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《经济学原理》习题（附答案）1、下列哪一种弹性是度量沿着需求曲线的移动而不是曲线本身的移动（）。
A、需求的价格弹性B、需求的收入弹性C、需求的预期价格弹性D、需求的交叉弹性答案：A2、总利润达到最大是在( )。
A、TR=TC 处B、TR 曲线和 TC 曲线斜率平行C、TR 曲线和 TC 曲线斜率平行且 TC 超过 TR 处D、TR 曲线和 TC 曲线斜率平行,且 TR 超过 TC 处答案：D3、在下面各种情况下，厂商不能够实现生产要素最优组合的是（）。
A、在某点的要素的边际技术替代率等于要素价格之比B、在扩展线上任何一点扩大生产时C、两种要素的价格之比等于两种要素的边际产量之比D、等成本线与某一条等产量线的相交点答案：D4、生产者预期某物品未来价格要下降，则对该物品当前的供给会（）。
A、增加B、不变C、减少D、上述三种情况都可能答案：A5、在统计中,社会保险税增加对( )项有影响。
A、国民收入NIB、国内生产总值GDPC、个人收入PID、国内生产净值NDP答案：C6、如果厂商在短期内供应量既定，则该商品的价格（）。
A、仅由市场需求曲线决定B、仅由市场供给曲线决定C、由市场需求曲线和供给曲线共同决定D、以上任一条都不能决定答案：A7、按国民收入核算体系,在一个只有家庭、企业和政府构成的三部门经济中,一定有( )。
A、家庭储蓄加折旧等于总投资加政府购买支出B、家庭储蓄加税收等于总投资加政府购买支出C、家庭储蓄等于总投资D、家庭储蓄等于净投资答案：B8、微观经济学是经济学的一个分支，主要研究（）。
A、市场经济B、个体行为C、总体经济活动D、失业和通货膨胀等答案：B9、劳动（L）的总产量下降时（）。
A、MPL为负B、APL是递增的C、APL为零D、MPL为零答案：A10、基数效用与序数效用的主要差别在于两种商品的( )。
A、边际替代率是否不变B、边际替代率是否递增C、效用是否可加D、边际替代率是否递减答案：C11、稀缺资源的含义是指（）。
经济学原理题库（含参考答案）一、单选题（共61题，每题1分，共61分）1.厂商之间关系最密切的市场是（）。
A、完全垄断市场B、寡头垄断市场C、垄断竞争市场D、完全竞争市场正确答案：B2.如果一种产品的社会边际收益大于私人边际收益时，则（）。
A、价格低于有效率的价格B、社会应增加产品的生产C、私人有效率的结果也是社会有效率的D、社会应减少产品的生产正确答案：B3.一国资产需求大量且突然地减少的行为称之为（）。
A、资本外溢B、资本冻结C、资本外逃D、资本流动正确答案：C4.以下属于规范分析命题的是（）。
A、在市场经济的汪洋大海中，企业的规模越大越好B、应继续实施适度从紧的货策C、某年某国国内生产总值比上年超过9.7%D、某年某国商品零售额上涨6、1%正确答案：B5.在总需求和总供给的短期均衡中，总需求的减少会引起（）。
A、国民收入减少，价格水平下降B、国民收入增加，价格水平上升C、国民收入增加，价格水平下降D、国民收入减少，价格水平上升正确答案：A6.购买力平价理论是根据（）得出来的。
A、不二价定律B、二价定律C、一价定律D、不一价定理正确答案：C7.当美国物价水平下降引起美国利率下降时，美元在外汇市场上的真实价值下降了，这是物价水平的（）。
A、财富效应B、利率效应C、汇率效应D、以上都不是正确答案：C8.增加一单位产量所引起的产量增加的是（）。
A、边际产量B、边际成本C、边际变动D、边际收益正确答案：A9.今年的民义GDP比去年的民义GDP高，说明（）。
A、今年的物价水平比去年高B、今年生产的产品和劳务比去年多C、今年的物价水平和产出水平都比去年高D、以上说法都有可能正确答案：D10.总需求曲线表明（）。
A、产品市场达到均衡时，总需求与价格水平之间的关系B、货币市场达到均衡时，总需求与价格水平之间的关系C、产品市场和货币市场达到均衡时，收入和利率水平之间的关系D、产品市场和货币市场同时达到均衡时，总需求与价格水平之间的关系正确答案：D11.下列不是解释总需求曲线向右下方倾斜的一项是（）。
一、名词解释1供给:卖者愿意且能够出售的一种物品.2 需求：买者愿意且能够购买的一种物品。
3 均衡价格：。
均衡价格是需求曲线与供给曲线相交时的价格。
4需求价格弹性：需求价格弹性是衡量一种物品需求量对其价格变动反应程度的指标。
5供给价格弹性：供给价格弹性是衡量一种物品供给量对其价格变动反应程度的指标。
6最高限价：出售一种物品或服务的法定最高价格比如：租金控制。
7最低限价：出售一种物品或服务的法定最低价格比如:最低工资。
8效用：是指商品满足人的欲望的能力,或者说效用是指消费者在消费商品时所感受到的满足程度。
9边际效用：即每一单位新增的商品或服务带来的效用量的增量.10消费者剩余：买者愿意为一种物品支付的量减去其为此实际支付的量.11机会成本:是指当经济资源有多种用途时，把资源投入到某一特定用途以后，在所放弃的其他用途中，可能给选择者带来的最大收益。
12比较优势：一个生产者以低于另一个生产者的机会成本生产一种物品的能力13生产者剩余：卖者出售一种物品得到的量减去其生产成本。
14生产函数:表示在一定时期内，在技术水平不变的情况下，生产中所使用的各种要素的数量与所能生产的最大产量之间的关系。
15完全竞争市场：交换和竞争没有任何阻力和干扰的理想化市场。
16公共产品：是指具有非竞争性、非分排他性，不能依靠市场机制实现有效配置的产品。
17外部性：生产或消费一个物品影响到旁观者的福利(比如：污染）18需求定理:认为在其他条件不变时，一种物品的价格上升,对该物品的需求量减少的观点.二、简答题1、解释市场失灵的两个主要原因，并各举出一个例子.外部性：污染市场势力：垄断2、画出并解释一个生产牛奶与点心的经济的生产可能性边界。
如果一场瘟疫造成该经济一半奶牛死亡,这条生产可能性边界会发生什么变动？答:假设在正常情况下，将可能得到的所有资源用于生产点心，可以生产300千克，如果全用于生产牛奶，可以生产1 000升。
L1表示正常情况下该经济的生产可能性边界。
一、选择题1. 经济学的研究对象是：A. 物质生产过程B. 社会生产关系C. 市场交换关系D. 资源配置和财富分配答案：D解析：经济学是研究如何有效配置资源以生产商品和劳务，并分配这些产品与劳务的学科，因此研究对象是资源配置和财富分配。
2. 下列哪项不是经济学中的基本假设？A. 理性人假设B. 完美信息假设C. 市场竞争假设D. 通货膨胀假设答案：D解析：理性人假设、完美信息假设和市场竞争假设是经济学中的基本假设，而通货膨胀假设不是。
3. 下列哪项不是市场失灵的原因？A. 公共物品的非排他性B. 垄断的存在C. 外部性的存在D. 消费者偏好多样化答案：D解析：消费者偏好多样化是市场有效运行的条件之一，而不是市场失灵的原因。
市场失灵的原因通常包括公共物品的非排他性、垄断的存在和外部性的存在。
4. 下列哪项不是经济周期的四个阶段？A. 复苏B. 高涨C. 调整D. 繁荣答案：C解析：经济周期的四个阶段通常包括复苏、高涨、衰退和萧条，调整不是经济周期的阶段。
5. 下列哪项不是宏观调控的目标？A. 稳定物价B. 就业充分C. 经济增长D. 优化资源配置答案：D解析：宏观调控的目标包括稳定物价、就业充分和经济增长，而优化资源配置是宏观调控的手段之一，不是目标。
二、填空题1. 经济学的基本假设是__________、__________和__________。
答案：理性人假设、完美信息假设、市场竞争假设解析：经济学的基本假设包括理性人假设，即经济主体追求自身利益最大化；完美信息假设，即经济主体拥有充分的信息；市场竞争假设，即市场是充分竞争的。
2. 市场失灵的主要原因是__________、__________和__________。
答案：公共物品的非排他性、垄断的存在、外部性的存在解析：市场失灵的主要原因包括公共物品的非排他性，即一旦生产出来，无法阻止他人免费享用；垄断的存在，即市场只有一个或少数几个卖家，导致价格控制；外部性的存在，即生产或消费活动对他人产生了成本或收益，而市场没有反映这些成本或收益。
Chapter 35The Short-Run Trade-off between Inflation and UnemploymentMultiple Choice1. Closely watched indicators such as the inflation rate and unemployment are released each month by thea. Bureau of the Budget.b. Bureau of Labor Statistics.c. Department of the Treasury.d. President's Council of Economic Advisors.ANS: B PTS: 1 DIF: 1 REF: 35-1TOP: Bureau of Labor Statistics MSC: Definitional2. The misery index is calculated as thea. inflation rate plus the unemployment rate.b. unemployment rate minus the inflation rate.c. actual inflation rate minus the expected inflation rate.d. natural unemployment rate plus the long-run inflation rate.ANS: A PTS: 1 DIF: 1 REF: 35-1TOP: Misery index MSC: Definitional3. The misery index is supposed to measure thea. social cost of unemployment.b. health of the economy.c. lost output associated with a particular unemployment rate.d. short-run tradeoff between inflation and unemployment.ANS: B PTS: 1 DIF: 1 REF: 35-1TOP: Misery index MSC: Definitional4. One determinant of the natural rate of unemployment is thea. rate of growth of the money supply.b. minimum wage rate.c. expected inflation rate.d. All of the above are correct.ANS: B PTS: 1 DIF: 1 REF: 35-1TOP: Natural rate of unemployment MSC: Definitional5. One determinant of the long-run average unemployment rate is thea. market power of unions, while the inflation rate depends primarily upon government spending.b. minimum wage, while the inflation rate depends primarily upon the money supply growth rate.c. rate of growth of the money supply, while the inflation rate depends primarily upon the market power of unions.d. existence of efficiency wages, while the inflation rate depends primarily upon the extent to which firms arecompetitive.ANS: B PTS: 1 DIF: 1 REF: 35-1TOP: Long-run Phillips curve MSC: Interpretive6. In the long run, the inflation rate depends primarily ona. the ability of unions to raise wages.b. government spending.c. the money supply growth rate.d. the monopoly power of firms.ANS: C PTS: 1 DIF: 2 REF: 35-1TOP: Inflation MSC: Definitional1432。
经济学原理习题及答案1 引论一、选择正确答案1.经济学可定义为（）。
A.企业赚取利润的活动B.研究人们如何依靠收入生活的问题C.研究稀缺资源如何有效配置的问题D.政府对市场制度的干预2.“资源是稀缺”指的是（）。
A.世界上的资源最终将被消耗尽B.资源是不可再生的C.资源必须留给下一代D.相对于需求而言，资源总是不足的3.一个经济体系必须回答的基本问题是（）。
A.生产什么，生产多少B. 如何生产C.为谁生产D.以上都包括4.下列属于规范分析表述的是（）。
A.鼓励私人购买汽车有利于促进我国汽车工业的发展B.随着收入水平的提高，拥有汽车的人会越来越多C.由于我国居民收入水平低，大多数人还买不起汽车D.个人汽车拥有量的增多，给我国居民的出行带来交通隐患5.下列属于实证分析表述的是（）。
A.治理通货膨胀比减少失业更重要B.通货膨胀对经济发展有利C.通货膨胀对经济发展不利D.只有控制货币量才能抑制通货膨胀答案：1.C； 2.D； 3.D； 4.B； 5.A。
二、分析讨论1.如何理解西方经济学是一门考察稀缺的资源合理配置的科学。
答：西方经济学认为，人类的欲望和由此引起的对物品和劳务的需要是无限多样的，可是用来满足这些无限需要的手段即用来提供这些物品和劳务的生产资源是稀缺的。
这样，就产生了如何分配使用这些有限的资源来满足无限需要的问题，这就是“选择”，也就是“配置”资源的问题。
人类社会面临的经济问题就是如何把有限的资源合理地和有效率地分配使用于各种途径以满足人类无限多样的需要。
在市场经济中，资源的配置是通过市场价格机制来实现的。
生产什么、生产多少、如何生产、为谁生产，都是由市场价格决定的。
假若人类能无限量地生产出各种物品，或者人类的欲望能够完全得到满足，即在这样一个丰裕的伊甸园里，不存在稀缺物品，所有的物品都是免费的，像沙漠中的沙和海岸边的海水，价格和市场互不相关，那么经济学就无须存在了。
正是由于人类欲望的无限性和生产资源的有限性之间的矛盾才引起了人类的经济活动，西方经济学也就成为一门考察稀缺资源的配置的科学。
《经济学原理》习题+参考答案一、单选题（共60题，每题1分，共60分）1、经济周期中的萧条阶段的特征是（）。
A、国民收入与经济活动高于正常水平B、国民收入与经济活动等于正常水平C、国民收入与经济活动低于正常水平D、生产迅速增加，投资增加，信用扩张正确答案：C2、财政政策是指（）。
A、周期性变动的预算B、为使政府收支相抵的手段C、政府管理价格的手段D、利用税收、支出和债务管理等政策来实现宏观经济目标正确答案：D3、按货币单位衡量的变量（）。
A、名义GDPB、名义汇率C、名义利率D、名义变量正确答案：D4、按实物单位衡量的变量（）。
A、真实GDPB、真实利率C、真实汇率D、真实变量正确答案：D5、在以下四种情况下，可称为通货膨胀的是（）。
A、一种物品或几种物品的价格水平上升而且持续了一定时期B、物价总水平的上升持续了一个星期后又下降了C、物价总水平上升而且持续了一定时期D、物价总水平下降而且持续了一定时期正确答案：C6、当消费者对商品X的消费达到饱和点时，则边际效用MUx为（）。
A、正值B、不确定C、零D、负值正确答案：C7、要缓和结构性失业，应该实行（）。
A、人力政策B、财政政策C、收入政策D、货币政策正确答案：A8、中央银行在公开市场卖出政府债券是企图（）。
A、减少流通中基础货币以紧缩货币供给B、收集一笔资金帮助政府弥补财政赤字C、通过买卖债券获得差价利益D、减少商业银行在中央银行的存款正确答案：D9、公共产品具有以下哪个特征（）。
A、排他性B、竞争性C、非排他性和非竞争性D、以上全对正确答案：C10、在总需求不变时，短期总供给的增加会引起 ( )。
A、国民收入减少，价格水平下降B、国民收入增加，价格水平上升C、国民收入减少，价格水平上升D、国民收入增加，价格水平下降正确答案：D11、投资乘数等于（）。
A、收入变化除以投资变化B、投资变化除以收入变化C、MPC的倒数D、1-MPS的倒数正确答案：D12、下面哪一项不是政府职能（）A、在市场上决定产品的价格B、提供公共物品C、用行政与法律手段解决市场失灵D、对自然垄断实行价格管制正确答案：A13、货币数量论认为，可得到的（）决定物价水平。
《经济学原理》习题库一、单选题（共60题，每题1分，共60分）1、民航机票经常价格大幅波动说明飞机旅行需求（）oA、富有价格弹性B、价格弹性不足C、单位弹性D、缺乏收入弹性正确答案：A2、当羽毛球拍的价格下降时，对羽毛球的需求量将（）oA、不变B、增加C、减少D、视具体情况而定正确答案：B3、下列各项中哪一项属于流量（）。
A、GDPB、外债总额C、现有住房总面积D、失业人口正确答案：A4、劳动（L）的总产量下降时（）oA、APL是递增的B、APL为零C、MPL为零D、MPL为负正确答案：D5、某一经济活动存在外部经济是指该活动的（）oA、私人成本大于社会成本B、私人利益小于社会利益C、私人成本小于社会成本D、私人利益大于社会利益正确答案：B6、成本推动型通货膨胀（）。
A、通常用于描述某种供给因素所引起的价格波动B、通常用于描述某种总需求的增长所引起的价格波动C、表示经济制度已调整过的预期通货膨胀率D、以上均不是正确答案：A7、一国的国内生产总值大于国民生产总值，说明该国公民从外国取得的收入（）外国公民从该国取得的收入。
A、小于B、大于C、可能大于也可能小于D、等于正确答案：A8、如果一项投入品的平均产量高于其边际产量，则（）oA、随着投入的增加，边际产量增加B、边际产量将向平均产量趋近C、随着投入的增加，平均产量一定增加D、平均产量将随投入的增加而降低正确答案：D9、在生产的有效区域内，等产量曲线（）。
A、不能相交B、上述说法都对C、负向倾斜D、凸向原点正确答案：B10、当经济中只存在（）时,该经济被认为实现了充分就业。
A、结构性失业和季节性失业B、摩擦性失业和季节性失业C、摩擦性失业和结构性失业D、需求不足型失业正确答案：CIK消费者的无差异曲线图总是包括无数条无差异曲线，因为（）。
A、人的欲望是无限的B、商品的数量是无限的C、消费者的人数是无限的D、消费者各个时期的收入是不同的正确答案：B12、固定成本是指（）oA、厂商购进生产要素时所要支付的费用B、厂商在短期内必须支付的不能调整的生产要素的费用C、厂商要增加产量所要增加的费用D、厂商支付的工资正确答案：B13、通货膨胀使固定工资收入者利益（）。
《经济学原理》模拟练习题及参考答案一、单选题（共60题，每题1分，共60分）1、若某个产量的长期平均成本等于短期平均成本，但高于长期边际成本, 则可推断（）。
A、规模报酬处于递减阶段B、长期平均成本正在下降C、短期平均成本最小D、短期边际成本等于长期边际成本正确答案：B2、下列命题不属于实证分析的是（）oA、过去几个月，甲国失业率有所下降B、甲国目前的失业率是3%C、甲国的高失业率是有很多因素造成的D、失业率应该降到8%正确答案：D3、市场机制导致资源配置低效率或无效率是（）oA、市场垄断B、市场调节C、市场竞争D、市场失灵正确答案：D4、如果在厂商的短期均衡产量上,AR小于SAC,但大于AVC,则厂商（）。
A、亏损,立即停产B、亏损,但继续生产C、亏损、生产或不生产都可以D、获得正常利润,继续生产正确答案：B5、消费者剩余是消费者的（）。
A、实际所得B、消费剩余部分C、主观感受D、没有购买的部分正确答案：C6、预算线向右上方平行移动的原因是（）。
A、商品X的价格下降了B、商品Y的价格下降了C、商品X和Y的价格按同样的比率下降D、以上都不对正确答案：C7、在其他条件不变,增加自主性净税收会引起（）。
A、国民收入增加66B、国民收入减少C、国民收入不变D、以上几种情况都可能发生正确答案：B8、当一个完全竞争行业实现长期均衡时,每个企业（）。
A、都实现了正常利润B、利润都为零C、行业中没有任何厂商再进出D、以上说法都对正确答案：D9、从几何意义上看,边际替代率是（）上某一点切线斜率的绝对值。
A、预算约束线B、等产量曲线C、无差异曲线D、等成本曲线正确答案：C10、预算线上每一点所反映的可能购买的商品的数量组合是（）。
A、相同的B、不同的C、在某种场合下相同D、以上三者都不对正确答案：BIK下列命题中哪一个不是实证分析命题？（）A、1982年8月联储把贴现率降到10%B、1981年失业率超过9%C、联邦所得税对中等收入家庭是不公平的D、社会保险税的课税依据现在已超过30000美元正确答案：C12、下列哪类商品的需求价格弹性最大？（）A、名牌女包B、食盐、饮用水等生活必需品C、轮椅、特大号鞋等专用商品D、牙膏、香皂等日常用品正确答案：A13、菲利普斯曲线说明（）。
经济学原理对应练习题及答案（英文版）1. T he word that comes from the Greek word for "one who managesa household" isa. market.b. consumer.c. producer.d. economy.2. T he word “economy” comes from the Greek word oikonomos,which meansa. “environment.”b. “production.”c. “one who manages a household.”d. “one who makes decisions.”3. R esources area. scarce for households but plentiful for economies.b. plentiful for households but scarce for economies.c. scarce for households and scarce for economies.d. plentiful for households and plentiful for economies.4. E conomics deals primarily with the concept ofa. scarcity.b. poverty.c. change.d. power.5. W hich of the following questions is not answered by thedecisions that every society must make?a. What determines consumer preferences?b. What goods will be produced?c. Who will produce the goods?d. Who will consume the goods?6. T he overriding reason as to why households and societies facemany decisions is that2 Chapter 1/Ten Principles of Economicsa. resources are scarce.b. goods and services are not scarce.c. incomes fluctuate with business cycles.d. people, by nature, tend to disagree.7. T he phenomenon of scarcity stems from the fact thata. most economies’production methods are not very good.b. in most economies, wealthy people consumedisproportionate quantities of goods and services.c. governments restricts production of too many goods andservices.d. resources are limited.8. A pproximately what percentage of the world's economiesexperience scarcity?a. 25%b. 50%c. 75%d. 100%9. W hen a society cannot produce all the goods and servicespeople wish to have, it is said that the economy isexperiencinga. scarcity.b. shortages.c. inefficiencies.d. inequities.10. F or society, a good is not scarce ifa. at least one individual in society can obtain all he orshe wants of the good.b. firms are producing the good at full capacity.c. all members of society can have all they want of thegood.Chapter 1/Ten Principles of Economics 3d. those who have enough income can buy all they want ofthe good.11. W hich of the following products would be considered scarce?a. golf clubsb. Picasso paintingsc. applesd. All of the above are correct.12. E conomics is the study ofa. production methods.b. how society manages its scarce resources.c. how households decide who performs which tasks.d. the interaction of business and government.14. I n most societies, resources are allocated bya. a single central planner.b. a small number of central planners.c. those firms that use resources to provide goods andservices.d. the combined actions of millions of households andfirms.15. T he adage, "There is no such thing as a free lunch," isusedto illustrate the principle thata. goods are scarce.b. people face tradeoffs.(to get something we like, weusually have to give up another thing we like)c. income must be earned.d. households face many decisions.18. W hich of the following statements best represents theprinciple represented by the adage, "There is no such thing as a free lunch"?4 Chapter 1/Ten Principles of Economicsa. Melissa can attend the concert only if she takes hersister with her.b. Greg is hungry and homeless.c. Brian must repair the tire on his bike before he can rideit to class.d. Kendra must decide between going to Colorado or Cancunfor spring break.19. T he principle that "people face tradeoffs" applies toa. individuals.b. families.c. societies.d. All of the above are correct.20. A typical society strives to get the most it can from itsscarce resources. At the same time, the society attempts to distribute the benefits of those resources to the members of the society in a fair manner. In other words, the society facesa tradeoff betweena. guns and butter.b. efficiency and equity.c. inflation and unemployment.d. work and leisure.21. G uns and butter are used to represent the classic societaltradeoff between spending ona. durable and nondurable goods.b. imports and exports.c. national defense and consumer goods.d. law enforcement and agriculture.22. W hen society requires that firms reduce pollution, there isa. a tradeoff because of reduced incomes to the firms'owners and workers.b. a tradeoff only if some firms are forced to close.Chapter 1/Ten Principles of Economics 5c. no tradeoff, since the cost of reducing pollution fallsonly on the firms affected by the requirements.d. no tradeoff, since everyone benefits from reducedpollution.23. A tradeoff exists between a clean environment and a higherlevel of income in thata. studies show that individuals with higher levels ofincome actually pollute less than low-income individuals.b. efforts to reduce pollution typically are notcompletely successful.c. laws that reduce pollution raise costs of production andreduce incomes.d. by employing individuals to clean up pollution,employment and income both rise.24. W hich of the following phrases best captures the notion ofefficiency?a. absolute fairnessb. equal distributionc. minimum wasted. equitable outcome25. W hich of the following is true?a. Efficiency refers to the size of the economic pie;equity refers to how the pie is divided.b. Government policies usually improve upon both equityand efficiency.c. As long as the economic pie continually gets larger, noone will have to go hungry.d. Efficiency and equity can both be achieved if theeconomic pie is cut into equal pieces.26. E fficiency means that6 Chapter 1/Ten Principles of Economicsa. society is conserving resources in order to save themfor the future.b. society's goods and services are distributed equallyamong society's members.c. society's goods and services are distributed fairly,though not necessarily equally, among society's members.d. society is getting the maximum benefits from its scarceresources.27. E conomists use the word equity to describe a situation inwhicha. each member of society has the same income.b. each member of society has access to abundant quantitiesof goods and services, regardless of his or her income.c. society is getting the maximum benefits from its scarceresources.d. the benefits of society's resources are distributedfairly among society's members.28. S enator Smith wants to increase taxes on people with highincomes and use the money to help the poor. Senator Jones argues that such a tax will discourage successful people from working and will therefore make society worse off. An economist would say thata. we should agree with Senator Smith.b. we should agree with Senator Jones.c. a good decision requires that we recognize bothviewpoints.d. there are no tradeoffs between equity and efficiency.29. W hich of the following words and phrases best captures thenotion of equity?a. minimum wasteb. maximum benefitChapter 1/Ten Principles of Economics 7c. samenessd. fairnessANS: D DIF: 1 REF: 1-1TOP: Equity MSC: Definitional30. W hen government policies are enacted,a. equity can usually be enhanced without an efficiencyloss, but efficiency can never be enhanced without an equity loss.b. efficiency can usually be enhanced without an equityloss, but equity can never be enhanced without an efficiency loss.c. it is always the case that either efficiency andfairness are both enhanced, or efficiency and equity are both diminished.d. None of the above are correct.ANS: D DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Applicative31. A likely effect of government policies that redistributeincome and wealth from the wealthy to the poor is that those policiesa. enhance equity.b. reduce efficiency.c. reduce the reward for working hard.d. All of the above are correct.ANS: D DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive8 Chapter 1/Ten Principles of Economics32. W hen the government implements programs such as progressiveincome tax rates, which of the following is likely to occur?a. Equity is increased and efficiency is increased.b. Equity is increased and efficiency is decreased.c. Equity is decreased and efficiency is increased.d. Equity is decreased and efficiency is decreased. ANS: B DIF:2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive33. A s a result of a successful attempt by government to cut theeconomic pie into more equal slices,a. it is easier to cut the pie, and therefore the economycan produce a larger pie.b. the government can more easily allocate the pie to thosemost in need.c. the pie gets smaller, and there will be less pie overall.d. government will spend too much time cutting and itcauses the economy to lose the ability to produce enough pie for everyone.ANS: C DIF: 3 REF: 1-1TOP: Government, Efficiency, Equity MSC: Analytical34. W hen the government attempts to improve equity in an economythe result is oftena. an increase in overall output in the economy.b. additional government revenue since overall income willincrease.c. a reduction in equity.d. a reduction in efficiency.ANS: D DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: InterpretiveChapter 1/Ten Principles of Economics 935. W hen the government redistributes income from the wealthy tothe poor,a. efficiency is improved, but equity is not.b. both wealthy people and poor people benefit directly.c. people work less and produce fewer goods and services.d. wealthy people consume fewer goods, but poor people consume more goods, resulting in no real change. ANS: C DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive36. I n economics, the cost of something isa. the dollar amount of obtaining it.b. always measured in units of time given up to get it.c. what you give up to get it.d. often impossible to quantify, even in principle. ANS: C DIF: 1 REF: 1-1TOP: Opportunity cost MSC: Definitional37. W hat you give up to obtain an item is called youra. opportunity cost.b. explicit cost.c. true cost.d. direct cost.ANS: A DIF: 1 REF: 1-1TOP: Opportunity cost MSC: Definitional10 Chapter 1/Ten Principles of Economics38. T he opportunity cost of going to college isa. the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.b. the value of the best opportunity a student gives up to attend college.c. zero for students who are fortunate enough to have all of their college expenses paid by someone else.d. zero, since a college education will allow a student toearn a larger income after graduation.ANS: B DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Interpretive39. M aurice receives $100 as a birthday gift. In deciding how tospend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision isa. the value to Maurice of the option he would have chosenhad Option B not been available.b. the value to Maurice of Options A, C and D combined.c. $100.d. $300.ANS: A DIF: 2 REF: 1-1TOP: Opportunity cost MSC: ApplicativeChapter 1/Ten Principles of Economics 1140. A furniture maker currently produces 100 tables per week andsells them for a profit. She is considering expanding her operation in order to make more tables. Should she expand?a. Yes, because making tables is profitable.b. No, because she may not be able to sell the additionaltables.c. It depends on the marginal cost of producing more tablesand the marginal revenue she will earn from selling more tables.d. It depends on the average cost of producing more tablesand the average revenue she will earn from selling more tables.ANS: C DIF: 2 REF: 1-1TOP: Marginal changes MSC: Applicative41. F or most students, the largest single cost of a collegeeducation isa. the wages given up to attend school.b. tuition, fees, and books.c. room and board.d. transportation, parking, and entertainment.ANS: A DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Interpretive12 Chapter 1/Ten Principles of Economics42. F or a college student who wishes to calculate the true costsof going to college, the costs of room and boarda. should be counted in full, regardless of the costs ofeating and sleeping elsewhere.b. should be counted only to the extent that they are moreexpensive at college than elsewhere.c. usually exceed the opportunity cost of going to college.d. plus the cost of tuition, equals the opportunity costof going to college.ANS: B DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative43. F or which of the following individuals would the opportunitycost of going to college be highest?a. a promising young mathematician who will command a highsalary once she earns her college degreeb. a student with average grades who has never held a jobc. a famous, highly-paid actor who wants to take time awayfrom show business to finish college and earn a degreed. a student who is the best player on his collegebasketball team, but who lacks the skills necessary to play professional basketballANS: C DIF: 2 REF: 1-1TOP: Opportunity cost MSC: ApplicativeChapter 1/Ten Principles of Economics 1344. W hen you calculate your true costs of going to college, whatportion of your room-and-board expenses should be included?a. Your full room-and-board expenses should always beincluded.b. None of your room-and-board expenses should ever beincluded.c. You should include only the amount by which yourroom-and-board expenses exceed the income you earn while attending college.d. You should include only the amount by which yourroom-and-board expenses exceed the expenses for rent and food if you were not in college.ANS: D DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative45. T he opportunity cost of an item isa. the number of hours needed to earn money to buy the item.b. what you give up to get that item.c. usually less than the dollar value of the item.d. the dollar value of the item.ANS: B DIF: 1 REF: 1-1TOP: Opportunity cost MSC: Definitional14 Chapter 1/Ten Principles of Economics46. M allory decides to spend three hours working overtime ratherthan watching a video with her friends. She earns $8 an hour.Her opportunity cost of working isa. the $24 she earns working.b. the $24 minus the enjoyment she would have received fromwatching the video.c. the enjoyment she would have received had she watchedthe video.d. nothing, since she would have received less than $24 ofenjoyment from the video.ANS: C DIF: 3 REF: 1-1TOP: Opportunity cost MSC: Applicative47. R ussell spends an hour studying instead of playing tennis.The opportunity cost to him of studying isa. the improvement in his grades from studying for thehour.b. the improvement in his grades from studying minus theenjoyment of playing tennis.c. the enjoyment and exercise he would have received hadhe played tennis.d. zero. Since Russell chose to study rather than to playtennis, the value of studying must have been greater than the value of playing tennis.ANS: C DIF: 3 REF: 1-1TOP: Opportunity cost MSC: ApplicativeChapter 1/Ten Principles of Economics 1548. C ollege-age athletes who drop out of college to playprofessional sportsa. are not rational decision makers.b. are well aware that their opportunity cost of attendingcollege is very high.c. are concerned more about present circumstances thantheir future.d. underestimate the value of a college education. ANS: B DIF:2 REF: 1-1TOP: Opportunity cost MSC: Interpretive49. A rational decisionmakera. ignores marginal changes and focuses instead on “thebig picture.”b. ignores the likely effects of government policies whenhe or she makes choices.c. takes an action only if the marginal benefit of thataction exceeds the marginal cost of that action.d. takes an action only if the combined benefits of thataction and previous actions exceed the combined costs of that action and previous actions.ANS: C DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive50. R ational people make decisions at the margin bya. following marginal traditions.b. behaving in a random fashion.c. thinking in black-and-white terms.d. comparing marginal costs and marginal benefits. ANS: D DIF: 1 REF: 1-1TOP: Marginal changes MSC: Interpretive。
Chapter 18The Markets for the Factors of ProductionMultiple Choice1. Most of the total income earned in the U.S. economy is ultimately paid to households in the form ofa. profit.b. rent.c. interest.d. wages.ANS: D PTS: 1 DIF: 1 REF: 18-0TOP: Factor markets MSC: Definitional2. In the United States economy, which of the following factors of production is considered to be the most important interms of the magnitude of income earned by that factor of production?a. landb. laborc. profitd. capitalANS: B PTS: 1 DIF: 1 REF: 18-0TOP: Factor markets MSC: Definitional3. How much of the income in the United States is earned by workers in the form of wages and fringe benefits?a. more than 90 percentb. about 75 percentc. about 50 percentd. less than 75 percentANS: B PTS: 1 DIF: 1 REF: 18-0TOP: Factor markets MSC: Definitional4. The factors of production are best defined as thea. output produced from raw materials.b. inputs used to produce goods and services.c. wages paid to the workforce.d. goods and services sold in the market.ANS: B PTS: 1 DIF: 1 REF: 18-1TOP: Factor markets MSC: Definitional5. Economists refer to the inputs that firms use to produce goods and services asa. derived factors.b. derived resources.c. factors of production.d. instruments of revenue.ANS: C PTS: 1 DIF: 1 REF: 18-1TOP: Factors of production MSC: Definitional6. Because a firm's demand for a factor of production is derived from its decision to supply a good in the market, it iscalled aa. differentiated demand.b. secondary demand.c. derived demand.d. hybrid demand-supply.ANS: C PTS: 1 DIF: 1 REF: 18-1TOP: Factor markets MSC: Definitional769770 Chapter 18/The Markets for the Factors of Production7. The term "factor market" applies to the market fora. labor.b. capital.c. land.d. All of the above are correct.ANS: D PTS: 1 DIF: 1 REF: 18-1TOP: Factor markets MSC: Definitional8. Factor markets are different from product markets in an important way becausea. equilibrium is the exception, and not the rule, in factor markets.b. the demand for a factor of production is a derived demand.c. the demand for a factor of production is likely to be upward sloping, in violation of the law of demand.d. All of the above are correct.ANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Factor markets MSC: Interpretive9. Factor-market analysis could not be complete without some characterization ofa. product-market demand.b. the marginal productivities of the different factors.c. market prices for final goods and services.d. All of the above are correct.ANS: D PTS: 1 DIF: 2 REF: 18-1TOP: Factor markets MSC: Interpretive10. The basic tools of supply and demand apply toa. markets for goods and services and to markets for labor services.b. markets for goods and services but not to markets for labor services.c. markets for goods and services but not to markets for factors of production.d. all markets except those in which demand is derived demand.ANS: A PTS: 1 DIF: 2 REF: 18-1TOP: Factors of production MSC: Interpretive11. Labor markets are different from most other markets because labor demand isa. represented by a vertical line on a supply-demand diagram.b. represented by an upward-sloping line on a supply-demand diagram.c. such an elusive concept.d. derived.ANS: D PTS: 1 DIF: 1 REF: 18-1TOP: Factors of production MSC: Interpretive12. Which of the following best illustrates the concept of "derived demand?"a. An increase in the wages of auto workers will lead to an increase in the demand for robots in automobilefactories.b. An automobile producer's decision to supply more cars will lead to an increase in the demand for automobileproduction workers.c. An automobile producer's decision to supply more minivans results from a decrease in the demand for stationwagons.d. An increase in the price of gasoline will lead to an increase in the demand for small cars.ANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Interpretive13. When a firm is a profit maximizera. it is driven to produce as much of its product as possible.b. it will measure its success by the number of employees it has.c. its revenue will always be maximized as well.d. it does not care directly about the number of workers it hires.ANS: D PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: InterpretiveChapter 18/The Markets for the Factors of Production 77114. For a competitive, profit-maximizing firm, the labor demand curve is the same as thea. marginal cost curve.b. value of marginal product curve.c. production function.d. profit function.ANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Analytical15. For a competitive firm that finds it worthwhile to operate rather than shut down, profit maximization requires thata. output price = marginal cost.b. wage = value of marginal product of labor.c. wage/marginal product of labor = P.d. All of the above are correct.ANS: D PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative16. What causes the labor demand curve to shift?(i) changes in productivity(ii) changes in wages(iii) c hanges in output pricesa. (i) and (ii)b. (ii) and (iii)c. (i) and (iii)d. All of the above are correct.ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative17. If the price of airline tickets falls, what will happen to the demand curve for flight attendants?a. It will shift to the right.b. It will shift to the left.c. The direction of the shift is ambiguous.d. It will remain unchanged.ANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative18. If consumers demand more genetically engineered foods, then the value of genetic engineers' marginal product oflabor willa. rise.b. fall.c. remain unchanged.d. rise or fall; either is possible.ANS: A PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative19. Competitive firms decide how much output to sell by producing output until the price of the good equalsa. marginal product.b. the value of marginal product.c. marginal cost.d. marginal profit.ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative772 Chapter 18/The Markets for the Factors of Production20. Competitive firms hire workers until the additional benefit they receive from the last worker hired is equal to(i) the additional cost of that worker.(ii) the wage paid to that worker.(iii) t he marginal product of that worker.a. (i) onlyb. (iii) onlyc. (i) and (ii)d. (ii) and (iii)ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Analytical21. Dan owns one of the many bakeries in New York City. Which of the following events will lead to an increase inDan's demand for the services of bakers?(i) The price of muffins increases. (Muffins are Dan's specialty.)(ii) Dan adds three new ovens to the kitchen area to help the bakers work faster.(iii) L ocal bakers form a union to protect themselves from low wages.a. (i) and (ii)b. (ii) and (iii)c. (i) and (iii)d. All of the above are correct.ANS: A PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative22. Charles owns one of the many bakeries in New York City. Which of the following events will lead to a decrease inCharles's demand for the services of bakers?a. Hollywood glamorization of a new movie about a baker leads hundreds of high-school students in New YorkCity to apply for a job at Dan's.b. The price of baked goods falls.c. The local bakers form a union.d. All of the above are correct.ANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative23. A sandwich shop hires workers to make sandwiches and sell them to customers. If the firm is competitive in both themarket for sandwiches and in the market for sandwich-makers, then it hasa. some control over both the price of sandwiches and the wage it pays to its workers.b. no control over the price of sandwiches but some control over the wage it pays to its workers.c. some control over the price of sandwiches but no control over the wage it pays to its workers.d. no control over either the price of sandwiches or the wage it pays to its workers.ANS: D PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Applicative24. Which of the following events could increase the demand for labor?a. a decrease in output priceb. a decrease in the amount of capital available for workers to usec. an increase in the marginal productivity of workersd. All of the above are correct.ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative25. Which of the following events could decrease the demand for labor?a. an increase in migrant workersb. an increase in the marginal productivity of workersc. a decrease in demand for the final product produced by labord. a decrease in the labor supplyANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: ApplicativeChapter 18/The Markets for the Factors of Production 773 26. When we focus on the firm as a supplier of a good or a service, we assume that the firm is a profit maximizer. Whenwe focus on the firm as a demander of labor, we assume that the firm's objective is toa. minimize wages.b. minimize variable costs.c. maximize the number of workers hired.d. maximize profit.ANS: D PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Interpretive27. Suppose that a new invention increases the marginal productivity of labor, shifting labor demand to the right. Such aninvention would be an example ofa. labor-saving technology.b. labor-augmenting technology.c. Luddite technology.d. supply-shifting technology.ANS: B PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Definitional28. Suppose that a new invention decreases the marginal productivity of labor, shifting labor demand to the left. Such aninvention would be an example ofa. labor-saving technology.b. labor-augmenting technology.c. Luddite technology.d. supply-shifting technology.ANS: A PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Definitional29. Labor-saving technology causes which of the following?(i) The marginal productivity of labor increases.(ii) The marginal productivity of labor decreases.(iii) L abor demand shifts to the right.(iv) L abor demand shifts to the left.a. (i) onlyb. (ii) onlyc. (i) and (iii)d. (ii) and (iv)ANS: D PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Interpretive30. Labor-augmenting technology causes which of the following?(i) The marginal productivity of labor increases.(ii) The marginal productivity of labor decreases.(iii) L abor demand shifts to the right.(iv) L abor demand shifts to the left.a. (i) onlyb. (ii) onlyc. (i) and (iii)d. (ii) and (iv)ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Interpretive31. The term Luddite is used to describea. a person who readily adopts the latest technological advances.b. a person who fears computers.c. a person who opposes technological advances.d. any mythical historical figure.ANS: C PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Definitional774 Chapter 18/The Markets for the Factors of Production32. A Luddite would be expected to feara. labor-saving technologies.b. labor-augmenting technologies.c. supply-shifting technologies.d. the Chairman of the Federal Reserve.ANS: A PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Interpretive33. Along the vertical axis of the production function we typically measurea. revenue.b. the marginal product of the input.c. the quantity of input.d. the quantity of output.ANS: D PTS: 1 DIF: 1 REF: 18-1TOP: Production function MSC: Definitional34. Along the horizontal axis of the production function we typically measurea. revenue.b. the marginal product of the input.c. the quantity of input.d. the quantity of output.ANS: C PTS: 1 DIF: 1 REF: 18-1TOP: Production function MSC: Definitional35. A competitive firm sells its output for $45 per unit. The marginal product of the 30th worker is 4 units of output perday; the marginal product of the 31st worker is 3 units of output per day. The firm pays its workers a wage of $150 per day.a. For the 31st worker, the marginal profit is $135.b. For the 30th worker, the value of the marginal product of labor is $600.c. For the 30th worker, the marginal profit is $180.d. None of the above is correct.ANS: D PTS: 1 DIF: 3 REF: 18-1TOP: Labor demand MSC: Analytical36. Aurora Custom Cabinets produces and sells custom kitchen cabinets. The firm has determined that if it hires 10workers, it can produce 4 sets of cabinets per day. If it hires 11 workers, it can produce 4.2 sets of cabinets per day. It sells each set of cabinets for $2,000, and it pays each of its workers $200 per day.a. For the 11th worker, the value of the marginal product of labor is $500.b. For the 11th worker, the marginal revenue product is $400.c. The firm is maximizing its profit.d. If the firm is employing 11 workers, then its profit would increase if it cut back to 10 workers.ANS: B PTS: 1 DIF: 3 REF: 18-1TOP: Labor demand MSC: Analytical37. For a competitive, profit-maximizing firm, the demand curve for labor will shift in response to a change in thea. wage rate.b. quantity of labor demanded.c. price of the product that the firm sells.d. All of the above are correct.ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative38. Omega Custom Cabinets produces and sells custom bathroom vanities. The firm has determined that if it hires 10workers, it can produce 20 vanities per week. If it hires 11 workers, it can produce 22 vanities per week. It sells each vanity for $800, and it pays each of its workers $1,000 per week.a. For the 11th worker, the marginal profit is $600.b. For the 11th worker, the marginal revenue product is $2,000.c. The firm is maximizing its profit.d. If the firm is employing 11 workers, then its profit would increase if it cut back to 10 workers.ANS: A PTS: 1 DIF: 3 REF: 18-1TOP: Production function MSC: AnalyticalChapter 18/The Markets for the Factors of Production 775 39. Suppose that workers who sort outgoing mail for a company use rubber bands to group mail. If there were an increasein the supply of rubber bands, which of the following would happen in the market for labor?a. Demand would decrease.b. Demand would increase.c. Supply would decrease.d. Supply would increase.ANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: ApplicativeScenario 18-1Gertrude Kelp owns three boats that participate in commercial fishing for fresh Pacific salmon off the coast of Alaska.As part of her business she hires a captain and several crew members for each boat. In the market for fresh Pacific salmon, there are thousands of firms like Gertrude's. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.40. Refer to Scenario 18-1. Based on the given information, it is likely that Gertrude's firm hasa. some influence over the wages paid to crew members but no influence over the price of salmon.b. some influence over the price of salmon but no influence over the wages paid to crew members.c. some influence over both the price of salmon and the wages paid to crew members.d. no influence over either the price of salmon or the wages paid to crew members.ANS: D PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative41. Refer to Scenario 18-1. When Gertrude participates in the labor market to hire crew members for her boats, she ismost likely considered aa. demander of labor services.b. supplier of labor services.c. demander of capital.d. supplier of capital.ANS: A PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Applicative42. Refer to Scenario 18-1. If the price of fresh Pacific salmon were to decrease significantly, it is most likely thatGertrude woulda. reduce her demand for crew members.b. hire more boats.c. become a seller in at least one factor market.d. hire more crew members.ANS: A PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative43. Refer to Scenario 18-1. If Gertrude is a competitor in both the fresh Pacific salmon market and in the market forcrew members, she is called a pricea. taker in the salmon market and a wage setter in the crew market.b. taker in the crew market and a price setter in the salmon market.c. taker in both markets.d. setter in both markets.ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Applicative44. Refer to Scenario 18-1. In the fresh Pacific salmon product market, Gertrude has some control overa. the price she charges for her fresh salmon.b. the quantity of fresh salmon that she catches and supplies to the market.c. the competitive environment of the market.d. All of the above are correct.ANS: B PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Applicative776 Chapter 18/The Markets for the Factors of Production45. Refer to Scenario 18-1. If Gertrude is a price taker in the labor market, she decidesa. the price for which she will sell the fish she catches.b. how many crew members she will hire.c. the wages that she will pay to her crew members.d. All of the above are correct.ANS: B PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Applicative46. Refer to Scenario 18-1. Labor-market theory assumes that Gertrude's demand for crew members and her supply offresh Pacific salmon result from hera. intrinsic desire to hire crew members.b. primary goal of maximizing profit.c. altruistic motives to provide fresh salmon to consumers.d. desire to strike a balance between environmental concerns and maximum profit.ANS: B PTS: 1 DIF: 1 REF: 18-1TOP: Labor demand MSC: Applicative47. 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 $20, how many workers would the firm employ if the weekly wage rate is $1000?Quantity of Number of CalculatorsLabor Per Week0 01 602 1603 2404 2805 300a. 1b. 2c. 3d. 4ANS: C PTS: 1 DIF: 3 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical48. Bill is trying to convince the owner of a pizza shop to hire him. He argues that he could help the shop sell anadditional five pizzas per day at the market price of $8 each. If the facts are not in dispute, but the owner does not hire him, thena. the wage rate must be less than $40 per day.b. hiring Bill would involve a negative marginal product.c. the wage rate must be more than $40 per day.d. the wage rate must be less than $8 per day.ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical49. Suppose that eight workers can manufacture 70 radios per day, and nine workers can manufacture 90 radios per day.If radios can be sold for $10 each, the value of marginal product of the ninth worker isa. 20 radios.b. 90 radios.c. $200.d. $900.ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Value of the marginal product MSC: AnalyticalChapter 18/The Markets for the Factors of Production 77750. Value of marginal product is defined as the additionala. output a firm would receive after hiring one more factor of production.b. cost of hiring one more factor of production.c. revenue earned from selling one more unit of product.d. revenue earned from hiring one more factor of production.ANS: D PTS: 1 DIF: 1 REF: 18-1TOP: Value of the marginal product MSC: Definitional51. The marginal product of labor is defined as the change ina. output per additional unit of revenue.b. output per additional unit of labor.c. revenue per additional unit of labor.d. revenue per additional unit of output.ANS: B PTS: 1 DIF: 1 REF: 18-1TOP: Marginal product of labor MSC: Definitional52. The marginal product of labor isa. the increase in the amount of output from an additional unit of labor.b. the total amount of output divided by the total units of labor.c. total revenue minus total cost.d. also called the marginal profit.ANS: A PTS: 1 DIF: 1 REF: 18-1TOP: Marginal product of labor MSC: DefinitionalTable 18-1Quantity of Number of BaseballsLabor Per Day0 01 1002 2403 3604 4405 50053. Refer to Table 18-1. This table describes the number of baseballs a manufacturer can produce per day with differentquantities of labor. Each baseball sells for $5 in a competitive market. For which level of employment is the marginal product of labor greatest?a. 1 workerb. 2 workersc. 3 workersd. 4 workersANS: B PTS: 1 DIF: 3 REF: 18-1TOP: Marginal product of labor MSC: Analytical54. Refer to Table 18-1. This table describes the number of baseballs a manufacturer can produce per day with differentquantities of labor. Each baseball sells for $5 in a competitive market. What is the total revenue per day that the firm will earn if it employs five workers?a. $500.b. $300.c. $2200.d. $2500.ANS: D PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical778 Chapter 18/The Markets for the Factors of Production55. Refer to Table 18-1. This table describes the number of baseballs a manufacturer can produce per day with differentquantities of labor. Each baseball sells for $5 in a competitive market. If the firm is maximizing the marginal product of labor, what is the firm’s marginal revenue product?a. 140 baseballs.b. $300.c. $400.d. $700.ANS: D PTS: 1 DIF: 2 REF: 18-1TOP: Value of the marginal product MSC: Analytical56. When labor is the only input a firm uses, the marginal cost of a unit of output can be defined asa. marginal revenue multiplied by wage.b. marginal product of labor multiplied by wage.c. wage divided by marginal product of labor.d. marginal product of labor divided by wage.ANS: C PTS: 1 DIF: 3 REF: 18-1TOP: Labor demand MSC: AnalyticalTable 18-2Consider the following daily production data for Davis Golf Balls, Inc. Davis Golf Balls, Inc. sells golf balls for 50 cents each and pays the workers a wage of $30 a day.57. Refer to Table 18-2. What is the third worker's marginal product of labor?a. 75 golf ballsb. 100 golf ballsc. 125 golf ballsd. 150 golf ballsANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor MSC: Analytical58. Refer to Table 18-2. What is the fourth worker's marginal product of labor?a. 50 golf ballsb. 75 golf ballsc. 100 golf ballsd. 125 golf ballsANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor MSC: Analytical59. Refer to Table 18-2. What is the sixth worker's marginal product of labor?a. 37.5 golf ballsb. 50 golf ballsc. 75 golf ballsd. 100 golf ballsANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor MSC: Analytical60. Refer to Table 18-2. What is the value of the marginal product of the second worker?a. $50b. $62.50c. $75d. $150ANS: C PTS: 1 DIF: 3 REF: 18-1TOP: Value of the marginal product MSC: Analytical61. Refer to 18-2. What is the value of the marginal product of the fifth worker?a. $7.50b. $25c. $37.50d. $75ANS: C PTS: 1 DIF: 3 REF: 18-1TOP: Value of the marginal product MSC: Analytical62. Refer to Table 18-2. What is the value of the marginal product of the first worker?a. $25b. $50c. $75d. $100ANS: B PTS: 1 DIF: 3 REF: 18-1TOP: Value of the marginal product MSC: Analytical63. Refer to Table 18-2. The marginal product of labor begins to diminish with the addition of which worker?a. the 1st workerb. the 2nd workerc. the 3rd workerd. the 4th workerANS: C PTS: 1 DIF: 3 REF: 18-1TOP: Diminishing marginal product MSC: Analytical64. Refer to Table 18-2. What is the marginal profit of the fourth worker?a. $7.50b. $20c. $50d. $100ANS: B PTS: 1 DIF: 3 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical65. Refer to Table 18-2. What is the marginal profit of the sixth worker?a. -$10b. -$5c. $7.50d. $25ANS: B PTS: 1 DIF: 3 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical66. Refer to Table 18-2. Assuming Davis Golf Balls, Inc. is a competitive, profit-maximizing firm, how many workerswill the firm hire?a. 3 workersb. 4 workersc. 5 workersd. 6 workersANS: C PTS: 1 DIF: 3 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical67. Refer to Table 18-2. Assume that Davis Golf Balls, Inc. is a competitive, profit-maximizing firm. If the market priceof golf balls increases from 50 cents to 60 cents, how many workers would the firm then hire?a. 3 workersb. 4 workersc. 5 workersd. 6 workersANS: D PTS: 1 DIF: 3 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical68. Refer to Table 18-2. Suppose that there is a technological advance that allows Davis Golf Balls, Inc. employees toproduce more golf balls than they could before. Because of this change,a. the firm’s demand for labor shifts right.b. the firm’s demand for labor shifts left.c. the firm’s supply of labor shi fts right.d. the firm’s supply of labor shifts left.ANS: A PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand MSC: Analytical69. For maximum profit, a firm hires labor up to the point at which the wage equals(i) the value of the marginal product of labor.(ii) the marginal cost of an additional unit of output.(iii) o utput price multiplied by the marginal product of labor.a. (i) and (ii)b. (i) and (iii)c. (ii) and (iii)d. All of the above are correct.ANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Labor demand | Value of the marginal product MSC: Analytical70. Refer to Table 18-3. What is the market price of the final good?a. $5b. $6c. $8d. $10ANS: D PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical71. Refer to Table 18-3. It is apparent from this table that increasing marginal producta. occurs only after the first worker is hired.b. occurs only after the second worker is hired.c. occurs only after the third worker is hired.d. never occurs.ANS: D PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor MSC: Analytical72. Refer to Table 18-3. If the firm hires two workers, the two workers together producea. 80 units.b. 100 units.c. 180 units.d. 200 units.ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical73. Refer to Table 18-3. What is the marginal product of the fourth worker?a. 30b. 40c. 100d. 400ANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor MSC: Analytical74. Refer to Table 18-3. The fact that the marginal product falls as the number of workers increases exemplifies aproperty calleda. diminishing marginal product.b. utility maximization.c. supply and demand.d. labor theory.ANS: A PTS: 1 DIF: 1 REF: 18-1TOP: Diminishing marginal product MSC: Definitional75. Refer to Table 18-3. The fact that the production function exhibits diminishing marginal productivity implies thata. total production decreases beyond a certain level of output.b. labor markets are not always competitive.c. the additions to total output get smaller as more workers are hired.d. marginal profit is negative.ANS: C PTS: 1 DIF: 1 REF: 18-1TOP: Diminishing marginal product MSC: Definitional76. Refer to Table 18-3. What is the marginal profit of the fourth worker?a. $400b. $100c. $0d. $-100ANS: D PTS: 1 DIF: 1 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical77. Refer to Table 18-3. What is the fourth worker's contribution to total revenue?a. $-100b. $40c. $400d. $500ANS: C PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical78. Refer to Table 18-3. To maximize its profit, how many workers will the firm hire?a. 2b. 3c. 4d. 5ANS: B PTS: 1 DIF: 2 REF: 18-1TOP: Marginal product of labor | Value of the marginal product MSC: Analytical。
