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Micro Final
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Preguntas del test (50)
1For a firm that is competitive in both product and factor markets, the value of the marginal product of labor
- Ais constant at the market wage.
- Bincreases because the supply of labor is upward sloping.
- Cdeclines because the marginal product of labor diminishes as the number of workers
rises. - Ddeclines because a competitive firm must lower product price in order to increase sales.
2Which of the following best illustrates the concept of "derived demand"?
- AAn increase in the wages of autoworkers will lead to an increase in the demand for robots
in automobile factories. - BAn auto firm's decision to supply more mini-vans results from a decrease in the demand
for station wagons. - CAn increase in the price of gasoline will lead to an increase in the demand for small cars.
- DAn automobile firm's decision to supply more cars will lead to an increase in the demand
for auto workers.
- AAn increase in the wages of autoworkers will lead to an increase in the demand for robots
3Assuming competitive markets, a worker's contribution to revenue is given by
- Athe production function.
- Bthe value of the marginal product of labor (marginal revenue product)
- Cthe value of the marginal cost of labor (marginal factor cost)
- Dmarginal product minus marginal cost.
4The term factor markets is used to describe markets of
- Ajust labor.
- Ball inputs into the production process.
- Call factors which contribute to the profitability of firms.
- Dfixed inputs only.
5Factor markets are different from product markets in an important way;
- Afactor markets are fraught with disequilibrium.
- Bthe factor supply function is likely to be downward sloping.
- Cfactor demand is a derived demand.
- Dfactor demand is likely to be upward sloping.
6When factor demand is said to be a derived demand, this implies that
- Afactor demand is derived from a production function.
- Bfactor demand exists as a subset of factor supply.
- Ca firm's demand for a resource is derived from its decision to supply demanded goods in
an output market. - Dequilibrium in the factor market is independent of factor supply.
7The basic purpose of the theory of factor markets is to explain
- Ahow income is distributed among factors of production.
- Bhow prices are determined for factors of production.
- Chow the quantity of factors exchanged in markets is determined.
- Dall of the above.
8Gertrude would be considered a ___________________ in the fresh pacific salmon market.
- Amonopolist
- Boligopolist
- Cmonopolistic competitor
- Dperfect competitor
9When Gertrude hires workers for her boat crews, she would be considered a _____________ in the factor market.
- Abuyer
- Bseller
- Cmajor player
- Ddiscriminator
10If the price of fresh pacific salmon was to decrease significantly, it is most likely that Gertrude would
- Abecome a seller in the factor market.
- Bhire more crew workers.
- Creduce her demand for crew workers.
- Dtry to increase her catch to make up for lost revenue.
11If Gertrude is a _________________ in the labor crew market, she has only to decide ________________.
- Aprice taker, how many crew members to hire
- Bprice setter, the wage to pay the crew she hires
- Cprice setter, how many crew members to hire
- Dprice taker, the wage to pay the crew she hires
12According to Neoclassical theory, it is assumed that Gertrude's demand for crew workers and her supply of fresh Pacific salmon results from
- Aher intrinsic desire to create employment by hiring crew members.
- Bher primary goal of maximizing profit.
- Caltruistic motives to provide fresh salmon to producers.
- Dall of the above.
13What is the marginal product of the second worker?
- A300
- B315
- C630
- Dcannot determine from the information given.
14Total output from hiring 6 workers is
- A10 boxes per week.
- B960 boxes per week.
- C950 boxes per week.
- Dit can't be determined from the information provided.
15Over what range of output does Adrian's Premium Boxing Service experience decreasing marginal product of labor?
- AWhen less than 300 boxes are produced in a week.
- BOver the entire range of output.
- CWhen more than 780 boxes are produced in a week.
- DAdrian's never experiences decreasing marginal product of labor.
16When a profit maximizing firm makes a decision to employ an additional worker, that decision is based on
- Athe individual contribution that the additional worker makes to the profit of the firm.
- Bhow much output the worker can produce.
- Cthe familial relationship between the employer and the employee.
- Dthe total output produced by the firm.
17A worker's contribution to a firm's revenue is measured directly by the worker's
- Avalue of marginal product or marginal revenue product.
- Bmarginal product multiplied by his/her wage.
- Cmarginal product minus his/her wage.
- Dcontribution to output.
18When wages are $15 an hour, E & O Pietro Winery will hire ___________________ workers to maximize its profit.
- Aat most 12
- Bexactly 12
- Cat least 12
- Dthere is not sufficient information about the price of wine to answer this question.
19E & O Pietro Winery is a competitive profit maximizing enterprise. When wages are $12 an hour, E & O Pietro Winery hires 14 workers to harvest grapes. If picked wine grapes are selling for $0.10 per pound, how many pounds of grapes can the 14th worker pick in an hour?
- A12 pounds
- B120 pounds
- C100 pounds
- Dthere is not sufficient information about the production function to answer this question.
20E & O Pietro Winery is a competitive profit maximizing enterprise. The hourly wage rate for grape harvesters is $15 an hour, and picked wine grapes are selling for $0.20 per pound. What is the hourly marginal product of the last worker hired?
- A24 pounds
- B75 pounds
- C100 pounds
- Dthere is not sufficient information about the production function to answer this question.
21A firm who hires workers in a perfectly competitive labor market faces a(n) ___________________ supply curve for labor _________________________.
- Aperfectly elastic, at the wage established in the labor market
- Bperfectly inelastic, at the wage established in the labor market
- Cupward sloping, over the range of increasing marginal product
- Ddownward sloping, over the range of decreasing marginal product
22A profit maximizing employer will always hire up to the point where
- Athe marginal product is just starting to decline.
- Bthe marginal product of labor is just starting to rise.
- Cthe value of the marginal product (or marginal revenue product) is just equal to market wage rate.
- Dmarginal value exceeds marginal factor cost.
23When the value of the marginal product exceeds the market wage firms will _____________ profit by ______________ the number of workers it hires.
- Amaximize, decreasing
- Bincrease, increasing
- Cdecrease, increasing
- Dminimize, increasing
24If one observes a profit maximizing firm decreasing employment, it is possible to infer that
- Athe value of marginal product exceeds the market wage rate.
- Bthe firm is losing market share.
- Cthe firm is not likely to be minimizing losses.
- Dthe market wage rate exceeds the value of the marginal product.
25When a profit maximizing, perfectly competitive firm moves down its labor demand curve, _________________ is falling and ________________ is ______________________.
- Amarginal cost, marginal product, rising
- Bmarginal cost, average cost, rising
- Cmarginal product, marginal cost, rising
- Dmarginal product, marginal cost, falling
26When market wage is $7 per hour, how many units of labor will this firm employ?
- A2
- B4
- C6
- D3
27The firm hires 4 workers and the marginal product of the last worker hired is 12. What price is it selling its output for?
- A$0.75
- B$2.00
- C$6.00
- D$0.50
28When output price is $1.25 the firm hires 5 workers at $5 per hour. If the output price decreases to $0.75, what happens to the marginal product of the 5th worker?
- AIt remains at 4.
- BIt rises to 6.67
- CIt falls to 0.94.
- DThere is not enough information to answer the question.
29The firm is employing 2 workers when the price of output is $2. A recent report on productivity has indicated that the marginal product of the 2nd worker is 5 units per hour. In order to maximize profits, the firm should
- Asell the output for a lower price.
- Bhire more workers.
- Creduce employment.
- Dincrease the wage.
30If wages rise, profit maximizing firms in competitive markets will __________________ employment and the marginal product of labor will _________.
- Aincrease, rise
- Bincrease, fall
- Cdecrease, rise
- Ddecrease, fall
31If wages fall, profit maximizing firms in competitive markets will __________________ employment and marginal product of labor will _________.
- Aincrease, fall
- Bdecrease, rise
- Cdecrease, fall
- Dincrease, rise
32If the price of the final product increases, profit maximizing firms in competitive markets will __________________ employment and the marginal product of labor will _________.
- Adecrease, fall
- Bincrease, rise
- Cincrease, fall
- Ddecrease, rise
33Which of the following factors would lead to an increase in the supply of labor?
- Athe wage rate increases
- Ba country experiences an increase of immigrant labor
- Ca country tightens border restrictions to limit immigrant labor
- Dthe price of a firm's final product increases
34If this perfectly competitive labor market experienced an increase in labor supply, the new equilibrium would occur at
- Aa wage below $9, and employment above 100.
- Ba wage below $9, and employment below 100.
- Ca wage above $9, and employment above 100.
- Da wage above $9, and employment below 100.
35If this perfectly competitive labor market experienced an increase in labor demand, the new equilibrium would occur at
- Aa wage below $9, and employment above 100.
- Ba wage below $9, and employment below 100.
- Ca wage above $9, and employment above 100.
- Da wage above $9, and employment below 100.
36When this perfectly competitive labor market experiences a wage equal to $12, we would expect,
- Athe supply curve to shift up.
- Bthe demand curve to shift up.
- Cthe excess supply to put downward pressure on wages.
- Dthe excess demand to put upward pressure on wages.
37When this perfectly competitive labor market experiences a wage below to $9, we would expect,
- Athe supply curve to shift up.
- Bthe demand curve to shift up.
- Cthe excess supply to put downward pressure on wages.
- Dthe excess demand to put upward pressure on wages.
38Which of the following could increase labor demand?
- Aan increase in final product price
- Ban increase in demand for the final product produced by labor
- Can increase in the marginal productivity of workers
- Dall of the above
39Which of the following could decrease labor demand?
- Aan increase in migrant workers
- Ba decrease in demand for the final product produced by labor
- Ca decrease in the labor supply
- Dan increase in the marginal productivity of workers
40A key determinant of labor productivity is
- Athe market for final product demand.
- Bthe amount of physical capital available to workers.
- Cthe cultural value of work effort.
- Dlabor market supply.
41A key determinant of labor productivity is
- Afamily size.
- Bequilibrium wages.
- Cthe amount of human capital workers acquire through education and training.
- Dan increase in demand for the final product produced by labor.
42When workers are able to augment their stock of human capital, they can expect to
- Adecrease the value of their marginal product of labor.
- Bincrease the value of their marginal product of labor but will not likely receive higher
wages. - Cincrease the final product price.
- Dreceive higher wages that reflect an increase in their value of marginal product.
43When workers are in an industry that is experiencing rapid improvements (or advances) in technology, they can expect to
- Ahave wages decline.
- Bexperience wage increases as their productivity is enhanced from technology advances.
- Csee a reduction in the need for physical capital.
- Dsee a reduction in demand for final products.
44Which of the following would be considered key determinants of labor productivity?
(i) Physical capital available to workers
(ii) Human capital obtained by workers through education and training
(iii) Technological advancements and knowledge- A(ii) and (iii) only
- B(i) and (iii) only
- C(i) and (ii) only
- Dall of the above
45Differences in wages across countries is most likely attributable to differences in
- Aworker productivity.
- Bthe amount of physical capital available to workers.
- Chow technologically advanced the country is.
- Dall of the above.
46If one were to consider a university as a business, the computers in the classrooms and computer labs would be classified as _________________.
- Atechnology flows
- Ba stock of capital
- Ca flow of services from capital
- Dmechanization
47Assume that the market for final goods produced from capital services experiences a decrease in demand. This could possibly be reflected in a new market equilibrium for capital services at
- Arental price at P1, and capital services at K1.
- Brental price at P2, and capital services at K1.
- Crental price at P1, and capital services at K2.
- Drental price at P2, and capital services at K2.
48As a result of war, a significant loss of capital stock occurs (perhaps due to strategic bombing of manufacturing facilities). As a result of the loss of capital stock, the rental market for capital could possibly find a new equilibrium at
- Arental price at P1, and capital services at K1.
- Brental price at P1, and capital services at K2.
- Crental price at P2, and capital services at K1.
- Drental price at P2, and capital services at K2.
49Owners of land resources are compensated according to
- Athe absolute level of production from the land.
- Bthe number of laborers the land can support.
- Cthe value of the marginal product of land (the land’s marginal revenue product).
- Dthe purchase price of the stock of land.
50All else constant, as the rental price of capital increases, ________________ capital is used in production, and the marginal product of capital in production ________________.
- Aless, decreases
- Bmore, increases
- Cmore, decreases
- Dless, increases
Información
- Descripción
- Test sobre Micro Final, creado por Derek Lasky el 21/04/2018.
- Autor
- Derek Lasky
- Idioma
- English
- Visitas
- 2
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