PLEASE ANSWER ALL QUESTIONS THANKS ANSWER AS SOON AS POSSIBLE Which expression B
ID: 2441120 • Letter: P
Question
PLEASE ANSWER ALL QUESTIONS THANKS ANSWER AS SOON AS POSSIBLE
Which expression BEST describes the value of the marginal product?
Select one:
a. the change in total revenue generated by a unit change in the quantity of a factor
b. the change in total output generated by a unit change in the quantity of a factor
c. the ratio of total revenue to the quantity of a factor employed
d. the change in marginal cost generated by a unit change in the quantity of a factor
When a firm is a perfect competitor in the product market, its demand curve for labor will _____ because the _____ product declines as additional workers are hired.
Select one:
a. slope upward; marginal
b. slope downward; marginal
c. slope downward; average
d. be horizontal; average
A firm's demand curve for labor in a perfectly competitive market is the downward-sloping portion of its _____ curve.
Select one:
a. total revenue
b. marginal revenue
c. value of the marginal product of labor
d. average total cost
The category “compensation of employees”:
Select one:
a. includes the earnings of proprietors.
b. doesn't include benefits such as health insurance.
c. includes payments in kind that are common in rural areas.
d. refers in large part to the return on human capital.
Which factor is NOT associated with production at a college?
Select one:
a. the faculty
b. electricity
c. classroom buildings
d. the computer labs
Which example illustrates wage disparity due to compensating differentials?
Select one:
a. Nick Saban, the football coach at the University of Alabama, earns more than does an economics professor.
b. The median earnings of White men are more than are the median earnings of African-Americans.
c. People with graduate degrees usually have higher earnings than do people who did not graduate from high school.
d. Crab fishermen on the Bering Sea earn more than do clerks who sell goldfish at a pet store.
According to the marginal productivity theory of income distribution, every factor of production is paid _____ the equilibrium value of its _____ product.
Select one:
a. exactly; marginal
b. exactly; average
c. less than; marginal
d. more than; marginal
Explanation / Answer
1.
B
It is the additional output that is created when one additional unit of labor is employed by the firm.
2.
B
The demand curve for labor for a perfectly competitive firm, is downward sloping due to law of diminishing marginal productivity. It causes marginal product to decrease with increase in number of labor.
3.
C
It is the curve that represents demand curve of labor in the given market.
4.
C
Payment in kind are considered as a part of the compensation offered to the employees.
5.
B
It is the electricity that is not used to produce at a college.
6.
D
Due to different and difficult working condition, the compensating wage differentials take place.
7.
A
The wages paid to the labor, in in equivalence to the marginal product being created by that labor.
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