Microeconomics Quiz 9 (Ch. 11 & 18) - Custom Scholars
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Microeconomics Quiz 9 (Ch. 11 & 18)

question
Government policy can potentially raise economic well-being:
a. in all markets for goods and services
b. in economic models, but not in reality
c. when a good does not have a price attached to it
d. never
answer
c. when a good does not have a price attached to it
question
Governments can improve market outcomes for:
a. public goods but not common resources
b. common resources but not public goods
c. both public goods and common resources
d. neither public goods nor common resources
answer
c. both public goods and common resources
question
Goods that are excludable include both:
a. natural monopolies and public goods
b. public goods and common resources
c. common resources and private goods
d. private goods and natural monopolies
answer
d. private goods and natural monopolies
question
Private decisions about consumption of common resources and production of public goods usually lead to an:
a. efficient allocation of resources and external effects
b. efficient allocation of resources and no external effects
c. inefficient allocation of resources and external effects
d. inefficient allocation of resources and no external effects
answer
c. inefficient allocation of resources and external effects
question
Goods that are not rival in consumption include both:
a. private goods and common resources
b. natural monopolies and public goods
c. common resources and public goods
d. private goods and natural monopolies
answer
b. natural monopolies and public goods
question
Goods that are not excludable include both:
a. private goods and public goods
b. natural monopolies and common resources
c. common resources and public goods
d. private goods and natural monopolies
answer
c. common resources and public goods
question
An AM radio transmission of a baseball game is:
a. excludable and rival in consumption
b. excludable and not rival in consumption
c. not excludable and rival in consumption
d. not excludable and not rival in consumption
answer
d. not excludable and not rival in consumption
question
Pay-per-view broadcasts are:
a. private goods
b. natural monopolies
c. common resources
d. public goods
answer
b. natural monopolies
question
At the local park there is a playground for children to use. While anyone is allowed to use the playground, it is often very busy, reducing the enjoyment of many of the children who use it. The playground is a:
a. private good
b. natural monopoly
c. common resource
d. public good
answer
c. common resource
question
At the local park there is a playground that anyone may use. There is rarely anyone using the playground, so children who use the playground receive full enjoyment from its use. The playground is:
a. rival in consumption and is excludable
b. not rival in consumption, but is excludable
c. rival in consumption, but is not excludable
d. not rival in consumption nor is it excludable
answer
d. not rival in consumption nor is it excludable
question
A free-rider problem exists for any good that is not:
a. excludable
b. a private good
c. free
d. rival in consumption
answer
a. excludable
question
A lighthouse is typically considered to be a public good because:
a. the owner of the lighthouse is able to exclude beneficiaries from enjoying the lighthouse
b. there is rarely another lighthouse nearby to provide competition
c. a nearby port authority cannot avoid paying fees to the lighthouse owner
d. all passing ships are able to enjoy the benefits of the lighthouse without paying
answer
d. all passing ships are able to enjoy the benefits of the lighthouse without paying
question
The national defense of the United States is not rival because:
a. once the nation is defended, it is possible to prevent any single person from enjoying the benefit of this defense
b. my enjoyment of the national defense does diminish your enjoyment of the national defense of the United States
c. my enjoyment of the national defense does NOT diminish your enjoyment of the national defense of the United States
d. once the nation is defended, it is impossible to prevent any single person from enjoying the benefit of this defense
answer
c. my enjoyment of the national defense does NOT diminish your enjoyment of the national defense of the United States
question
Too few resources are devoted to the creation of knowledge because profit-seeking firms:
a. undervalue knowledge in their pursuit of revenues
b. overuse their patents
c. tend to free-ride on the knowledge that others have developed
d. tend to rely on existing employee knowledge
answer
c. tend to free-ride on the knowledge that others have developed
question
The Tragedy of the Commons for sheep grazing on common land can be eliminated by the government doing each of the following except:
a. assigning land property rights
b. auctioning off sheep-grazing permits
c. taxing sheep flocks
d. subsidizing sheep flocks
answer
d. subsidizing sheep flocks
question
Refer to Table 18-1. Which firm's production function exhibits diminishing marginal product?
a. Firm A
b. Firm B
c. Firm C
d. Firm D
answer
c. Firm C
question
Refer to Table 18-2. What is the marginal product of the third unit of labor?
a. 40 units
b. 50 units
c. 60 units
d. 180 units
answer
b. 50 units
question
Refer to Table 18-2. What is the marginal product of the fifth unit of labor?
a. 30 units
b. 40 units
c. 50 units
d. 250 units
answer
a. 30 units
question
Refer to Table 18-2. Suppose this firm charges a price of $5 per unit of output and pays workers a wage equal to $160 per day. What is the value of the marginal product of labor for the second worker?
a. $300
b. $650
c. $9,600
d. $20,800
answer
a. $300
question
Refer to Table 18-2. Suppose this firm charges a price of $5 per unit of output and pays workers a wage equal to $160 per day. How many workers should this firm hire to maximize its profit?
a. 2 workers
b. 3 workers
c. 4 workers
d. 5 workers
answer
c. 4 workers
question
The value of the marginal product of labor:
a. increases when the price of output decreases
b. is the firm's demand for labor
c. equals the marginal product of labor divided by the wage rate
d. All of the above are correct
answer
b. is the firm's demand for labor
question
What causes the labor demand curve to shift?
(i)
changes in productivity
(ii)
changes in wages
(iii)
changes in output prices
a. (i) and (ii)
b. (ii) and (iii)
c. (i) and (iii)
d. All of the above are correct
answer
c. (i) and (iii)
question
If the demand curve for beef shifts to the right, then the value of the marginal product of labor for butchers will:
a. rise
b. fall
c. remain unchanged
d. rise or fall; either is possible
answer
a. rise
question
If the demand curve for computer games shifts to the left, then the value of the marginal product of labor for computer game authors will:
a. rise
b. fall
c. remain unchanged
d. rise or fall; either is possible
answer
b. fall
question
Which of the following events could decrease the demand for labor?
a. An increase in the number of migrant workers
b. An increase in the marginal productivity of workers
c. A decrease in demand for the final product produced by labor
d. A decrease in the supply of labor
answer
c. A decrease in demand for the final product produced by labor
question
Diane's Auto World installs tires on automobiles, light trucks, and sport utility vehicles. She is a profit-maximizing business owner whose firm operates in a competitive market. The marginal cost of installing a tire is $10. The marginal productivity of the last worker that Diane hired was 2 tires per hour. What is the maximum hourly wage that Diane was willing to pay the last worker hired?
a. $5
b. $10
c. $20
d. There is insufficient information to answer this question
answer
c. $20
question
When a production function exhibits a diminishing, but positive, marginal product of labor,
a. output increases, but at an increasing rate, as more workers are employed
b. output increases, but at a decreasing rate, as more workers are employed
c. output declines as more workers are employed
d. the effects on marginal product are ambiguous
answer
b. output increases, but at a decreasing rate, as more workers are employed
question
Typically, as a firm hires additional workers, the marginal product of labor:
a. decreases and the value of the marginal product of labor decreases
b. stays constant and the value of the marginal product of labor decreases
c. decreases and the value of the marginal product of labor stays constant
d. decreases and the value of the marginal product of labor increases
answer
a. decreases and the value of the marginal product of labor decreases
question
A profit-maximizing, competitive firm will always hire an additional worker when the additional worker makes a positive contribution to:
a. total revenue
b. total profit
c. the value of the marginal product of labor
d. marginal revenue
answer
b. total profit
question
Which of the following events would shift the labor supply curve?
a. Changes in the number of women willing to work
b. Immigration of workers
c. Changing attitudes towards work
d. All of the above are correct
answer
d. All of the above are correct
1 of 30
question
Government policy can potentially raise economic well-being:
a. in all markets for goods and services
b. in economic models, but not in reality
c. when a good does not have a price attached to it
d. never
answer
c. when a good does not have a price attached to it
question
Governments can improve market outcomes for:
a. public goods but not common resources
b. common resources but not public goods
c. both public goods and common resources
d. neither public goods nor common resources
answer
c. both public goods and common resources
question
Goods that are excludable include both:
a. natural monopolies and public goods
b. public goods and common resources
c. common resources and private goods
d. private goods and natural monopolies
answer
d. private goods and natural monopolies
question
Private decisions about consumption of common resources and production of public goods usually lead to an:
a. efficient allocation of resources and external effects
b. efficient allocation of resources and no external effects
c. inefficient allocation of resources and external effects
d. inefficient allocation of resources and no external effects
answer
c. inefficient allocation of resources and external effects
question
Goods that are not rival in consumption include both:
a. private goods and common resources
b. natural monopolies and public goods
c. common resources and public goods
d. private goods and natural monopolies
answer
b. natural monopolies and public goods
question
Goods that are not excludable include both:
a. private goods and public goods
b. natural monopolies and common resources
c. common resources and public goods
d. private goods and natural monopolies
answer
c. common resources and public goods
question
An AM radio transmission of a baseball game is:
a. excludable and rival in consumption
b. excludable and not rival in consumption
c. not excludable and rival in consumption
d. not excludable and not rival in consumption
answer
d. not excludable and not rival in consumption
question
Pay-per-view broadcasts are:
a. private goods
b. natural monopolies
c. common resources
d. public goods
answer
b. natural monopolies
question
At the local park there is a playground for children to use. While anyone is allowed to use the playground, it is often very busy, reducing the enjoyment of many of the children who use it. The playground is a:
a. private good
b. natural monopoly
c. common resource
d. public good
answer
c. common resource
question
At the local park there is a playground that anyone may use. There is rarely anyone using the playground, so children who use the playground receive full enjoyment from its use. The playground is:
a. rival in consumption and is excludable
b. not rival in consumption, but is excludable
c. rival in consumption, but is not excludable
d. not rival in consumption nor is it excludable
answer
d. not rival in consumption nor is it excludable
question
A free-rider problem exists for any good that is not:
a. excludable
b. a private good
c. free
d. rival in consumption
answer
a. excludable
question
A lighthouse is typically considered to be a public good because:
a. the owner of the lighthouse is able to exclude beneficiaries from enjoying the lighthouse
b. there is rarely another lighthouse nearby to provide competition
c. a nearby port authority cannot avoid paying fees to the lighthouse owner
d. all passing ships are able to enjoy the benefits of the lighthouse without paying
answer
d. all passing ships are able to enjoy the benefits of the lighthouse without paying
question
The national defense of the United States is not rival because:
a. once the nation is defended, it is possible to prevent any single person from enjoying the benefit of this defense
b. my enjoyment of the national defense does diminish your enjoyment of the national defense of the United States
c. my enjoyment of the national defense does NOT diminish your enjoyment of the national defense of the United States
d. once the nation is defended, it is impossible to prevent any single person from enjoying the benefit of this defense
answer
c. my enjoyment of the national defense does NOT diminish your enjoyment of the national defense of the United States
question
Too few resources are devoted to the creation of knowledge because profit-seeking firms:
a. undervalue knowledge in their pursuit of revenues
b. overuse their patents
c. tend to free-ride on the knowledge that others have developed
d. tend to rely on existing employee knowledge
answer
c. tend to free-ride on the knowledge that others have developed
question
The Tragedy of the Commons for sheep grazing on common land can be eliminated by the government doing each of the following except:
a. assigning land property rights
b. auctioning off sheep-grazing permits
c. taxing sheep flocks
d. subsidizing sheep flocks
answer
d. subsidizing sheep flocks
question
Refer to Table 18-1. Which firm's production function exhibits diminishing marginal product?
a. Firm A
b. Firm B
c. Firm C
d. Firm D
answer
c. Firm C
question
Refer to Table 18-2. What is the marginal product of the third unit of labor?
a. 40 units
b. 50 units
c. 60 units
d. 180 units
answer
b. 50 units
question
Refer to Table 18-2. What is the marginal product of the fifth unit of labor?
a. 30 units
b. 40 units
c. 50 units
d. 250 units
answer
a. 30 units
question
Refer to Table 18-2. Suppose this firm charges a price of $5 per unit of output and pays workers a wage equal to $160 per day. What is the value of the marginal product of labor for the second worker?
a. $300
b. $650
c. $9,600
d. $20,800
answer
a. $300
question
Refer to Table 18-2. Suppose this firm charges a price of $5 per unit of output and pays workers a wage equal to $160 per day. How many workers should this firm hire to maximize its profit?
a. 2 workers
b. 3 workers
c. 4 workers
d. 5 workers
answer
c. 4 workers
question
The value of the marginal product of labor:
a. increases when the price of output decreases
b. is the firm's demand for labor
c. equals the marginal product of labor divided by the wage rate
d. All of the above are correct
answer
b. is the firm's demand for labor
question
What causes the labor demand curve to shift?
(i)
changes in productivity
(ii)
changes in wages
(iii)
changes in output prices
a. (i) and (ii)
b. (ii) and (iii)
c. (i) and (iii)
d. All of the above are correct
answer
c. (i) and (iii)
question
If the demand curve for beef shifts to the right, then the value of the marginal product of labor for butchers will:
a. rise
b. fall
c. remain unchanged
d. rise or fall; either is possible
answer
a. rise
question
If the demand curve for computer games shifts to the left, then the value of the marginal product of labor for computer game authors will:
a. rise
b. fall
c. remain unchanged
d. rise or fall; either is possible
answer
b. fall
question
Which of the following events could decrease the demand for labor?
a. An increase in the number of migrant workers
b. An increase in the marginal productivity of workers
c. A decrease in demand for the final product produced by labor
d. A decrease in the supply of labor
answer
c. A decrease in demand for the final product produced by labor
question
Diane's Auto World installs tires on automobiles, light trucks, and sport utility vehicles. She is a profit-maximizing business owner whose firm operates in a competitive market. The marginal cost of installing a tire is $10. The marginal productivity of the last worker that Diane hired was 2 tires per hour. What is the maximum hourly wage that Diane was willing to pay the last worker hired?
a. $5
b. $10
c. $20
d. There is insufficient information to answer this question
answer
c. $20
question
When a production function exhibits a diminishing, but positive, marginal product of labor,
a. output increases, but at an increasing rate, as more workers are employed
b. output increases, but at a decreasing rate, as more workers are employed
c. output declines as more workers are employed
d. the effects on marginal product are ambiguous
answer
b. output increases, but at a decreasing rate, as more workers are employed
question
Typically, as a firm hires additional workers, the marginal product of labor:
a. decreases and the value of the marginal product of labor decreases
b. stays constant and the value of the marginal product of labor decreases
c. decreases and the value of the marginal product of labor stays constant
d. decreases and the value of the marginal product of labor increases
answer
a. decreases and the value of the marginal product of labor decreases
question
A profit-maximizing, competitive firm will always hire an additional worker when the additional worker makes a positive contribution to:
a. total revenue
b. total profit
c. the value of the marginal product of labor
d. marginal revenue
answer
b. total profit
question
Which of the following events would shift the labor supply curve?
a. Changes in the number of women willing to work
b. Immigration of workers
c. Changing attitudes towards work
d. All of the above are correct
answer
d. All of the above are correct
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