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Exam 18: The Markets for the Factors of Production

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Question 31

Multiple Choice

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Suppose that eight workers can manufacture 70 radios per day and that nine workers can manufacture 90 radios per day. If radios can be sold for $20 each, the value of marginal product of the ninth worker is

A) 20 radios.
B) 90 radios.
C) $200.
D) $400.

E) B) and D)
F) None of the above

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Question 32

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Table 18-6 -Refer to Table 18-6. What is the value for the cell labeled BB?

A) $300
B) $200
C) $100
D) −$100

E) C) and D)
F) B) and D)

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Question 33

Multiple Choice

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Figure 18-7 -Refer to Figure 18-7. Assume W₁ = $15 and W₂ = $12, and the market is always in equilibrium. A shift of the labor supply curve from S₁ to S₂ would

Which of the following could decrease the labor-supply curve for teachers?

Which of the following events would bring about a change in the value of the marginal product of labor?

Capital, labor, and land

Figure 18-11 -Refer to Figure 18-11. What is measured on the vertical axis of the graph?

Jessica receives a raise at her current part-time job from $9 to $11 per hour. If her labor supply curve is backward sloping, she will work fewer hours after receiving the pay raise.

Suppose that Chloe opens a dog grooming business in a local shopping center. Which of the following would be an example of a factor of production used by Chloe? (i) her employees' time (ii) brushes, combs, scissors, and clippers (iii) shampoo, water, and flea prevention treatments (iv) Chloe's time spent on bookkeeping and bill paying

In the United States, technological advances help explain persistently rising employment in the face of rising wages.

Suppose that the labor market for high school chemistry teachers is initially in equilibrium. Chemistry teachers use laboratory chemicals as an important part of their jobs. New environmental regulations ban the use of many chemicals, which means that fewer laboratory chemicals are available for high school chemistry teachers to use in their jobs. In the market for high school chemistry teachers, the equilibrium wage

How does technological advance affect the demand for labor?

Table 18-9 The following table shows the production function for a particular business. The numbers represent the various labor and output combinations the firm may choose for its output on a daily basis. -Refer to Table 18-9. Suppose this firm charges a price of $5 per unit of output and pays workers a wage equal to $160 per day. What is the value of the marginal product of labor for the third worker?

When a competitive firm hires labor up to the point at which the value of the marginal product of labor equals the wage, it also produces output up to the point at which marginal cost is equal to __________.

When an individual's income goes up, that individual may choose to supply less labor, resulting in a backward-sloping labor supply curve.

An increase in the value of the marginal product of labor has the effect of increasing the

Table 18-1 -Refer to Table 18-1. What is the marginal product of the third worker?

The U.S. economy has been very successful in absorbing immigrants and putting them to work.

If the demand for labor decreases and the supply of labor is unchanged, then the opportunity cost of leisure will decrease.

If the value of the marginal product of labor is less than the wage, then the firm could