
Micro Unit 5
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Amie Hauselt
Used 9+ times
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28 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Factor market demand is called derived demand because it
derives its name from the Latin word factorus
is derived from the market wages received by workers
is derived from the productivity of workers
is derived from the product market
derives its shape from the price of the factor
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following curves represents an individual firm's demand curve for labor?
marginal revenue
marginal product of labor
marginal revenue product of labor
average product of labor
marginal factor cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is necessarily true if you work more when your wage rate increases?
the income effect is large
the substitution effect is small
the income effect dominates the substitution effect
the substitution effect dominates the income effect
the income effect equals the substitution effect
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The implicit cost of capital that you own is
the rental rate
greater than the rental rate
the original purchase price of the capital
greater than the original purchase price of the capital
zero because you already own it
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A very steep supply curve for land indicates that
the supply of land is elastic
the quantity of land supplied is very responsive to price changes
it is very costly to increase the quantity of land supplied
an increase in the demand for land would have a relatively small effect on the price of land
a decrease in the demand for land would have a relatively large effect on the quantity of land supplied
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is necessarily true for a firm in a perfectly competitive labor market?
the labor supply curve is horizontal
the labor demand curve is horizontal
the marginal revenue product curve for labor is above the demand curve for labor
the firm has difficulty finding enough workers due to competition from other firms
the firm must increase its wage to hire more workers
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The entire payment for land that is in fixed supply constitutes
a tax
a subsidy
a deadweight loss
economic rent
price discrimination
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