Mod 5.1: Introduction to Factor Markets

Mod 5.1: Introduction to Factor Markets

12th Grade

6 Qs

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Mod 5.1: Introduction to Factor Markets

Mod 5.1: Introduction to Factor Markets

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Mary Ong-Dean

Used 6+ times

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6 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Media Image

Which of the following is a factor of production? (SELECT ALL THAT APPLY)

Land

Labor

Money

Physical Capital

Technology

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which of the following is true of a factor market but not a product market?

Firms are the suppliers

Households are the buyers

Supply is derived

Demand is derived

Prices are established by firms

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Factor market demand is called a derived demand because it

is derived from the demand for the product it produces

is derived from the market wage received by workers

is derived from the productivity of workers.

derives its name from the Latin word factorus

derives its shape from the price of the factor

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

The value of the additional output generated by hiring one more unit of labor is known as the:

marginal product of labor

marginal revenue of labor

marginal revenue product of labor

marginal product curve

total product of labor

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

The implicit cost of capital that you own is

the original purchase price of the capital

the rental rate

greater than the rental rate

greater than the original purchase price of the capital

zero because you already own it

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which of the following is necessarily true for a firm in a perfectly competitive labor market?

The marginal revenue product curve for labor is above the demand curve for labor.

The labor supply curve is horizontal.

The labor demand curve is horizontal.

The firm must increase its wage to hire more workers.

The firm has difficulty finding enough workers due to competition from other firms.