
Labor Economics and Productivity Concepts

Interactive Video
•
Business
•
9th - 10th Grade
•
Hard

Patricia Brown
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the circular flow model, who are the buyers in the resource market?
Firms
Households
Government
Banks
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is derived demand in the context of labor?
Demand for labor based on the demand for the product being produced
Demand for labor based on government policies
Demand for labor based on the firm's location
Demand for labor based on the number of available workers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor is NOT considered when determining how many workers a firm should hire?
The color of the workers' uniforms
Revenue generated by workers
Productivity of workers
Cost to hire workers
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the first column in the productivity chart represent?
Number of workers
Cost of production
Revenue generated
Total output
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the marginal revenue product (MRP) calculated?
By dividing total revenue by the number of workers
By multiplying the extra output by the price per unit
By adding the total output and total revenue
By subtracting the cost of labor from total revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a worker costs $10 and generates $25 in revenue, should the firm hire them?
Yes, because the worker is free
No, because the cost is too high
No, because the revenue is less than the cost
Yes, because the revenue exceeds the cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the marginal factor cost (MFC) in this context?
The total cost of all workers
The extra cost to hire an additional worker
The cost of materials used in production
The cost of advertising
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