Which of the following concepts represents the extra revenue a
firm receives from the services of an additional unit of a factor
of production? a) Total revenue b) Marginal physical product c)
Marginal revenues product d) Marginal revenue
7. The demand for labour is the same as the a) Marginal revenue
product b) Marginal physical product c) Marginal cost d) Wage
8. The demand for labour will be more elastic if: a) There are few
substitutes for labour b) There is a short time under consideration
c) Labor is a large percent of the total cost of production d) All
of the above
9. Skills that can be transferred to other employers are called: a)
General skills b) Specific skills c) Non-pecuniary skills d) All of
the above
10. If worker A earns more in wages than worker B, it could be
because: a) The product made by worker A sells for a higher price
than that made by worker B b) Worker A uses more capital per worker
than worker B c) Worker A has more natural ability than worker B d)
All of the above
11. Skills that embodied in a person are called a) Human capital b)
Embodied skills c) Physical capital d) Experience skills
6. The extra revenue a firm receives from the services of an additional unit of a factor of production is known as marginal revenue.
Answer: option D
7. The demand for labor is the same as the marginal revenue product. The downward sloping portion of the Marginal revenue product curve shows the number of employees a company will hire at each wage rate.
Answer: option A
8. If labor is a large percent of total cost of production, any increase in price of labor will cause a huge fall in demand for labor and vice versa.
Answer: option C
Get Answers For Free
Most questions answered within 1 hours.