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? a. 2 units b. 3 units c. 4 units d. 5 units
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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? a. 7 b. 8 c. 25 d. 75 ____ 4. Competitive firms that maximize profit will hire workers until the value of the marginal product of labor a. equals the wage. b. equals the price of the final good. c. begins to fall. d. begins to rise.
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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 a. the supply of factors of production other than labor. b. technological change. c. the tradeoff between leisure and work. d. immigration trends. ____ 7. Among the people who are characterized below, who has the highest opportunity cost of leisure? a. an attorney who earns $200 per hour and who plays golf during her leisure time b. a medical doctor who earns $210 per hour and who sleeps during his leisure time c. a retail clerk who earns $15 per hour and who watches TV during her leisure time d. a waiter who earns $12 per hour and who reads poetry during his leisure time ____ 8. When firms are able to increase the amount of physical capital available to workers, the a. marginal product of labor will decrease. b. value of the marginal product of labor will decrease. c. value of the marginal product of labor will increase. d.
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This note was uploaded on 01/30/2012 for the course ECON 2106 taught by Professor Minjaesong during the Spring '06 term at Georgia Institute of Technology.

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Practice_Test_Chapter_18_19 - Name: _ Class: _ Date: _ ID: A

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