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AP Micro Unit 5 Review 2024

AP Micro Unit 5 Review 2024

Assessment

Flashcard

Social Studies

11th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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12 questions

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1.

FLASHCARD QUESTION

Front

Assume the government REMOVES a license to become a barber. What will happen in the labor market?

Back

Wage decreases and quantity increases

2.

FLASHCARD QUESTION

Front

How will the requirement for construction workers to pass a series of exams to become licensed change the supply and wage of construction workers?

Back

Supply will decrease; Wage will increase

3.

FLASHCARD QUESTION

Front

If the last worker hired produces six units of additional output, the price of the product is $10, and the wage is $20, what is the marginal revenue product of that worker?

Back

$60

4.

FLASHCARD QUESTION

Front

If a firm is experiencing wages to be greater than MRP, what should the firm do?

Back

Lay off workers

5.

FLASHCARD QUESTION

Front

Assume that a firm sells their output in a perfectly competitive product market and hires labor in a perfectly competitive labor market. If all other factors remain constant, an increase in the demand for the firm's product will result in:

Back

An increase in the firm's demand curve.

6.

FLASHCARD QUESTION

Front

A profit-maximizing firm will continue to hire workers until the marginal revenue product of labor is equal to the:

Back

marginal resource cost

7.

FLASHCARD QUESTION

Front

Which of the following would cause the wage for computer programmers to increase in a perfectly competitive labor market? A decrease in the amount of physical capital per computer programmer, A decrease in the amount of individuals who decide to become computer programmers, An increase in the social prestige associated with being a computer programmer, The price of computer programming equipment to increase, A minimum wage set below the equilibrium wage in the market for computer programmers.

Back

A decrease in the amount of individuals who decide to become computer programmers

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