Economics: Chapter 9 Test Review

Economics: Chapter 9 Test Review

KG - University

30 Qs

quiz-placeholder

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Economics: Chapter 9 Test Review

Economics: Chapter 9 Test Review

Assessment

Quiz

Specialty

KG - University

Practice Problem

Medium

Created by

Deda Rush

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The more productive a resource is, the more a firm is willing to pay for it.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As the price of a resource rises, firms are more willing to employ that resource.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Resource suppliers tend to be more willing and able to supply the resource as its price (wage) increases.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Some jobs pay more because they require a long and expensive training period.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unions try to increase wages of their members by reducing the supply of labor and increasing the demand for union labor.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The derived demand for a resource arises from

the cost of raw materials
the number of workers in the labor market
the demand for the product the resource produces.
the value of the resource itself

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose the cost of machine-made cabinets increased. How would this affect the supply & demand graph for custom cabinet makers?

The demand curve will shift to the right.
the demand curve will shift to the left.
the supply curve will shift right & demand curve will shift left.
the supply curve will shift left.

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