Loose Leaf for Microeconomics
20th Edition
ISBN: 9780077660901
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 9.2, Problem 1QQ
To determine
Marginal productivity of labor.
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How does an increase in labor-productivity increase income?
a. An increase in productivity, increases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases.
b. An increase in productivity, decreases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases.
c. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate increases.
d. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate decreases.
How to classify goods as consumption goods and capital goods? Is there any specific way to do so?
Which of the following statements is most accurate about goods and services?
They are purchased by households in the factor market.
They flow in a clockwise direction.
They are sold by businesses in the factor market.
They flow in a counterclockwise direction.
Chapter 9 Solutions
Loose Leaf for Microeconomics
Ch. 9.2 - Prob. 1QQCh. 9.2 - Prob. 2QQCh. 9.2 - Prob. 3QQCh. 9.2 - Prob. 4QQCh. 9.5 - Prob. 1QQCh. 9.5 - Prob. 2QQCh. 9.5 - Prob. 3QQCh. 9.5 - Prob. 4QQCh. 9.8 - Prob. 1QQCh. 9.8 - Prob. 2QQ
Ch. 9.8 - Prob. 3QQCh. 9.8 - Prob. 4QQCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 1RQCh. 9 - Which of the following are short-run and which are...Ch. 9 - Prob. 3RQCh. 9 - Indicate how each of the following would shift the...Ch. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4P
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- An automobile manufacturer uses labor, capital, and a variety of intermediate goods in the production of cars. The car requires $4,000 of steel, $6,000 seats, $10,000 of electronics, $2,000 tires, $10,000 of labor, $5,000 of capital and has a 20% sales markup to consumers. a. What is the total value of intermediate goods? b. What are the total payments to factors of production? c. What is the total value of sales? d. What is the value of GDP from the sale of this car?arrow_forwardPhysical capital is A) the factories and machinery used to produce other goods and services. B) the talents, training, and education of workers. C) the financial resources available for investment. D) the physical labor of workers.arrow_forward70. Which of the following services have experienced declines in relative prices due to productivity increases? a. medical services b. restaurant meals C. theatrical performances d. Internet access servicesarrow_forward
- Which one of the following statement is correct? a.An individual receives more income when he produces more output b.Every individual wants to receive higher income to satisfy more wants c.Higher National Income with no change in population increases standard of living. d.All of thesearrow_forwardValue added means Ā A. The final value of the good or service produced Ā Ā Ā B. The value of of good sold in the beginning of the production process Ā Ā Ā C. Value of intermediate good Ā Ā Ā D. The difference between the output value and input cost of each step in the production processarrow_forwardIf Homeās relative productivity in cheese is higher than it is in wine, what does it imply? Explain.arrow_forward
- Which of the following is true in the markets for factors of production in the circular-flow diagram, Ā a. households provide firms with labor, land, and capital. b. households provide firms with savings for investment. c. firms provide households with goods and services. d. firms provide households with revenue.arrow_forwardWhich of the following statements about factors of production is false The term 'factors of production' is another term for resources. The factor of production termed labor means human resources. The factor or production termed land means natural resources.Y The factor of production termed capital means the money which the owners of firms need in order to set their firms up Xarrow_forwardWhat determines whether a good is ācapitalā or a āconsumer goodā? Ā Ā How it is purchased: with business funds or with personal funds Ā Ā How it is used: to produce further wealth, or to be consumed Ā Ā Where it is located: in a home or in a business Ā Ā Where it is purchased: from a wholesaler or from a retailer Ā Ā Who uses it: the person buying it or an employee of theirsarrow_forward
- In the circular-flow diagram, which of the following represents a factor market transaction? A) purchase of a new t.v. B) Expenditure on a new pair of pants. C) Payment for a haircut. D) Payment for raw materieals in the production of bikes.arrow_forwardWhich of the following statements about factors of production is false Ahe term 'factors of production' is another term for resources. The factor of production termed labor means human resources. The factor or production termed land means natural resources. The factor of production termed capital means the money which the owners of firms need In order to set their firms up Xarrow_forwardDescribe the five factors of production.arrow_forward
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