ExamView_Pro_-_Take-home__3wANS - Name: _ Class: _ Date: _...

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Name: ________________________ Class: ___________________ Date: __________ 1 ECON 2020 Take-home Quiz #3 Dr. Long Spring 2006 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Which one of the following labor resources will likely have the most inelastic supply schedule in the short run? a. filling station attendants b. sales clerks c. construction laborers d. dentists ____ 2. If the demand for a consumer good decreases, the demand for resources required to make the good will a. increase. b. remain the same, but the quantity demanded will increase. c. decrease. d. increase or decrease depending on whether the demand for the product is elastic or inelastic. ____ 3. When a firm decides to hire more workers because local wage rates have decreased, this is an example of a. market failure. b. substitution in production. c. labor exploitation. d. substitution in consumption. ____ 4. A sudden increase in the demand for newly built homes will a. decrease the demand for lumber, bricks, and steel. b. decrease the demand for construction workers and architects. c. increase the marginal product of workers in the construction industry. d. increase the demand for construction workers and architects. ____ 5. Assume that the demand for paper products increases. Then, we expect that the a. demand for trees will also increase. b. demand for trees will stay the same. c. demand for trees will decrease. d. effect on the demand for trees is uncertain; it depends on the elasticity of the demand for paper. ____ 6. The marginal productivity theory most closely relates to the a. demand for resources. b. supply of resources. c. concept of scarcity. d. noncompetitive aspects of the resource market.
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2 Figure 12-1 ____ 7. If Figure 12-1 indicated the short-run and long-run supply curves for a resource, which of the following would probably be the long-run supply curve of the resource? a. Q 2 b. Q 3 c. S b d. S a ____ 8. If a college education did not increase worker productivity, a. no one would go to college. b. wages would tend to be the same for workers with and without a college education. c. wages would still be higher for workers with college degrees because of the cost of going to college. d. the total lifetime earnings of workers who go to college and those who do not would tend to be the same. ____ 9. The marginal revenue product of a resource is best described as the a. selling price of the last unit of output produced. b. increment of total cost resulting from the use of an additional unit of the resource. c. marginal product of the resource divided by the unit price of the good produced. d. change in total revenue resulting from employing an additional unit of the resource. ____ 10.
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This note was uploaded on 04/29/2008 for the course ECON 2010 taught by Professor Mixon during the Spring '08 term at Auburn University.

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ExamView_Pro_-_Take-home__3wANS - Name: _ Class: _ Date: _...

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