1. ECO1050 u09q1 Question 1 (Points: 3) What are the four factors of production
ID: 1228785 • Letter: 1
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1. ECO1050 u09q1 Question 1 (Points: 3)What are the four factors of production that produce goods and services? (3 points).
1. Labor, capital, money, and entrepreneurship.
2. Labor, capital, land, and entrepreneurship.
3. Labor, money, machinery, and land.
4. Labor, investment capital, machinery, and land.
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2. ECO1050 u09q1 Question 2 (Points: 3)
Commodity markets are where this happens. (3 points).
1. Shares of ownership of a corporation are traded.
2. Promises to pay specified sums of money are exchanged.
3. Labor is bought and sold.
4. Raw materials are bought and sold.
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3. ECO1050 u09q1 Question 3 (Points: 3)
Which of the following represents a derived demand? (3 points).
1. Demand for an automobile by Jack who wants a car to get to school.
2. Demand for golf balls by Jose who is planning on going golfing with his boss.
3. Demand for a taco by Sam when she is hungry.
4. Demand for a grocery clerk by the local Safeway grocery store.
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4. ECO1050 u09q1 Question 4 (Points: 3)
The value of marginal product is equal to this. (3 points).
1. Additional revenue from selling one more unit of product.
2. Change in revenue from hiring one more unit of a factor of production.
3. Additional cost of hiring one more unit of a factor of production.
4. Change in total revenue from selling one more unit of product.
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5. ECO1050 u09q1 Question 5 (Points: 3)
Which of the following is true of the value of the marginal product of labor? (3 points).
1. It declines as more workers are hired.
2. It is constant as long as each worker is paid the same wage rate.
3. It increases as more labor is hired.
4. It declines only if each worker is paid more than the previous worker.
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6. ECO1050 u09q1 Question 6 (Points: 3)
When hiring labor, how does a firm hire labor to maximize profit? (3 points).
1. It hire labor regardless of cost, because the firm definitely needs labor.
2. It hires labor if the workers are not unionized.
3. It hires labor until the value of the marginal product is greater than the wage rate.
4. It hires labor until the value of the marginal product equals the wage rate.
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7. ECO1050 u09q1 Question 7 (Points: 3)
Suppose Mongo runs a glue factory in Knuckle, North Dakota. Mongo wants to fire his cousin, Beevo, for not working very hard at making glue. If firing Beevo would save Mongo $6.11 per hour in wages and the value of Beevo's marginal product equals $7.29 per hour, what should Mongo do to maximize his profit? (3 points).
1. Keep Beevo employed.
2. Fire Beevo.
3. Add another worker, Teevo, Beevo's sister, whose value of the marginal product would be $4.83 per hour.
4. There is not enough information given to determine what Mongo should do.
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8. ECO1050 u09q1 Question 8 (Points: 3)
If a firm finds itself at the point where the value of the marginal product of labor is greater than its wage rate, what does the firm do? (3 points).
1. Increases the number of workers it hires.
2. Stops hiring more workers.
3. Decreases the number of workers it has hired.
4. Increases sales to keep its employees busy.
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9. ECO1050 u09q1 Question 9 (Points: 3)
The demand curve for labor is the same as what? (3 points).
1. The firm’s wage rate curve.
2. The firm’s value of marginal product curve.
3. The firm’s marginal cost curve.
4. The firm’s marginal revenue curve.
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10. ECO1050 u09q1 Question 10 (Points: 3)
The above figure shows the demand for labor curve for workers at the local Pizza Hut. Which of the following is true if the wage rate is $6 per hour? (3 points).
1. The value of the marginal product of the 10th worker is $6 per hour.
2. Pizza Hut would have been willing to hire the 6th worker even if they had to pay $7 per hour rather than $6 per hour.
3. The quantity of workers Pizza Hut demands is 10.
4. All of the above answers are correct.
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11. ECO1050 u09q1 Question 11 (Points: 3)
Robotic technology is a substitute for labor in many manufacturing processes. What does it mean if the price of robotic technology decreases? (3 points).
1. There is a decrease in the demand for labor.
2. There is no change in the demand for labor.
3. There is an increase in the supply of labor.
4. There is an increase in the demand for labor.
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12. ECO1050 u09q1 Question 12 (Points: 3)
As the wage rate rises, what happens to the quantity of labor an individual supplies? (3 points).
1. It increases at all wage rates.
2. It initially increases at low wage rates and then decreases at high wage rates.
3. It decreases at all wage rates.
4. It initially decreases at low wage rates and then increases at high wage rates.
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