Mod 5.1: Introduction to Factor Markets
Quiz
•
Social Studies
•
12th Grade
•
Hard
Mary Ong-Dean
Used 5+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Which of the following is a factor of production? (SELECT ALL THAT APPLY)
Land
Labor
Money
Physical Capital
Technology
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is true of a factor market but not a product market?
Firms are the suppliers
Households are the buyers
Supply is derived
Demand is derived
Prices are established by firms
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Factor market demand is called a derived demand because it
is derived from the demand for the product it produces
is derived from the market wage received by workers
is derived from the productivity of workers.
derives its name from the Latin word factorus
derives its shape from the price of the factor
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The value of the additional output generated by hiring one more unit of labor is known as the:
marginal product of labor
marginal revenue of labor
marginal revenue product of labor
marginal product curve
total product of labor
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The implicit cost of capital that you own is
the original purchase price of the capital
the rental rate
greater than the rental rate
greater than the original purchase price of the capital
zero because you already own it
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is necessarily true for a firm in a perfectly competitive labor market?
The marginal revenue product curve for labor is above the demand curve for labor.
The labor supply curve is horizontal.
The labor demand curve is horizontal.
The firm must increase its wage to hire more workers.
The firm has difficulty finding enough workers due to competition from other firms.
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