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1、Microeconomics, 10e (Parkin) Chapter 18 Markets for Factors of Production 1 The Anatomy of Factor Markets 1) Which of the following groups lists the four factors of production? A) labor, capital, land, entrepreneurship B) labor, capital, land, money C) labor, money, land, entrepreneurshi

2、p D) labor, capital, money, entrepreneurship Answer: A Topic: Factors of Production Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 2) Profit is the factor price for ________ . A) capital B) land C) entrepreneurship D) labor Answer: C

3、 Topic: Factor Prices and Incomes Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 3) Coal is an example of A) a nonrenewable natural resource. B) a renewable natural resource. C) capital. D) a casual resource. Answer: A Topic: Study Guid

4、e Question, Nonrenewable Natural Resource Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 4) Water from the Mississippi river is an example of A) a nonrenewable natural resource. B) a renewable natural resource. C) capital. D) static resource

5、. Answer: B Topic: Study Guide Question, Nonrenewable Natural Resource Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 2 The Demand for a Factor of Production 1) The demand for a productive resource, not for its own sake, but for use in the

6、production of goods and services is called a ________. A) goods and services demand B) production demand C) derived demand D) resource demand Answer: C Topic: Derived Demand Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 2) The demand fo

7、r factor is driven by the demand for goods and services produced by that factor of production. This phenomenon is referred to as A) elastic demand. B) joint demand. C) inverse demand. D) derived demand. Answer: D Topic: Derived Demand Skill: Recognition Question history: Previous edition

8、, Chapter 18 AACSB: Reflective Thinking 3) The demand for labor is a derived demand because it is derived from A) the supply of labor. B) union pressure. C) the demand for the output the labor produces. D) natural law. Answer: C Topic: Derived Demand Skill: Recognition Question histo

9、ry: Previous edition, Chapter 18 AACSB: Reflective Thinking 4) Consider the demand for labor in the computer chip industry. The demand for labor A) is derived from the demand for computer chips. B) is shown by a perfectly elastic demand for labor. C) is shown by a perfectly inelastic demand f

10、or labor. D) has a demand curve that is backward bending. Answer: A Topic: Derived Demand Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 5) The demand for the services of labor ________ a derived demand and the demand for the services of land

11、________ a derived demand. A) is; is B) is; is not C) is not; is D) is not; is not Answer: A Topic: Derived Demand Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 6) The marginal product of labor is the A) change in total product produced

12、 by hiring an additional unit of labor. B) total revenue divided by units of labor. C) extra revenue gained by selling one more unit of output produced by hiring additional units of labor. D) extra revenue gained by employing one more unit of labor. Answer: A Topic: Marginal Product Skill:

13、Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 7) The change in total revenue that results from employing one more unit of labor is called the A) wage rate. B) value of marginal product of labor. C) average revenue. D) marginal product of labor. Answ

14、er: B Topic: Value of Marginal Product Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 8) The value of marginal product (VMP) of an input such as labor is the A) additional output produced by the last unit of an input. B) total revenue divi

15、ded by the units of the input employed. C) extra revenue gained by selling one more unit of output. D) extra revenue gained by employing one more unit of the input. Answer: D Topic: Value of Marginal Product Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflect

16、ive Thinking 9) The value of marginal product (VMP) of labor is the extra revenue generated by A) selling one additional unit of output. B) raising the price of the good by one dollar. C) hiring one additional unit of labor. D) price discrimination. Answer: C Topic: Value of Marginal Produc

17、t Skill: Recognition Question history: Modified 10th edition AACSB: Reflective Thinking 10) The value of marginal product of labor is the increase in A) revenue created by producing one more unit of output. B) revenue created by hiring one more unit of labor. C) total product necessary t

18、o make revenue increase by one dollar. D) total product generated by hiring one more unit of labor. Answer: B Topic: Value of Marginal Product Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 11) The value of marginal product of labor is the

19、change in A) profit from hiring one more worker. B) output from hiring one more worker. C) total revenue from hiring one more worker. D) profit from producing one more unit of output. Answer: C Topic: Value of Marginal Product Skill: Recognition Question history: Previous edition, Chapte

20、r 18 AACSB: Reflective Thinking 12) The increase in revenue created by hiring one more unit of labor is the A) marginal product of labor. B) marginal revenue of labor. C) marginal product revenue of labor. D) value of marginal product of labor. Answer: D Topic: Value of Marginal Produc

21、t Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 13) Jose owns a local coffee shop. When Jose calculates how his total revenue changes in response to hiring an extra worker, Jose is calculating the A) marginal revenue. B) value of marginal prod

22、uct of labor. C) marginal product of labor. D) total revenue. Answer: B Topic: Value of Marginal Product Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 14) The value of marginal product of labor A) is the change in total product that resu

23、lts from selling one more unit of a good. B) is equal to the price multiplied by the marginal product of labor. C) is equal to marginal revenue multiplied by the quantity. D) increases as the amount of labor employed increases. Answer: B Topic: Value of Marginal Product Skill: Recognition

24、Question history: New 10th edition AACSB: Reflective Thinking 15) Value of marginal product equals marginal product A) multiplied by the quantity of labor. B) divided by the quantity of labor. C) multiplied by the price. D) divided by the good's price. Answer: C Topic: Value of Margin

25、al Product Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 16) The value of marginal product equals A) total revenue divided by total product (output). B) marginal revenue divided by marginal product. C) total revenue multiplied by total prod

26、uct (output). D) price multiplied by marginal product. Answer: D Topic: Value of Marginal Product Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 17) The value of marginal product equals ________ multiplied by ________. A) price; marginal cos

27、t B) price; marginal product C) marginal cost; marginal product D) marginal revenue; total product Answer: B Topic: Value of Marginal Product Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 18) Value of marginal product of labor is the ___

28、_____ when one additional unit of a labor is employed, all other things remaining the same. A) change in marginal revenue B) change in marginal product C) change in total revenue D) total revenue Answer: C Topic: Value of Marginal Product Skill: Recognition Question history: Previous edi

29、tion, Chapter 18 AACSB: Reflective Thinking 19) As the quantity of labor employed by a firm decreases , labor's ________ increases. A) marginal cost B) value of marginal product C) marginal revenue D) average cost Answer: B Topic: Value of Marginal Product Skill: Conceptual Question

30、history: Previous edition, Chapter 18 AACSB: Reflective Thinking 20) As a competitive firm hires increasing amounts of labor, the value of marginal product of labor A) decreases. B) increases. C) remains constant. D) decreases then increases. Answer: A Topic: Value of Marginal Product

31、 Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 21) A firm that can sell its output for $40 per unit. When it increases its labor force from 4 workers to 5 workers its output increases from 15 to 17 units. The value of marginal product of the 5th

32、worker is A) $680. B) $340. C) $80. D) $40. Answer: C Topic: Value of Marginal Product Skill: Analytical Question history: Previous edition, Chapter 18 AACSB: Analytical Skills 22) For a perfectly competitive firm, the value of marginal product diminishes as employment increases bec

33、ause the A) price falls as the firm's production increases. B) marginal revenue decreases as the firm's production increases. C) marginal product decreases as the firm's production increases. D) None of the above answers is correct. Answer: C Topic: Value of Marginal Product Skill: Concept

34、ual Question history: New 10th edition AACSB: Reflective Thinking 23) As the quantity of labor increases, value of marginal product for a perfectly competitive firm A) decreases because the firm must lower its price to sell a larger quantity. B) decreases because the marginal product of la

35、bor decreases. C) decreases because marginal revenue decreases. D) is constant because marginal revenue is constant. Answer: B Topic: Value of Marginal Product Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 24) Joe manages a company that prod

36、uces lawn mowers. Joe knows that the value of marginal product A) decreases as he hires more labor to produce lawn mowers. B) does not change as he sells more lawn mowers. C) increases as he hires more labor to produce lawn mowers. D) increases as he sells more lawn mowers. Answer: A Topic:

37、Value of Marginal Product Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 25) Sam's Scarves has 2 knitting machines and employs 2 people. They produce 15 scarves a day. If the firm hires an additional person, the 3 workers can produce 19 scarves a d

38、ay other things remaining the same. The market for scarves is perfectly competitive and the price of a scarf is $20. The value of marginal product of the third worker is ________. A) $80 B) $300 C) $380 D) 4 scarves Answer: A Topic: Value of Marginal Product Skill: Analytical Question his

39、tory: Previous edition, Chapter 18 AACSB: Analytical Skills 26) When Sam's Scarves uses 2 knitting machines and employs 3 people, total revenue is $330 a day. When Sam's Scarves uses 2 knitting machines and employs 4 people, total revenue is $360 a day. The value of marginal product of the thi

40、rd worker is ________. A) $110 B) $30 C) $360 D) $90 Answer: B Topic: Value of Marginal Product Skill: Analytical Question history: Previous edition, Chapter 18 AACSB: Analytical Skills  Labor (workers) Output (gallons of gasoline) 0 0 1 100 2 180 3 240 4 280 5 300

41、 27) Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the total revenue earned by selling 180 gallons of gas? A) $240 B) $540 C) $840 D) $3,300 Answer: B Topic: Total Revenue Skill: Analytical Question

42、history: Previous edition, Chapter 18 AACSB: Analytical Skills 28) Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the marginal product from hiring the fourth worker? A) 70 gallons of gasoline B) 280 gallons

43、of gasoline C) 40 gallons of gasoline D) 80 gallons of gasoline Answer: C Topic: Value of Marginal Product Skill: Analytical Question history: New 10th edition AACSB: Analytical Skills 29) Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station se

44、lls each gallon of gas for $3. What is the value of marginal product from hiring the fourth worker? A) $2,400 B) $840 C) $120 D) $60 Answer: C Topic: Value of Marginal Product Skill: Analytical Question history: Previous edition, Chapter 18 AACSB: Analytical Skills Quantity of labor

45、 (workers) Total revenue (dollars) Total product (units of output) 0 0 0 1 20 5 2 36 9 3 48 12 4 56 14 5 60 15 30) In the table above, the marginal product of the first unit of labor is ________ units of output. A) 4 B) 5 C) 16 D) 20 Answer: B Topic: Marginal Product

46、 Skill: Analytical Question history: Previous edition, Chapter 18 AACSB: Analytical Skills 31) In the table above, the marginal product of the third unit of labor is ________ units of output. A) 3 B) 4 C) 12 D) 16 Answer: A Topic: Marginal Product Skill: Analytical Question history:

47、 Previous edition, Chapter 18 AACSB: Analytical Skills 32) In the table above, the value of marginal product of the third unit of labor is A) $3. B) $4. C) $12. D) $16. Answer: C Topic: Value of Marginal Product Skill: Analytical Question history: Previous edition, Chapter 18 AACS

48、B: Analytical Skills 33) In the table above, the firm producing the product is A) a monopoly. B) an oligopoly. C) a duopoly. D) perfectly competitive. Answer: D Topic: Value of Marginal Product Skill: Analytical Question history: Previous edition, Chapter 18 AACSB: Analytical Skil

49、ls 34) In the table above, if the wage rate is $8.00 per hour, the profit-maximizing number of workers is A) 1. B) 2. C) 4. D) 5. Answer: C Topic: Profit Maximization Skill: Analytical Question history: Previous edition, Chapter 18 AACSB: Analytical Skills 35) In the table above, i

50、f the wage rate is $12.00 per hour, the profit-maximizing number of workers is A) 2. B) 3. C) 4. D) 5. Answer: B Topic: Profit Maximization Skill: Analytical Question history: Previous edition, Chapter 18 AACSB: Analytical Skills 36) A firm in a competitive labor market will hire la

51、bor until the value of marginal product of labor equals the A) firm's marginal revenue. B) firm's marginal cost. C) firm's average cost. D) wage rate. Answer: D Topic: Profit Maximization Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 37)

52、 The quantity of labor demanded by the firm is such that the A) wage rate equals the marginal cost. B) wage rate equals the value of marginal product of labor. C) wage rate equals the marginal product of labor. D) marginal revenue equals the marginal product. Answer: B Topic: Profit Maximiza

53、tion Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 38) To maximize profit, a firm hires the quantity of labor that makes the ________ of labor equal to the ________. A) value of marginal product; wage rate B) total revenue; total cost of labor

54、 C) marginal product; total cost of labor D) marginal product; marginal revenue Answer: A Topic: Profit Maximization Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 39) Which of the following is a condition for maximum profit? A) VMP = W. B

55、) VMP = MC. C) MP = W. D) MC = W. Answer: A Topic: Profit Maximization Skill: Recognition Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 40) To maximize its profit, a firm will hire more workers as long as A) marginal revenue exceeds the wage rate. B) marg

56、inal revenue is less than the wage rate. C) value of marginal product exceeds the wage rate. D) marginal product exceeds the wage rate. Answer: C Topic: Profit Maximization Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 41) If the wage tha

57、t a competitive firm must pay its workers exceeds their value of marginal product, the firm will A) decrease the quantity of labor it employs. B) increase the quantity of labor it employs. C) lower the price of the good. D) raise the price of the good. Answer: A Topic: Profit Maximization S

58、kill: Conceptual Question history: New 10th edition AACSB: Reflective Thinking 42) If a firm finds that, at its current level of employment, VMP > W, it will A) be maximizing profits. B) be minimizing profits. C) increase the amount of labor it hires. D) decrease the amount of labor it

59、hires. Answer: C Topic: Profit Maximization Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 43) If a firm finds that, at its current level of employment, VMP < W, then it has A) reached maximum profits. B) reached minimum profits. C) not hire

60、d enough labor to maximize its profit. D) hired too much labor to maximize its profit. Answer: D Topic: Profit Maximization Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 44) If the wage rate is ________ the value of marginal product, a firm

61、 can increase its profit by ________. A) greater than; selling an extra unit of output B) less than; selling one less unit of output C) less than; hiring an extra worker D) less than; hiring one less worker Answer: C Topic: Profit Maximization Skill: Conceptual Question history: Previous

62、 edition, Chapter 18 AACSB: Reflective Thinking 45) If the value of marginal product of the last worker hired is $24 and the wage rate is $25 then A) more workers should be hired. B) the worker should be fired. C) the firm has hired the profit maximizing number of workers. D) the firm is e

63、arning $1 of profit from this worker. Answer: B Topic: Profit Maximization Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 46) If the value of marginal product of a factor of production exceeds the price of the factor the A) firm should hire

64、more of that factor. B) firm should hire less of that factor. C) firm is maximizing profits. D) firm should shut down. Answer: A Topic: Profit Maximization Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 47) If a firm finds that the wage rate

65、 (W) is less than the value of marginal product (VMP), then to maximize its profit the firm should hire A) less labor, which will increase the VMP. B) more labor, which will decrease the VMP. C) no more or less labor, because profits are greatest when W < VMP. D) more labor, because hiring more

66、labor will increase both W and VMP until they are equal. Answer: B Topic: Profit Maximization Skill: Conceptual Question history: Previous edition, Chapter 18 AACSB: Reflective Thinking 48) A perfectly competitive firm in a competitive labor market will hire more labor whenever A) its average revenue product of labor exceeds the wage rate. B) the wage rate exceeds its average revenue product of labor. C) its value of marginal product of labor exceeds the wage rate. D) the wage r