTE: THE FOLLOWING QUESTION IS REPEATED FROM THE ON LINE QUI!!ES" #OUR STUDENTS MA# HA$E ALREAD# SEEN THIS QUESTION AND ITS ANSWER" &u ber of Workers : 1 0 2 Total -utput : 4 1: 15

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0:> "hapter 1;<The Markets for the =actors of Production 4 5


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1C 00

The Wee Widget "o pan# has no control o$er either the wage it ust pa# or the price it recei$es for its product. "urrentl#6 the co pan# recei$es E2: for each unit sold and ust pa# each worker EC:. .ased on the schedule6 how an# workers should the co pan# hire? a. 1 b. 0 c. 4 d. 5 %&'W()* d. 5 T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +

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%ccording to the graph shown6 if a fir were currentl# operating at GH6 hiring a. increase profit. b. decrease profit. c. increase arginal product. d. gi$e this fir an ad$antage o$er its co petitors. %&'W()* b. decrease profit. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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ore workers would

The $alue of the arginal product cur$e is also a fir s a. total re$enue cur$e. b. suppl# cur$e for labor. c. de and cur$e for labor. d. production function. %&'W()* c. de and cur$e for labor. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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,f the price of Godi$a chocolates increases6 we would e@pect that this co pan#s wages will a. rise and fewer workers will be hired. b. fall and ore workers will be hired. c. rise and ore workers will be hired. d. fall and fewer workers will be hired. %&'W()* c. rise and ore workers will be hired. T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* +

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"hapter 1;<The Markets for the =actors of Production 0:?


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Workers who ac3uire additional training or education should e@pect a. a wage increase6 since the# now should be ore producti$e. b. to be fired6 since the# are now o$er3ualified for their Bob. c. to be re3uired to train other workers for the fir . d. to ha$e less need for ph#sical capital associated with their Bob. %&'W()* a. a wage increase6 since the# now should be ore producti$e. T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* +
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%n orange grower in =lorida who loses ost of his orange trees to a hard freeAe should e@pect the producti$it# of his capital to a. increase. b. decrease. c. sta# the sa e. d. be negati$e. %&'W()* b. decrease. T+P(* M !(+1*D '("T,-&*4 -./("T,V(* 5 )%&D-M*+
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arginal

% co petiti$e6 profit7 a@i iAing fir will choose to hire workers up to the point where the $alue of the arginal product a. is e3ual to the wage. b. begins to decrease. c. begins to increase. d. is e3ual to the price of the good being produced. %&'W()* a. is e3ual to the wage. T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* +
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%n upward7sloping suppl# cur$e eans that a. workers prefer to work less when wages are high. b. workers prefer to bu# ore leisure ti e when their inco es increase. c. an increase in wages causes workers to increase the 3uantit# of labor the# suppl#. d. workers will atte pt to bu# ore leisure ti e and suppl# ore labor when wages rise. %&'W()* c. an increase in wages causes workers to increase the 3uantit# of labor the# suppl#. T+P(* M !(+1*D '("T,-&*0 -./("T,V(* 0 )%&D-M* +
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Gi$en a downward7sloping de and for labor cur$e6 if the suppl# of labor increases6 we would e@pect a. fir s will choose to hire fewer workers. b. a shortage of workers in ost industries. c. the e3uilibriu wage to fall. d. the $alue of the arginal product of labor to rise. %&'W()* c. the e3uilibriu wage to fall. T+P(* M !(+1*D '("T,-&*0 -./("T,V(* 0 )%&D-M* +
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The price paid to an# factor of production a. decreases when the de and for that factor increases. b. is e3ual to the $alue of the arginal product of that factor. c. increases as ore of the factor is used in the production process. d. will be greater than the $alue of the arginal product of that factor if the fir %&'W()* b. is e3ual to the $alue of the arginal product of that factor. T+P(* M !(+1*D '("T,-&*4 -./("T,V(* 4 )%&D-M* +

is a profit7 a@i iAer.

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%&'W()* a. Tiger Woods golf clubs T+P(* M !(+1*D '("T,-&* 1 -./("T,V(* 1 )%&D-M* +
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%&'W()* b. labor. T+P(* M !(+1*D '("T,-&* 1 -./("T,V(* 1 )%&D-M* +


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%&'W()* c. de and for the product it produces. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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%&'W()* b. inputs used to ake a good and the 3uantit# of output of that good. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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%&'W()* b. of the law of di inishing T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +


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arginal product.

%&'W()* d. the arginal product of labor. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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%&'W()* b. profitable that worker will be to the fir . T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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%&'W()* c. the arginal product of labor ti es the price of the output. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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%&'W()* d. e3ual to the $alue of the T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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arginal product of labor cur$e.

%&'W()* a. definitel# fall. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +


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%&'W()* c. the suppl# of labor to increase in "olorado and decrease in !ansas. T+P(* M !(+1*D '("T,-&*0 -./("T,V(* 0 )%&D-M* +
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%&'W()* a. the wage is E2: or less per da#. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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%&'W()* d. an increase in the wage labor recei$es T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* +
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%&'W()* d. annual growth the co pan# e@periences. T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* +
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%&'W()* d.

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T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +


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%&'W()* d. 5 T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +


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%&'W()* b. decrease profit. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +


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%&'W()* c. de and cur$e for labor. T+P(* M !(+1*D '("T,-&*1 -./("T,V(* 1 )%&D-M* +
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%&'W()* c. rise and ore workers will be hired. T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* +
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%&'W()* a. a wage increase6 since the# now should be T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* +
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ore producti$e.

%&'W()* b. decrease. T+P(* M !(+1*D '("T,-&*4 -./("T,V(* 5 )%&D-M*+


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%&'W()* a. is e3ual to the wage. T+P(* M !(+1*D '("T,-&*2 -./("T,V(* 2 )%&D-M* +


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%&'W()* c. an increase in wages causes workers to increase the 3uantit# of labor the# suppl#. T+P(* M !(+1*D '("T,-&*0 -./("T,V(* 0 )%&D-M* +
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%&'W()* c. the e3uilibriu wage to fall. T+P(* M !(+1*D '("T,-&*0 -./("T,V(* 0 )%&D-M* +
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%&'W()* b. is e3ual to the $alue of the T+P(* M !(+1*D '("T,-&*4 -./("T,V(* 4 )%&D-M* +

arginal product of that factor.