Principles of Macroeconomics Ben Bernanke 5th Edition – Test Bank
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Principles of Macroeconomics Ben Bernanke 5th Edition – Test Bank
Chapter 05 Testbank
1. In the market for labour, the price of labour is the:
A. same as the price of the product produced by the labour
B. real wage
C. average product of labour
D. number of hours employed per year
2. The demand for labour depends on the price of output and:
A. the marginal product of labour
B. the supply of labour
C. the rate of inflation
D. the real wage
3. The marginal product of labour is the additional:
A. wage paid for an additional hour of work
B. wage paid for an additional worker employed
C. labour employed to produce one more unit of output
D. output produced by one more worker
4. According to the principle of diminishing returns to labour, if the amount of capital and other inputs are held constant, employing additional workers:
A. increases output at an increasing rate
B. increases output at a constant rate
C. increases output at a decreasing rate
D. decreases output at an increasing rate
5. The principle of diminishing returns to labour is based on the:
A. scarcity principle
B. cost–benefit principle
C. principle of comparative advantage
D. principle of increasing opportunity cost
6. The value of the marginal product of labour equals the marginal product of labour times the:
A. real wage
B. nominal wage
C. price of output
D. quantity of output
7. The following table provides information about production at the XYZ-TV Company.
|
Number of workers |
TVs produced |
Marginal product |
Value of marginal product |
|
0 |
0 |
– |
– |
|
1 |
35 |
35 |
$35 000 |
|
2 |
68 |
33 |
$33 000 |
|
3 |
99 |
31 |
$31 000 |
|
4 |
128 |
29 |
$29 000 |
|
5 |
155 |
27 |
$27 000 |
How many workers will the XYZ-TV Company hire if the going wage for TV production workers is $34 000?
A. 1
B. 2
C. 3
D. 4
8. Firms will hire additional workers as long as the wage:
A. is less than the marginal product of labour
B. equals the marginal product of labour
C. is greater than the marginal product of labour
D. is less than the value of the marginal product of labour
9. A decrease in the price of the output produced by labour will:
A. increase the supply of labour
B. decrease the supply of labour
C. increase the demand for labour
D. decrease the demand for labour
10. If the price of TVs produced by the XYZ-TV Company increases from $1000 to $1250 per TV set, then the:
A. supply of labour to the XYZ-TV Company increases
B. supply of labour to the XYZ-TV Company decreases
C. demand for labour by the XYZ-TV Company increases
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