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Test Canvas : Self-Test Quiz – Chapter 19
Microeconom ics, 3e
Test Canvas: Self-Test Quiz – Chapter 19
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1. Multiple Choice: Which of the following is not a facto…
Question Which of the following is not a factor of production?
Answer
land
2. Multiple Choice: Bonita has hired Janet to clean house...
Question Bonita has hired Janet to clean houses for her housekeeping service business.
Janet is paid $11 per hour, and she cleans 8 houses per week. Bonita receives a
fee of $60 for every house cleaned. The value of Janet‘s marginal product equals:
Answer $660 per week.
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Points: 1
3. Multiple Choice: Peter Piper‘s Personal Pan Pizza sell...
Question Peter Piper’s Personal Pan Pizza sells pizza at a price of $5 per pizza. Its
marginal product of labor curve is given by the equation MPL= 10 – 2L, where L is
the number of hours of labor. The market determined wage rate is $20 per hour.
How many units of labor should the firm hire in order to maximize its profits?
Answer
one hour of labor
4. Multiple Choice: The value of the marginal product of …
Question The value of the marginal product of labor curve:
Points: 1
Points: 1
5. Multiple Choice: A major league baseball team pays its…
Question A major league baseball team pays its first baseman $8 million per year. The team
owner knows that the team sells an additional 200,000 seats per year due to this
player‘s presence on the team, (and this is the only additional revenue generated
by this player). The team‘s profit increases by retaining this player with his $8
million contract as long as the average seat price is at least:
6. Multiple Choice: Werner wants to pay efficiency wages …
Question Werner wants to pay efficiency wages to ensure a high quality of construction for
his new beach home. If the prevailing wage rate for electricians is $22 per hour in
his area, he would have to pay which of the following amounts to satisfy an
efficiency wage concept?
7. Multiple Choice: Sonia works 30 hours per week at a gi…
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Points: 1
Question Sonia works 30 hours per week at a gift shop. Her hourly wage is rises from $10 to
$12, and she is offered the option of increasing her total work hours. Given that
leisure is a normal good for Sonia, she will choose to increase the number of hours
she works only if:
8. Multiple Choice: Suppose the government lowers the inc…
Question Suppose the government lowers the income tax rate. If leisure is a normal good,
this decision will increase the quantity of labor supplied only if the:
9. Multiple Choice: What is true for those for whom leisu...
Question What is true for those for whom leisure is a normal good?
Answer The labor supply curve always slopes up.
Points: 1
Points: 1
10. Multiple Choice: When wage levels are not consistent w...
Question When wage levels are not consistent with marginal productivity theory, it is often
because:
11. Multiple Choice: How is the market for labor affected …
Question How is the market for labor affected when the selling price of the product
decreases?
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Points: 1
12. Multiple Choice: Which of the following would be evide...
Question Which of the following would be evidence of an efficiency wage?
13. Multiple Choice: The labor supply curve can have a pos...
Question The labor supply curve can have a positive slope because:
14. Multiple Choice: In a labor market in equilibrium, the…
Question In a labor market in equilibrium, the wage earned by a bicycle mechanic is equal to
the:
Answer
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and Factor Demand
15. Multiple Choice: The improvement in labor created by e…
Question The improvement in labor created by education and knowledge is referred to as:
16. Multiple Choice: A firm decides how many workers to hi...
Question A firm decides how many workers to hire based on the:
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Points: 1
17. Multiple Choice: An increase in the productivity of la...
Question An increase in the productivity of labor due to improved technology will:
Answer
result in a lower wage.
18. Multiple Choice: Efficiency wages are observed when th…
Question Efficiency wages are observed when the goal of the employer is to:
19. Multiple Choice: Efficiency wages are a type of:
Question Efficiency wages are a type of:
Answer discrimination.
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20. Multiple Choice: Compensating differentials partly exp...
Question Compensating differentials partly explain:
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