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2. Markets for Factors of Production 19 CLICKER QUESTIONS

3. Click on the button to go to the Question Click on the button to go to the problem © 2013 Pearson Question 1 Question 2 Question 3 Question 4 Question 5 Question 7 Question 8 Question 6 Question 9 Question 10 Checkpoint 19.1Checkpoint 19.2 Checkpoint 19.3

4. © 2013 Pearson CHECKPOINT 19.1 A.divided by the price of the good produced B.multiplied by the price of the good produced C.minus the average total cost of producing the good D.plus the marginal profit from selling the good E.minus the wage rate Question 1 The value of the marginal product of labor is equal to the marginal product of labor ____.

5. © 2013 Pearson CHECKPOINT 19.1 A.a decrease in the quantity of the labor demanded by the firm B.an increase in the quantity of the labor demanded by the firm C.an increase in the firm’s demand for labor D.a decrease in the firm’s demand for labor E.an increase in the supply of labor Question 2 An increase in the price of a firm’s output leads to ______.

6. © 2013 Pearson CHECKPOINT 19.1 A.equals the wage rate B.exceeds the wage rate C.is less than the wage rate D.is a mirror image of the wage rate E.equals the price of the good produced by the firm Question 3 When a firm maximizes profit, it hires the quantity of labor at which the value of marginal product of labor ____.

7. © 2013 Pearson CHECKPOINT 19.2 A.people are willing to work more hours B.employers are willing to hire more workers C.people desire more leisure time D.very few workers are hired E.more people enter the labor market to search for jobs Question 4 An individual’s labor supply curve eventually bends backward because at a high enough wage rate, _______.

8. © 2013 Pearson CHECKPOINT 19.2 A.the adult population increases B.the demand for labor increases C.the price of the good produced increases D.the wage rate rises E.more people remain in school or college Question 5 The supply of labor increases if _______.

9. © 2013 Pearson CHECKPOINT 19.2 A.does not change; decreases B.rises; increases C.rises; decreases D.falls; increases E.falls; decreases Question 6 If the supply of labor decreases, then the equilibrium wage rate ____ and equilibrium employment ____.

10. © 2013 Pearson CHECKPOINT 19.2 A.an increase in the minimum wage rate B.laws that restrict immigration into the country C.on-the-job training that makes their members’ more productive D.a government policy to increase the quantity of imports E.programs that boost the demand for the goods and services their members produce Question 7 A union is least likely to support ________.

11. © 2013 Pearson CHECKPOINT 19.3 A.determined by only the supply of capital because the supply is perfectly inelastic B.determined by only the demand for capital because the demand is perfectly inelastic C.expected to increase at the same rate as the interest rate D.determined by the supply of capital and the demand for capital E.the only factor of production whose quantity is not determined in a market Question 8 The equilibrium quantity of capital is ________.

12. © 2013 Pearson CHECKPOINT 19.3 A.perfectly elastic; doesn’t change B.unit elastic; doesn’t change C.elastic; decreases D.perfectly inelastic; increases E.inelastic but not perfectly inelastic; increases Question 9 The supply of each particular block of land is _____, so an increase in the demand for the block of land ____ its price.

13. © 2013 Pearson CHECKPOINT 19.3 A.determined by the value of its marginal product B.fixed and cannot change C.perfectly inelastic D.perfectly elastic E.not defined because the resource can be used only once Question 10 The demand for a nonrenewable resource is ______.