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ECO.9
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Questions in this quiz (12)
11. Which of the following best describes the economy’s stock of equipment and structures?
- A• Aggregate stock
- B• Aggregate demand
- C• Capital
- D• Long term inventory
22. Rent, interest, and profit are all forms of income paid to the owners of
- A• Aggregate stock
- B• Aggregate demand
- C• Land and capital
- D• Long term inventory
33. For a computer software firm, capital could be thought of as
(i) Wages paid to computer programmers.
(ii) Computer equipment
(iii) The interest earned by shareholders.- A• I.Only
- B• II.Only
- C• I and III
- D• II And III
44. When a gas station sells gas, which of the following would qualify as capital?
(i) The service attendants time
(ii) The physical space on which the station exists
(iii) The gas tanks and pumps- A• (i)only
- B• (iii)only
- C• (i)and(iii)
- D• (ii)and(iii)
55. A firm’s demand for a factor of production is derived form its decision to supply a good in the market, therefore we call this type of demand
- A• Derived demand
- B• Supplied demand
- C• Differentiated demand
- D• Secondary demand
66. Labor markets are governed by the force(s) of
- A• Supply and demand
- B• Regulation and supply
- C• Demand only
- D• Supply only
77. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.
What type of market structure is most likely to characterize the fresh pacific salmon market?- A• Monopolist
- B• Oligopolist
- C• Monopolistic competitor
- D• Perfect competitor
88. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.
- A• Become a seller in the factor market
- B• Hire more crew workers
- C• Reduce her demand for crew workers
- D• Try to increase her catch to make up for lost revenue
99. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.
If Gertrude is a competitor in both the fresh pacific salmon market and the market for crew workers she is called a- A• Price taker in the salmon market and a wage setter in the crew market
- B• Price taker in both markets
- C• Price takerin the crew market and a price setter in the salmon market
- D• Price setter in both markets
1010. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.
If Gertrude is a price taker in the crew market, she has only to decide- A• How many crew members to hire
- B• The wage to pay the crew she hires
- C• The size of the boats others use to catch salmon
- D• The price of fish she will catch
1111. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.
Labor market theory assumes that Gertrude’s demand for crew workers and her supply of fresh pacific salmon results from- A• Her intrinsic desire to hire crew members
- B• Her primary goal of maximizing profit
- C• Altruistic motives to provide fresh salmon to consumers
- D• All of the above
1212. When a firm is a profit maximizer
- A• It is driven to produce as much of its product as possible
- B• It does not care directly about the number of workers it hires
- C• It will measure its success by the number of employees it has
- D• Its revenue will always be maximized as well
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- Economics Quiz on ECO.9, created by хомяк убийца on 27/05/2017.
- Author
- хомяк убийца
- Language
- English
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