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1、Microeconomics, 10e (Parkin)Chapter 18 Markets for Factors of Production1 The Anatomy of Factor Markets1) Which of the following groups lists the four factors of production?A) labor, capital, land, entrepreneurshipB) labor, capital, land, moneyC) labor, money, land, entrepreneurshipD) labor, capital

2、, money, entrepreneurshipAnswer: ATopic: Factors of ProductionSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking2) Profit is the factor price for _ .A) capitalB) landC) entrepreneurshipD) laborAnswer: CTopic: Factor Prices and IncomesSkill: RecognitionQuestion

3、 history: Previous edition, Chapter 18AACSB: Reflective Thinking3) Coal is an example ofA) a nonrenewable natural resource.B) a renewable natural resource.C) capital.D) a casual resource.Answer: ATopic: Study Guide Question, Nonrenewable Natural ResourceSkill: ConceptualQuestion history: Previous ed

4、ition, Chapter 18AACSB: Reflective Thinking4) Water from the Mississippi river is an example ofA) a nonrenewable natural resource.B) a renewable natural resource.C) capital.D) static resource.Answer: BTopic: Study Guide Question, Nonrenewable Natural ResourceSkill: ConceptualQuestion history: Previo

5、us edition, Chapter 18AACSB: Reflective Thinking2 The Demand for a Factor of Production1) The demand for a productive resource, not for its own sake, but for use in the production of goods and services is called a _.A) goods and services demandB) production demandC) derived demandD) resource demandA

6、nswer: CTopic: Derived DemandSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking2) The demand for factor is driven by the demand for goods and services produced by that factor of production. This phenomenon is referred to asA) elastic demand.B) joint demand.C)

7、inverse demand.D) derived demand.Answer: DTopic: Derived DemandSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking3) The demand for labor is a derived demand because it is derived fromA) the supply of labor.B) union pressure.C) the demand for the output the lab

8、or produces.D) natural law.Answer: CTopic: Derived DemandSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking4) Consider the demand for labor in the computer chip industry. The demand for laborA) is derived from the demand for computer chips.B) is shown by a per

9、fectly elastic demand for labor.C) is shown by a perfectly inelastic demand for labor.D) has a demand curve that is backward bending.Answer: ATopic: Derived DemandSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking5) The demand for the services of labor _ a deri

10、ved demand and the demand for the services of land _ a derived demand.A) is; isB) is; is notC) is not; isD) is not; is notAnswer: ATopic: Derived DemandSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking6) The marginal product of labor is theA) change in total p

11、roduct produced 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: ATopic: Marginal ProductSkill:

12、ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking7) The change in total revenue that results from employing one more unit of labor is called theA) wage rate.B) value of marginal product of labor.C) average revenue.D) marginal product of labor.Answer: BTopic: Value of

13、 Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking8) The value of marginal product (VMP) of an input such as labor is theA) additional output produced by the last unit of an input.B) total revenue divided by the units of the input employed.C)

14、extra revenue gained by selling one more unit of output.D) extra revenue gained by employing one more unit of the input.Answer: DTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking9) The value of marginal product (VMP) of labor i

15、s the extra revenue generated byA) 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: CTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Modified 10th editionAACSB: Reflective T

16、hinking10) The value of marginal product of labor is the increase inA) revenue created by producing one more unit of output.B) revenue created by hiring one more unit of labor.C) total product necessary to make revenue increase by one dollar.D) total product generated by hiring one more unit of labo

17、r.Answer: BTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking11) The value of marginal product of labor is the change inA) profit from hiring one more worker.B) output from hiring one more worker.C) total revenue from hiring one

18、 more worker.D) profit from producing one more unit of output.Answer: CTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking12) The increase in revenue created by hiring one more unit of labor is theA) marginal product of labor.B)

19、marginal revenue of labor.C) marginal product revenue of labor.D) value of marginal product of labor.Answer: DTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking13) Jose owns a local coffee shop. When Jose calculates how his tota

20、l revenue changes in response to hiring an extra worker, Jose is calculating theA) marginal revenue. B) value of marginal product of labor.C) marginal product of labor.D) total revenue.Answer: BTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Ref

21、lective Thinking14) The value of marginal product of laborA) is the change in total product that results 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

22、labor employed increases.Answer: BTopic: Value of Marginal ProductSkill: RecognitionQuestion history: New 10th edition AACSB: Reflective Thinking15) Value of marginal product equals marginal productA) multiplied by the quantity of labor.B) divided by the quantity of labor.C) multiplied by the price.

23、D) divided by the goods price.Answer: CTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking16) The value of marginal product equalsA) total revenue divided by total product (output).B) marginal revenue divided by marginal product.

24、C) total revenue multiplied by total product (output).D) price multiplied by marginal product.Answer: DTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking17) The value of marginal product equals _ multiplied by _.A) price; margin

25、al costB) price; marginal productC) marginal cost; marginal productD) marginal revenue; total productAnswer: BTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking18) Value of marginal product of labor is the _ when one additional

26、unit of a labor is employed, all other things remaining the same.A) change in marginal revenueB) change in marginal productC) change in total revenueD) total revenueAnswer: CTopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking19)

27、As the quantity of labor employed by a firm decreases , labors _ increases.A) marginal costB) value of marginal productC) marginal revenueD) average costAnswer: BTopic: Value of Marginal ProductSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking20) As a competit

28、ive firm hires increasing amounts of labor, the value of marginal product of laborA) decreases.B) increases.C) remains constant.D) decreases then increases.Answer: ATopic: Value of Marginal ProductSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking21) A firm th

29、at 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 worker isA) $680.B) $340.C) $80.D) $40.Answer: CTopic: Value of Marginal ProductSkill: AnalyticalQuestion history:

30、 Previous edition, Chapter 18AACSB: Analytical Skills22) For a perfectly competitive firm, the value of marginal product diminishes as employment increases because theA) price falls as the firms production increases.B) marginal revenue decreases as the firms production increases.C) marginal product

31、decreases as the firms production increases.D) None of the above answers is correct.Answer: CTopic: Value of Marginal ProductSkill: ConceptualQuestion history: New 10th edition AACSB: Reflective Thinking23) As the quantity of labor increases, value of marginal product for a perfectly competitive fir

32、mA) decreases because the firm must lower its price to sell a larger quantity.B) decreases because the marginal product of labor decreases.C) decreases because marginal revenue decreases.D) is constant because marginal revenue is constant.Answer: BTopic: Value of Marginal ProductSkill: ConceptualQue

33、stion history: Previous edition, Chapter 18AACSB: Reflective Thinking24) Joe manages a company that produces lawn mowers. Joe knows that the value of marginal productA) 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 mo

34、re labor to produce lawn mowers.D) increases as he sells more lawn mowers.Answer: ATopic: Value of Marginal ProductSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking25) Sams Scarves has 2 knitting machines and employs 2 people. They produce 15 scarves a day. If

35、 the firm hires an additional person, the 3 workers can produce 19 scarves a day 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) $80B) $300C) $380D) 4 scarvesAnswer: ATopic: Va

36、lue of Marginal ProductSkill: AnalyticalQuestion history: Previous edition, Chapter 18AACSB: Analytical Skills26) When Sams Scarves uses 2 knitting machines and employs 3 people, total revenue is $330 a day. When Sams Scarves uses 2 knitting machines and employs 4 people, total revenue is $360 a day

37、. The value of marginal product of the third worker is _.A) $110B) $30C) $360D) $90Answer: BTopic: Value of Marginal ProductSkill: AnalyticalQuestion history: Previous edition, Chapter 18AACSB: Analytical SkillsLabor(workers)Output(gallons of gasoline)001100218032404280530027) Suns Gas Station is a

38、firm operating in a perfectly competitive industry. Suns Gas Station sells each gallon of gas for $3. What is the total revenue earned by selling 180 gallons of gas?A) $240B) $540C) $840D) $3,300Answer: BTopic: Total RevenueSkill: AnalyticalQuestion history: Previous edition, Chapter 18AACSB: Analyt

39、ical Skills28) Suns Gas Station is a firm operating in a perfectly competitive industry. Suns Gas Station sells each gallon of gas for $3. What is the marginal product from hiring the fourth worker?A) 70 gallons of gasolineB) 280 gallons of gasolineC) 40 gallons of gasolineD) 80 gallons of gasolineA

40、nswer: CTopic: Value of Marginal ProductSkill: AnalyticalQuestion history: New 10th edition AACSB: Analytical Skills29) Suns Gas Station is a firm operating in a perfectly competitive industry. Suns Gas Station sells each gallon of gas for $3. What is the value of marginal product from hiring the fo

41、urth worker?A) $2,400B) $840C) $120D) $60Answer: CTopic: Value of Marginal ProductSkill: AnalyticalQuestion history: Previous edition, Chapter 18AACSB: Analytical SkillsQuantity of labor(workers)Total revenue (dollars)Total product (units of output)0001205236934812456145601530) In the table above, t

42、he marginal product of the first unit of labor is _ units of output.A) 4B) 5C) 16D) 20Answer: BTopic: Marginal ProductSkill: AnalyticalQuestion history: Previous edition, Chapter 18AACSB: Analytical Skills31) In the table above, the marginal product of the third unit of labor is _ units of output.A)

43、 3B) 4C) 12D) 16Answer: ATopic: Marginal ProductSkill: AnalyticalQuestion history: Previous edition, Chapter 18AACSB: Analytical Skills32) In the table above, the value of marginal product of the third unit of labor isA) $3.B) $4.C) $12.D) $16.Answer: CTopic: Value of Marginal ProductSkill: Analytic

44、alQuestion history: Previous edition, Chapter 18AACSB: Analytical Skills33) In the table above, the firm producing the product isA) a monopoly.B) an oligopoly.C) a duopoly.D) perfectly competitive.Answer: DTopic: Value of Marginal ProductSkill: AnalyticalQuestion history: Previous edition, Chapter 1

45、8AACSB: Analytical Skills34) In the table above, if the wage rate is $8.00 per hour, the profit-maximizing number of workers isA) 1.B) 2.C) 4.D) 5.Answer: CTopic: Profit MaximizationSkill: AnalyticalQuestion history: Previous edition, Chapter 18AACSB: Analytical Skills35) In the table above, if the

46、wage rate is $12.00 per hour, the profit-maximizing number of workers isA) 2.B) 3.C) 4.D) 5.Answer: BTopic: Profit MaximizationSkill: AnalyticalQuestion history: Previous edition, Chapter 18AACSB: Analytical Skills36) A firm in a competitive labor market will hire labor until the value of marginal p

47、roduct of labor equals theA) firms marginal revenue.B) firms marginal cost.C) firms average cost.D) wage rate.Answer: DTopic: Profit MaximizationSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking37) The quantity of labor demanded by the firm is such that theA)

48、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: BTopic: Profit MaximizationSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Ref

49、lective Thinking38) To maximize profit, a firm hires the quantity of labor that makes the _ of labor equal to the _.A) value of marginal product; wage rateB) total revenue; total cost of laborC) marginal product; total cost of laborD) marginal product; marginal revenueAnswer: ATopic: Profit Maximiza

50、tionSkill: RecognitionQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking39) Which of the following is a condition for maximum profit?A) VMP = W.B) VMP = MC.C) MP = W.D) MC = W.Answer: ATopic: Profit MaximizationSkill: RecognitionQuestion history: Previous edition, Chapter 18AAC

51、SB: Reflective Thinking40) To maximize its profit, a firm will hire more workers as long asA) marginal revenue exceeds the wage rate.B) marginal revenue is less than the wage rate.C) value of marginal product exceeds the wage rate.D) marginal product exceeds the wage rate.Answer: CTopic: Profit Maxi

52、mizationSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking41) If the wage that a competitive firm must pay its workers exceeds their value of marginal product, the firm willA) decrease the quantity of labor it employs.B) increase the quantity of labor it employ

53、s.C) lower the price of the good.D) raise the price of the good.Answer: ATopic: Profit MaximizationSkill: ConceptualQuestion history: New 10th edition AACSB: Reflective Thinking42) If a firm finds that, at its current level of employment, VMP W, it willA) be maximizing profits.B) be minimizing profi

54、ts.C) increase the amount of labor it hires.D) decrease the amount of labor it hires.Answer: CTopic: Profit MaximizationSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking43) If a firm finds that, at its current level of employment, VMP W, then it hasA) reached

55、maximum profits.B) reached minimum profits.C) not hired enough labor to maximize its profit.D) hired too much labor to maximize its profit.Answer: DTopic: Profit MaximizationSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking44) If the wage rate is _ the value o

56、f marginal product, a firm can increase its profit by _.A) greater than; selling an extra unit of outputB) less than; selling one less unit of outputC) less than; hiring an extra workerD) less than; hiring one less workerAnswer: CTopic: Profit MaximizationSkill: ConceptualQuestion history: Previous

57、edition, Chapter 18AACSB: Reflective Thinking45) If the value of marginal product of the last worker hired is $24 and the wage rate is $25 thenA) 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 earning $1 of prof

58、it from this worker.Answer: BTopic: Profit MaximizationSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking46) If the value of marginal product of a factor of production exceeds the price of the factor theA) firm should hire more of that factor.B) firm should hir

59、e less of that factor.C) firm is maximizing profits.D) firm should shut down.Answer: ATopic: Profit MaximizationSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking47) If a firm finds that the wage rate (W) is less than the value of marginal product (VMP), then t

60、o maximize its profit the firm should hireA) 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 labor will increase both W and VMP until they are equal.Answer: BTopic:

61、 Profit MaximizationSkill: ConceptualQuestion history: Previous edition, Chapter 18AACSB: Reflective Thinking48) A perfectly competitive firm in a competitive labor market will hire more labor wheneverA) 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