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Exam 18: The Markets for the Factors of Production

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Question 231

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Figure 18-7 -Refer to Figure 18-7. Which of the following would shift the labor supply curve from S1 to S2?

A) a change in workers' attitudes toward the work-leisure tradeoff
B) decreases in wages in other labor markets
C) immigration of workers into the region or country
D) All of the above are correct.

E) A) and B)
F) A) and C)

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Question 232

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If the wages of a dentist increase,

A) so does her opportunity cost of leisure.
B) her hours of labor supplied may increase.
C) her hours of labor supplied may decrease.
D) All of the above are correct.

E) All of the above
F) None of the above

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Question 233

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Jen's wage decreased, and she responded by enjoying more hours of leisure per day. Is Jen's behavior consistent with an upward-sloping labor-supply curve?

Figure 18-3 -Refer to Figure 18-3. What is the marginal product of the third worker?

Figure 18-12. The figure shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop. -Refer to Figure 18-12. Suppose the shop charges $125 per repair. Over what interval of wages, W, would the shop maximize its profit by hiring exactly 4 mechanics? (Determine W1 and W2 such that W1 < W < W2.)

Figure 18-2 The figure below shows the production function for a particular firm. -Refer to Figure 18-2. Suppose the firm pays a wage equal to $160 per unit of labor and sells its output at $10 per unit. What is the value of the marginal product of labor for the third worker?

An increase in a product's price will shift the labor demand curve for workers who produce that product to the left.

Stock dividends and interest payments are examples of factors of production.

How does technological advance affect the demand for labor?

A change in the supply of any one factor alters the earnings of all the other factors.

The supply of labor in any one market depends on the opportunities available in other markets.

Figure 18-7 -Refer to Figure 18-7. When the relevant labor supply curve is S1, and the labor market is in equilibrium, the

Which of the following is not correct?

Figure 18-1 On the graph, L represents the quantity of labor and Q represents the quantity of output per week. -Refer to Figure 18-1. Based on the shape of the curve, the

Table 18-9 The following table shows the production function for a particular business. The numbers represent the various labor and output combinations the firm may choose for its output on a daily basis. -Refer to Table 18-9. Suppose this firm charges a price of $5 per unit of output and pays workers a wage equal to $160 per day. What is the value of the marginal product of labor for the second worker?

If the wages of a CPA decrease,

Figure 18-1 On the graph, L represents the quantity of labor and Q represents the quantity of output per week. -Refer to Figure 18-1. Suppose the firm sells its output for $10 per unit, and it pays each of its workers $400 per week. When the number of workers increases from 4 to 5, the

Figure 18-1 On the graph, L represents the quantity of labor and Q represents the quantity of output per week. -Refer to Figure 18-1. The figure illustrates the

Figure 18-12. The figure shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop. -Refer to Figure 18-12. If the shop charges $120 per repair, then what is the value of the marginal product of the third mechanic?

Suppose the government designates certain areas within a community to be "wetlands," making it illegal to build on the land. What happens to land not classified as "wetlands" within the community?