Moodle X ( 7 X C @ B Q B Question 38 Not yet answered Marked out of 2 P Flag question The productivity and real wages of workers in industrially advanced economies have risen historically partly because Select one: O a. workers have acquired less education and training over time. O b. workers have been able to use larger quantities of capital equipment. O c. over time, the capital equipment used by workers has deteriorated in quality. O d. the supply of labor has increased. Previous page Next page Quiz navigation Time left 1:41:29Moodle X WEBCAM RECORDING Question 33 Not yet answered Marked out of 2 P Flag question If resources A and B are complementary and employed in fixed proportions, Select one: O a. a change in the price of A will have no effect on the quantity of B employed. O b. an increase in the price of A may either increase or decrease the demand for B. O c. an increase in the price of A will increase the demand for B. O d. an increase in the price of A will decrease the demand for B. Previous page Next page Quiz navigation Time left 1:42:12 SMoodle X ( 7 X 6 0 B Q B Question 37 Not yet answered Marked out of 2 P Flag question A business is employing inputs such that the marginal product of labor is 40 and the marginal product of capital is 90. The price of labor is $20, and the price of capital is $30. If the business wants to minimize costs while keeping output constant, then it should Select one: a. use more labor and less capital. O b. use less labor and less capital. O c. use less labor and more capital. O d. make no change in resource use. Next page Time left 1:41:38Moodle X WEBCAM RECORDING Question 31 Not yet answered Marked out of 2 P Flag question A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal product of the second worker is Select one: O a. 24. Ob . 8 . Oc. 5 . Od. 1. Previous page Next page Quiz navigation me left 1:42:32Moodle X Question 32 Not yet answered Marked out of 2 P Flag question Suppose a technological improvement increases the productivity of a firm's capital and, simultaneously, its workers' union negotiates a wage increase. We can predict that Select one: O a. the firm will use relatively more capital and relatively less labor. O b. the firm will use relatively more labor and relatively less capital. O c. inputs of capital and labor will be unchanged. O d. the firm's equilibrium output will necessarily increase. Previous page Next page Quiz navigation Time left 1:42:19Moodle X Question 34 Not yet answered Marked out of 2 P Flag question When the elasticity coefficient for resource demand is greater than one, resource demand is Select one: O a. inelastic. O b. elastic. O c. unit-elastic. O d. perfectly inelastic. Previous page Next page Quiz navigation Time left 1:42:05Moodle X ( + X C O B Q B Question 36 Not yet answered Marked out of 2 P Flag question If a firm is hiring variable resources D and F in perfectly competitive input markets, it will minimize the cost of producing any level of output by employing D and Fin such amounts that Select one: O a. the price of each input equals its MP. O b. MPD = MPF. O c. MPD / PD = MP F / PF. Od. MPD / PF = MPF/ PD. Next page Previous page Quiz natination Time left 1:41:48Moodle X ( 7 X C @ B Q B Question 35 Not yet answered Marked out of 2 P Flag question Resource X has many close substitutes, whereas resource Y has no close substitutes. Other things equal, we would expect Select one: O a. the demand for resource Y to be more elastic than the demand for resource X. O b. resources X and Y to be close substitutes. O c. resource X to be more expensive than resource Y. O d. the demand for resource X to be more elastic than the demand for resource Y. Previous page Next page Quiz navigation Time left 1:41:57Moodle X ( + X C | @ | B Q B Question 40 Not yet answered Marked out of 2 P Flag question abor Demand Data Employment Marginal Product Labor Supply Data Product Price 0 Employment 0 Wage Rate 1 $3 0 14 $11 3 2 1 12 11 3 2 11 w 19 3 3 11 4 7 3 4 11 4 3 5 11 2 3 6 11 The table shows labor demand data on the left and labor supply data on the right The firm will maximize profits (or minimize losses) by employing Select one: O a. 2 workers. O b. 3 workers. O c. 4 workers. O d. 5 workers. left 1:41:11Moodle X ( 7 X C @ B Q B Question 39 Not yet answered Marked out of 2 P Flag question Over the long run, real earnings per worker can increase only at about the same rate as the economy's rate of growth of Select one: O a. total output. O b. stock of capital. O c. output per worker. O d. international trade. Previous page Next page Quiz navigation Time left 1:41:22