Transcript Ch19
Click Clickon onthe thebutton buttontotogo gototothe theQuestion problem © 2013 Pearson Markets for Factors of Production 19 CLICKER QUESTIONS © 2013 Pearson Click Clickon onthe thebutton buttontotogo gototothe theQuestion problem Checkpoint 19.1 Checkpoint 19.2 Checkpoint 19.3 Question 1 Question 4 Question 8 Question 2 Question 5 Question 9 Question 3 Question 6 Question 10 Question 7 © 2013 Pearson CHECKPOINT 19.1 Question 1 The value of the marginal product of labor is equal to the marginal product of labor ____. A. divided by the price of the good produced B. multiplied by the price of the good produced C. minus the average total cost of producing the good D. plus the marginal profit from selling the good E. minus the wage rate © 2013 Pearson CHECKPOINT 19.1 Question 2 An increase in the price of a firm’s output leads to ______. A. a decrease in the quantity of the labor demanded by the firm B. an increase in the quantity of the labor demanded by the firm C. an increase in the firm’s demand for labor D. a decrease in the firm’s demand for labor E. an increase in the supply of labor © 2013 Pearson CHECKPOINT 19.1 Question 3 When a firm maximizes profit, it hires the quantity of labor at which the value of marginal product of labor ____. A. equals the wage rate B. exceeds the wage rate C. is less than the wage rate D. is a mirror image of the wage rate E. equals the price of the good produced by the firm © 2013 Pearson CHECKPOINT 19.2 Question 4 An individual’s labor supply curve eventually bends backward because at a high enough wage rate, _______. A. B. C. D. E. people are willing to work more hours employers are willing to hire more workers people desire more leisure time very few workers are hired more people enter the labor market to search for jobs © 2013 Pearson CHECKPOINT 19.2 Question 5 The supply of labor increases if _______. A. the adult population increases B. the demand for labor increases C. the price of the good produced increases D. the wage rate rises E. more people remain in school or college © 2013 Pearson CHECKPOINT 19.2 Question 6 If the supply of labor decreases, then the equilibrium wage rate ____ and equilibrium employment ____. A. does not change; decreases B. rises; increases C. rises; decreases D. falls; increases E. falls; decreases © 2013 Pearson CHECKPOINT 19.2 Question 7 A union is least likely to support ________. A. an increase in the minimum wage rate B. laws that restrict immigration into the country C. on-the-job training that makes their members’ more productive D. a government policy to increase the quantity of imports E. programs that boost the demand for the goods and services their members produce © 2013 Pearson CHECKPOINT 19.3 Question 8 The equilibrium quantity of capital is ________. A. determined by only the supply of capital because the supply is perfectly inelastic B. determined by only the demand for capital because the demand is perfectly inelastic C. expected to increase at the same rate as the interest rate D. determined by the supply of capital and the demand for capital E. the only factor of production whose quantity is not determined in a market © 2013 Pearson CHECKPOINT 19.3 Question 9 The supply of each particular block of land is _____, so an increase in the demand for the block of land ____ its price. A. B. C. D. E. perfectly elastic; doesn’t change unit elastic; doesn’t change elastic; decreases perfectly inelastic; increases inelastic but not perfectly inelastic; increases © 2013 Pearson CHECKPOINT 19.3 Question 10 The demand for a nonrenewable resource is ______. A. B. C. D. E. determined by the value of its marginal product fixed and cannot change perfectly inelastic perfectly elastic not defined because the resource can be used only once © 2013 Pearson