
Factor Markets Quiz
Quiz
•
Other
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12th Grade
•
Practice Problem
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Medium
Anthony Renlund
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are factor markets primarily used for?
Renting properties
Investing in stocks
Exchanging resources
Buying and selling goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the demand curve in factor markets comprised of?
Businesses demanding resources
Households demanding resources
Consumers demanding resources
Government demanding resources
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three productive resources focused on in factor markets?
Land, labor, and capital
Technology, labor, and land
Goods, services, and capital
Labor, capital, and goods
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the payment for land in factor markets called?
Dividends
Interest
Wages
Rent
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the demand for a resource that comes from the demand for the product itself?
Derived demand
Supply and demand
Market demand
Consumer demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium wage and quantity of workers hired if the demand for workers increases?
Wage and quantity both decrease
Wage and quantity both increase
Wage decreases, quantity increases
Wage increases, quantity decreases
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the impact of a minimum wage on a competitive labor market?
Decreases unemployment
Increases wages without affecting employment
No impact on unemployment
Increases unemployment
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