Economics MCQs

Page No. 321

If a factor exhibits diminishing marginal product, hiring additional units of the factor will ?


acause a reduction is output


bhave no effect on output


c increase the marginal product of the factor


dgenerate ever smaller amounts of output



When capital is owned by the firm as opposed to being directly owned by household capital income may take any of the following forms except ?


ainterest


b dividends


cincreases in stocks of goods


dretained earnings



Which of the following is not true with regard to workers who have a high value of marginal product? These workers ?


ahave skills that are in relatively scarce supply


b produce output for which there is great demand


cusually have little capital with which to work


dare usually highly paid



An increase in the demand for a firm’s output ?


a decrease the prosperity of the firm but increases the prosperity of the factors hired by the firm


b decreases the prosperity of both the firms and the factors hired by the firm.


cincreases the prosperity of both the firm and the factors hired by the firm.


dincreases the prosperity of the firm but decreases the prosperity of the factors hired by the firm.



If both input and output markets are competitive and firms are profit maximizing, then in equilibrium each factor of production earns ?


aan amount equal to the price of output times total output


bthe amount allocated by the political process


can equal share of output


dthe value of its marginal product



An increase in the demand for apples will cause all but which of the following ?


aa decrease in the number of apple pickers employed


ban increase in the value of the marginal product of apple pickers


can increase in the price of apples


dan increase in the wage of apple pickers



A decrease in the demand or fish ?


a decrease the value of the marginal product of fishermen reduces their wage, and reduces employment in the fishing industry


b increase the value of the marginal product of fishermen increase their wage, and increase employment in the fishing industry.


cdecrease the value of the marginal product of fishermen, reduces their wage, and increases employment in the fishing industry


dincrease the value of the marginal product of fishermen increase their wage and decreases employment in the fishing industry



The value of the marginal product of labor is ?


athe price of the output times wage of labor


b the price of the output times the marginal product of labor


c none of these answers


dthe wage of labor times the quantity of labor



The most important factors of production are ?


alabor, land, and capital


bwater, earth and knowledge


cmoney, stocks and bonds.


dmanagement finance and marketing



In contestable markets large oligopolistic firms end up behaving like ?


amonopolistically competitive firms


ba cartel


c perfectly competitive firms


da monopoly.



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