Economics Part II Test

30 Questions  I  By Lynz143
economics part II test
Economics Part II Test

  
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1.  Resource pricing is important because: 
A.
B.
C.
D.
2.  The demand for airline pilots results from the demand for air travel. This fact is an example of: 
A.
B.
C.
D.
3.  Marginal revenue product measures the: 
A.
B.
C.
D.
4.  The MRP curve for labor: 
A.
B.
C.
D.
5.  A competitive employer should hire additional labor as long as: 
A.
B.
C.
D.
6.  Assume the Apex Manufacturing Company is purely competitive in both the hiring of labor and in the sale of its product. Apex's labor demand curve would be: 
A.
B.
C.
D.
7.  Answer the next question(s) on the basis of the following information for Manfred's Shoe Shine Parlor. Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively.Units    Total Product      Marginal Product          Total Revenue0                  0                         1                  14                        14                              422                                              103                  30                                                          904                  355                  39                                                          1176                                                                                1267                  44                         2                               132Refer to the above data. What is the marginal product of the sixth worker? 
A.
B.
C.
D.
8.  Assuming a firm is selling its output in a purely competitive market, its resource demand curve can be determined by: 
A.
B.
C.
D.
9.  Answer the next question(s) on the basis of the data contained in the following table. Assume that the firm is hiring labor in a purely competitive market.Units of Labor         Total Product         Product Price0                            0                            2.201                            15                          2.002                            28                          1.803                            39                          1.604                            48                          1.405                            55                          1.206                            60                          1.10
A.
B.
C.
D.
10.  Other things equal, the resource demand curve of an imperfectly competitive seller will: 
A.
B.
C.
D.
11.  The change in a firm's total revenue that results from hiring an additional worker is measured by: 
A.
B.
C.
D.
12.  A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker.Refer to the above information. The marginal product of the second worker is: 
A.
B.
C.
D.
13.  A firm is hiring the profit-maximizing amount of an input when: 
A.
B.
C.
D.
14.  Which of the following will not cause a shift in the demand for resource X? 
A.
B.
C.
D.
15.  A change in the price of an input will usually: 
A.
B.
C.
D.
16.  If the nominal wages of carpenters rose by 5 percent in 2008 and the price level increased by 3 percent, then the real wages of carpenters: 
A.
B.
C.
D.
17.  Which of the following is correct
A.
B.
C.
D.
18.  Marginal revenue product (MRP) of labor refers to the: 
A.
B.
C.
D.
19.  A profit-maximizing firm will: 
A.
B.
C.
D.
20.  Unit of Labor        Wage Rate       MRC         MRP1                               8                 8               122                               8                 8               103                               8                 8                84                               8                 8                65                               8                 8                4
A.
B.
C.
D.
21.  The individual firm in a purely competitive labor market faces: 
A.
B.
C.
D.
22.  Qty of Labor               Total Product             Total Revenue1                                       4                                162                                       8                                323                                      11                               444                                      13                               52 5                                      14                               56
A.
B.
C.
D.
23.  The economic term for a sole employer in a nonunion community is: 
A.
B.
C.
D.
24.  A monopsonist's wage cost in hiring an additional worker is the: 
A.
B.
C.
D.
25.  The United Mine Workers is a good illustration of: 
A.
B.
C.
D.
26.  A craft union attempts to increase wage rates by: 
A.
B.
C.
D.
27.  Occupational licensing can best be understood in terms of: 
A.
B.
C.
D.
28.  In a labor market characterized by bilateral monopoly the wage rate will: 
A.
B.
C.
D.
29.  Critics of minimum-wage legislation argue that it: 
A.
B.
C.
D.
30.  Wage differentials can arise from: 
A.
B.
C.
D.
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