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Practice_Test_Chapter_18_19

Practice_Test_Chapter_18_19 - Name Class Date ID A...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 Employment_discrimination Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. The following table shows the number of calculators that can be assembled per week by various numbers of workers. If the price per calculator in a perfectly competitive product market is $8, how many workers would the firm employ if the weekly wage rate is $800? Quantity of Number of Calculators Labor Per Week 0 0 1 200 2 360 3 480 4 560 5 600 a. 1 b. 2 c. 3 d. 4 Table 18-3 Quantity of Number of Baseballs Labor Per Day 0 0 1 100 2 240 3 360 4 440 5 500 ____ 2. Refer to Table 18-3 . This table describes the number of baseballs a manufacturer can produce per day with different quantities of labor. Each baseball sells for $5 in a competitive market and the firm pays each unit of labor a wage equal to $320 per day. How many units of labor should the firm hire to maximize profit?
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Name: ________________________ ID: A 2 Table 18-8 Days of Labor Units of Output 0 0 1 10 2 18 3 25 4 30 5 33 6 34 ____ 3. Refer to Table 18-8. What is the marginal product of the third worker? ____ 4. Competitive firms that maximize profit will hire workers until the value of the marginal product of labor
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Name: ________________________ ID: A 3 Figure 18-3 The figure below shows the production function for a particular firm. ____ 5. Refer to Figure 18-3. 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 fourth worker? a. 10 units b. $100 c. $1,000 d. $1,600 ____ 6. A household member's decision about how much labor to supply is most closely linked to ____ 7. Among the people who are characterized below, who has the highest opportunity cost of leisure? ____ 8. When firms are able to increase the amount of physical capital available to workers, the
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Name: ________________________ ID: A 4 ____
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