A) were a substitute for bank tellers, but eventually became a complement.
B) were a substitute for bank tellers, and their existence has continued to depress the demand for tellers.
C) were a complement to bank tellers, but over time have replaced them.
D) had no effect on the demand for bank tellers.
Correct Answer
verified
Correct Answer
verified
A) smaller the proportion of total costs accountable for by labor costs.
B) smaller the elasticity of demand for the product it produces.
C) larger the number of close substitute resources available.
D) more rapid the decline in its marginal productivity.
Correct Answer
verified
Correct Answer
verified
A) will shift to the left if the price of the product that the labor is producing falls.
B) is perfectly elastic if the firm is selling its product in a purely competitive market.
C) reflects a direct relationship between the number of workers hired and the money wage rate.
D) is the same as its marginal product curve.
Correct Answer
verified
Correct Answer
verified
A) the marginal productivity theory of income distribution is valid.
B) resource prices do not always measure contributions to output.
C) the resulting income distribution is ethically correct.
D) income shares do not exhaust the total output.
Correct Answer
verified
Correct Answer
verified
A) The majority are in engineering professions.
B) The majority are in manufacturing industries.
C) The majority are in health care related professions.
D) The majority are in unskilled jobs.
Correct Answer
verified
Correct Answer
verified
A) LCD and LED screens minimize the costs of production.
B) the supply of LCD and LED screens has decreased.
C) the demand for LCD and LED screens is a derived demand.
D) of foreign production of LCD and LED screens.
Correct Answer
verified
Correct Answer
verified
A) is downsloping, solely because of the law of diminishing returns.
B) is downsloping and flatter than the labor demand curve of a firm that sells its product in a purely competitive market.
C) is upsloping.
D) is downsloping because of both declining marginal productivity and declining product prices as quantity increases.
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
A) resource prices are a major determinant of money incomes.
B) resource prices allocate scarce resources among alternative uses.
C) resource prices, along with resource productivity, are important to firms in minimizing their costs.
D) of all of these reasons.
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
A) less elastic is the demand for the product labor produces.
B) easier it is to substitute other resources for labor.
C) greater the amount of unionization in the industry.
D) less elastic is the demand for labor.
Correct Answer
verified
Correct Answer
verified
A) smaller the change in the factor's price.
B) smaller the factor's share of total cost of production.
C) more elastic is the demand for the product the factor helps to make.
D) more inelastic is the demand for the product the factor helps to make.
Correct Answer
verified
Correct Answer
verified
A) additional output produced by adding one more unit of labor.
B) marginal product of an additional unit of labor.
C) additional revenue resulting from using one more unit of labor.
D) number of units of output produced by a given number of units of labor.
Correct Answer
verified
Correct Answer
verified
A) the marginal product.
B) the marginal revenue.
C) the marginal revenue product.
D) the average revenue product.
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
A) additional cost of each additional unit of labor employed.
B) additional cost of producing each extra unit of output.
C) same concept as the marginal cost of the firm.
D) same concept as the marginal revenue product of a firm.
Correct Answer
verified
Correct Answer
verified
A) dependent on government expenditures for public goods and services.
B) related to the demand for the product or service labor is producing.
C) based on the desire of businesses to exploit labor by paying below equilibrium wage rates.
D) based on the assumption that workers are trying to maximize their money incomes.
Correct Answer
verified
Correct Answer
verified
A) should hire more labor because this will increase profits.
B) should hire more labor, although this may either increase or decrease profits.
C) is currently hiring the profit-maximizing amount of labor.
D) is selling its product in an imperfectly competitive market.
Correct Answer
verified
Correct Answer
verified
A) the MRP exceeds the wage rate.
B) the wage rate is less than MP.
C) average product exceeds MP.
D) MC exceeds MR.
Correct Answer
verified
Correct Answer
verified
Showing 181 - 200 of 231
Related Exams