(完整版)5學(xué)原理》(微觀)第五版測試題庫(18)

1、Chapter 18The Markets For the Factors of Producti onTRUE/FALSE1. If the marginal productivity of the sixth worker hired is less than the marginal productivity of the fifth worker hired, the n the additi on of the sixth worker causes total output to decli ne.ANS: FDIF: 2REF: 18-1NAT: An alyticLOC: La

2、bor marketsTOP: Margi nal product of laborMSC: In terpretive2. In 2008, the total in come of all U.S. reside nts was approximately $120 billio n.ANS: FDIF:1REF: 18-0NAT: An alyticLOC: Labor marketsTOP:In comeMSC: In terpretive3. In order to calculate the value of the marg inal product of labor, a ma

3、n ager must know the marginal product of labor and the wage rate of the worker.ANS:FDIF: 2REF:18-1NAT:An alyticLOC:Labor marketsTOP:Value of themargi nal productMSC:In terpretive4. Let L represent the quantity of labor and let Q represent the quantity of output. Suppose a certain production function

4、 includes the points ( L = 7, Q = 27), ( L = 8, Q = 35), and(L = 9, Q = 45). Based on these three poin ts, this producti on fun cti on exhibits diminishing marg inal product.ANS: FDIF: 2REF: 18-1NAT: An alyticLOC: The study of econo mics, and defi niti ons of econo micsTOP:Dimi nishi ng marg inal pr

5、oductMSC: Applicative5. When a competitive firm hires labor up to the point at which the value of the marginal product of labor equals the wage, it also produces up to the point at which the price of output equals average variable cost.ANS:FDIF: 3REF:18-1NAT: An alyticLOC: The study of econo mics, a

6、nd defi niti ons of econo micsTOP: Competitive firms | Profit maximizationMSC:Applicative6. The dema nd for computer programmers is in separably tied to the supply of computer software.ANS: TDIF:1REF: 18-1NAT: An alyticLOC: Labor marketsTOP:Labor dema ndMSC: In terpretive7. If Firm X is a competitiv

7、e firm in the market for labor, it has little in flue nce over the wage it pays its employees.ANS:TDIF:1REF: 18-1NAT:An alyticLOC: Labor marketsTOP: Labor dema ndMSC:In terpretive8. The idea that rati onal employers thi nk at the margin is cen tral to un dersta nding how many un its of labor theycho

8、ose to employ.ANS: TDIF:1REF: 18-1NAT: An alyticLOC: Labor marketsTOP:Labor dema ndMSC: In terpretive9. For competitive firms, the curve that represents the value of marginal product of labor is the same as the dema nd for labor curve.ANS:TDIF:2REF: 18-1NAT:An alyticLOC:Labor marketsTOP: Labor dema

9、nd | Value of the marginal product MSC:In terpretive1219#? Chapter 18/The Markets For the Factors of Production10. The value of the marginal product of labor can be calculated as the price of the final good minus the marginal product of labor.ANS:FDIF: 2REF:18-1NAT:An alyticLOC:Labor marketsTOP:Valu

10、e of the margi nal productMSC:An alytical11. To compute the value of the marginal product of capital, you should multiply the market price of the good by the marginal product of capital.ANS:TDIF: 2REF:18-1NAT:An alyticLOC: Labor marketsTOP:Value of the margi nal productMSC:An alytical12. A profit-ma

11、ximizing competitive firmwillhire workers up to thepoint at which the wage equals the price ofthe final good.ANS: FDIF:2REF: 18-1NAT: An alyticLOC:Labor marketsTOP: Labor dema nd | Value of the margi nal product MSC:An alytical13. A profit-maximizi ng competitive firm will hire workers up to the poi

12、nt at which the wage equals the margi nal product of labor.ANS: FDIF:2REF: 18-1NAT: An alyticLOC:Labor marketsTOP: Labor dema nd | Margi nal product of laborMSC: An alytical14. Tech no logical adva nces can cause the labor dema nd curve to shift.ANS:TDIF:2REF:18-1NAT:An alyticLOC:Labor marketsTOP: L

13、abor dema ndMSC:Applicative15.In the Un ited States, tech no logical adva nces help expla in persiste ntly ris ing employme nt in the face of ris ingwages.ANS:TDIF:2REF:18-1NAT:An alyticLOC:Labor marketsTOP: Labor dema ndMSC:Applicative16.The term Luddite refers to“ tekkies ”or people who are the fi

14、rst to adopt new tech no logical adva nces.ANS:FDIF:1REF:18-1NAT:An alyticLOC:Labor marketsTOP: Labor dema ndMSC:Defin iti onal17.Labor-sav ing tech no logical adva nces in crease the marg inal productivity of labor.ANS:FDIF:1REF:18-1NAT:An alyticLOC:Labor marketsTOP: Labor dema ndMSC:Defin iti onal

15、18.Labor-sav ing tech no logical adva nces decrease the marginal productivity of labor.ANS:TDIF:1REF:18-1NAT:An alyticLOC:Labor marketsTOP: Labor dema ndMSC:Defin iti onal19.Labor-augme nti ng tech no logical adva nces in crease the margi nal productivity of labor.ANS:TDIF:1REF:18-1NAT:An alyticLOC:

16、Labor marketsTOP: Labor dema ndMSC:Defin iti onal20.Labor-augme nti ng tech no logical adva nces decrease the marg inal productivity of labor.ANS:FDIF:1REF:18-1NAT:An alyticLOC:Labor marketsTOP: Labor dema ndMSC:Defin iti onalChapter 18/The Markets For the Factors of Production ?122121. An in crease

17、 in a productrice 'is shift the labor dema nd curve for that product to the left.ANS: FDIF:1REF: 18-1NAT: An alyticLOC: Labor marketsTOP: Labor dema ndMSC: Defi nitio nal22. The qua ntity available of one factor of producti on can affect the marginal product of other factors.ANS: TDIF:2REF: 18-1

18、NAT: An alyticLOC:Labor marketsTOP:Margi nal product of labor | Factor marketsMSC: Applicative23. In a competitive market for labor, the equilibrium wage always equals the value of the marginal product.ANS:TDIF: 2REF:18-1NAT:An alyticLOC:LabormarketsTOP:Value of themargi nal productMSC:Applicative24

19、. From 1960 to 2000, in flati on-adjusted wages in creased by 131 perce nt in the U.S.As a result, firms reducedthe amou nt of labor they employed by n early 20 perce nt.ANS: FDIF: 2REF: 18-1NAT: An alyticLOC: Labor marketsTOP: Labor dema ndMSC: In terpretive25. The labor-supply curve is affected by

20、 the trade-off betwee n labor and leisure.ANS: TDIF: 2REF: 18-2NAT: An alyticLOC: Labor marketsTOP: Labor supplyMSC: In terpretive26. The opportunity cost of leisure is impossible to measure, since we can't measure leisure time in dollars.ANS: FDIF: 2REF: 18-2NAT: An alyticLOC: Labor marketsTOP:

21、 Labor supplyMSC: In terpretive27. The labor supply curve reflects how workers' decisi ons about the labor-leisure tradeoff resp ond to cha nges in the opportu nity cost of leisure.ANS: NAT: MSC:TAn alyticIn terpretiveDIF:LOC:2Labor marketsREF:18-2TOP:Labor supply28.Labor supply curves are alway

22、s upward slop ing.ANS:FDIF:2REF:18-2NAT:An alyticLOC:Labor marketsTOP:Labor supplyMSC:In terpretive29. Whe n an in dividual' s in come goes up, that in dividual may choose to supply less labor, result ing in abackward-slop ing labor supply curve.ANS: TDIF: 2REF: 18-2NAT: An alyticLOC: Labor mark

23、etsTOP: Labor supplyMSC: In terpretive30. The supply of labor in any one market depends on the opportunities available in other markets.ANS: TDIF: 2REF: 18-2NAT: An alyticLOC: Labor marketsTOP: Labor supplyMSC: Applicative31. Moveme nts of workers from cou ntry to cou ntry can cause shifts in the la

24、bor supply curves for both cou ntries.ANS: TDIF: 2REF: 18-2NAT: An alyticLOC: Labor marketsTOP: Labor supplyMSC: ApplicativeChapter 18/The Markets For the Factors of Production ?122332.If the dema nd for labor in a particular in dustry in creases, the equilibrium wage in that in dustry will also in

25、crease.ANS:TDIF:2REF: 18-3NAT:An alyticLOC:Labor marketsTOP: Labor-market equilibriumMSC:An alytical33. If the dema nd for labor decreases and the supply of labor is un cha nged, the n the opportu nity cost of leisure will decrease.ANS: TDIF: 2REF: 18-3NAT: An alyticLOC: Un dersta nding and appl yin

26、g econo mic modelsTOP: Opportu nity cost | WagesMSC: In terpretive34. Profit maximizati on by firms en sures that the equilibrium wage always equals the value of the margi nal product of capital.ANS:FDIF: 2REF:18-3NAT: An alyticLOC: Un dersta nding and appl ying econo mic modelsTOP:Margi nalproduct

27、|WagesMSC:In terpretive35. As the number of concrete workers in the United States falls, the wage paid to the remaining concrete workers will n ecessarily fall as well.ANS:FDIF:2REF: 18-3NAT:An alyticLOC:Labor marketsTOP:Labor-market equilibriumMSC:Applicative36.Oil field workers' wages are dire

28、ctly tied to the world price of oil.ANS:TDIF:1REF: 18-3NAT:An alyticLOC:Labor marketsTOP:Labor-market equilibriumMSC:Applicative37.Chan ges in supply and dema nd in the labor market will cause cha nges in wages.ANS:TDIF:1REF: 18-3NAT:An alyticLOC:Labor marketsTOP:Labor-market equilibriumMSC:Defin it

29、i onal38.In general, less productive workers are paid less than more productive workers.ANS:TDIF:1REF: 18-3NAT:An alyticLOC:Labor marketsTOP:Labor-market equilibriumMSC:Applicative39.In creases in productivity are not resp on sible for in creased sta ndards of liv ing in the Un ited States.ANS:FDIF:

30、2REF: 18-3NAT:An alyticLOC:Labor marketsTOP:Factor marketsMSC:Applicative40.Average productivity can be measured as total output divided by total units of labor.ANS:TDIF:1REF: 18-3NAT:An alyticLOC:Labor marketsTOP:Factor marketsMSC:Defin iti onal41.The rental price of capital is the price a person p

31、ays to own the capital indefinitely.ANS:FDIF:2REF: 18-4NAT:An alyticLOC:Un dersta nding and appl ying econo mic modelsTOP:Capital marketMSC: In terpretive42.The marg inal product of la nd depe nds on the qua ntity of la nd that is available.ANS:TDIF:2REF: 18-4NAT:An alyticLOC:Labor marketsTOP:Land m

32、arketsMSC:In terpretive43. For a sno w-removal bus in ess, the capital stock would in clude in puts such as snow blowers and shovels.ANS: TDIF:1REF: 18-4NAT: An alyticLOC: Labor marketsTOP: CapitalMSC: Defi nitio nal44. The dema nd curve for each factor of producti on equals the value of the margina

33、l product of that factor.ANS: TDIF: 2REF: 18-4NAT: An alyticLOC: Labor marketsTOP: Factor marketsMSC: In terpretive45. Capital in come does not in clude in come paid to households for the use of their capital.ANS: FDIF: 2REF: 18-4NAT: An alyticLOC: Labor marketsTOP:Capital in comeMSC: Defi nitio nal

34、46. Firms pay out a porti on of their earnings in the form of in terest and divide nds, and those payme nts are a porti on of the econom y's capital in come.ANS: TDIF: 2REF: 18-4NAT: An alyticLOC: Labor marketsTOP:Capital in comeMSC: Defi nitio nal47. Whe n a firm decides to reta in its earnings

35、 in stead of pay ing divide nds, the stockholders n ecessarily suffer.ANS: FDIF: 2REF: 18-4NAT: An alyticLOC: Labor marketsTOP: CapitalMSC: In terpretive48. Capital owners are compe nsated accord ing to the value of the marg inal product of that capital.ANS: TDIF: 2REF: 18-4NAT: An alyticLOC: Labor

36、marketsTOP: CapitalMSC: In terpretive49. A cha nge in the supply of any one factor alters the earnings of all the other factors.ANS: TDIF: 2REF: 18-4NAT: An alyticLOC: Labor marketsTOP: Factor marketsMSC: In terpretive50. If the output price of a product rises, the dema nd for capital will in crease

37、, rais ing the ren tal price of capital. ANS: TDIF:1REF: 18-4NAT: An alyticLOC: Labor marketsTOP: CapitalMSC: Applicative51. Suppose the supply of capital decreases. price of capital will both fall.ANS:FDIF:2NAT: An alyticLOC: Labor marketsMSC: An alyticalAs a result, the qua ntity of capital used i

38、n producti on and the rentalREF:18-4TOP: Capital52. Suppose an in flue nza pan demic were to sig nifica ntly decrease the populati on of a cou ntry.We would predicta decrease in the marg inal product of la nd in that cou ntry.ANS:TDIF:2REF: 18-4NAT:An alyticLOC:Labor marketsTOP: Land marketsMSC:An a

39、lyticalSHORT ANSWER1. Describe the differenee between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreas ing (but not n egative)?ANS:Dimini shi ng marginal produc

40、t of labor means that the last worker hired con tributes less to the total output of the firm than the worker who was hired just previous to her. Negative marginal product of labor suggests that the last pers on hired actually causes total output of the firm to decli ne. The firm evaluates the ben e

41、fit of hiri ng (added reve nue) versus the added cost of hiri ng (wage). I n competitive markets, the cost and ben efit con verge only whe n marg inal product decli nes. If the marg inal product of labor is n egative, hir ing an additi onal worker would actually decrease reve nue. A profit-maximizi

42、ng firm would n ever choose to operate where marginal product is risi ng because hiri ng an additi onal worker would in crease the“ value ” a worker con tributes to the firm, while costs remai n con sta nt.Thus, the firm will choose to operate where marg inal product of labor is decreas ing.DIF:2REF

43、: 18-1TOP:Dimi nish ing margi nal productMSC: An alytical2. Explain how a firm values the contribution of workers to its profitability. Would a profit-maximizing competitive firm ever stop increasing employment as long as marginal product is rising? Explain your answer.ANS:A firm values the con trib

44、uti on of a worker by evaluati ng the worker's in dividual con tributi on to firm reve nue. This is done by multiplying the worker' s marginal product by the output price received for his production. Aprofit-maximizing firm would never choose to operate where marginal product is rising becau

45、se hiring an additional worker would in crease the "value" a worker con tributes to the firm and cost would remai n con sta nt. As such, value and cost diverge as long a marginal product is increasing, and it is always more profitable to continue to hire more workers.DIF:2REF: 18-1TOP:Marg

46、i nal product of laborMSC: An alytical3. In the 1980s, the dan gerous Ebola virus en tered the Un ited States through con tam in ated mon keys that were imported for use in medical experiments. Suppose this virus had not been contained but had spread to the general population. Assume that the virus

47、is lethal in half of the people who are exposed to it. Describe the result ing effect on labor productivity.ANS:There are two possible direct effects: One effect would be that people would be absent from work if they caught the virus (but did not die) and so marg inal productivity would be higher fo

48、r the rema ining workers. The other effect is that people who caught the virus would die, the labor supply would decrease, and the rema ining workers would have a higher marg inal product of labor. While the marg inal productivity of the rema ining workers in creases, total output would still fall.D

49、IF:2REF: 18-3TOP:Margi nal product of laborMSC: An alytical4. Usi ng the theory of wage determi natio n, expla in why wages in develop ing cou ntries. where levels of capitalare small, are typically quite low.ANS:Wages are determined by the value of workers to firms. In many developing countries, th

50、e level of capital is quite small, and so worker productivity is quite low. Workers are n ot able to con tribute as much value to a firm as their counterparts in countries that have more capital to complement their labor efforts. Since marginal productivity is low, wages are low.DIF:2MSC: An alytica

51、lREF:18-3TOP: CapitalChapter 18/The Markets For the Factors of Production ?12255. A recent flood in the Midwest has destroyed much of the farmland that lies in fertile regions near the rivers. Describe the effect of the flood on the marg inal productivity of la nd, labor, and capital. How would the

52、flood affect the price of i nputs? Provide some examples.ANS:The flood would in crease the marg inal product of un flooded lan d, lower the marginal product of labor, and lower the marginal product of capital. As such, the price of unflooded land should rise, and the prices of both labor and capital

53、 should fall.DIF:2REF: 18-3TOP:La nd marketsMSC: An alytical6. Describe the process by which the market for capital and the market for land reach equilibrium. As part of your description, elaborate on the role of the stock of the resource versus the flow of services from the resource.ANS:Equilibrium

54、s in the markets for land and capital are gover ned by the value of marg inal product for these factors relative to their supply. One difference between these markets and the market for labor is that in land and capital markets there is both a rental value (flow) and purchase price (stock). The diff

55、ere nce betwee n the rental value and purchase price is rec on ciled by no ti ng that in efficie nt markets, the purchase price should reflect the value of the stream of services provided by the land or capital (or the sum of rental values appropriately discounted).DIF:3REF: 18-4TOP: Capital markets | La nd marketsMSC: An alytical7. Describe the differe nce betwee n the purchase price of capital and th