AP
Microeconomics-
Unit 4 MC
, A recent survey features some negative reports about a popular sunscreen lotion. As a
result of the survey, the demand for the lotion declines. The wages of the workers in this
firm
A) will be reduced
B) will be increased
C) will fall and then increase
D) will become fixed
E) are not affected - CORRECT ANSWERS-A
Economic Solutions makes web-based teaching material for students. With e-learning
gaining in popularity, the demand for its products increases. As a result,
A) the marginal physical product of labor increases
B) the supply of labor increases
C) the marginal revenue product of labor decreases
D) the demand for labor increases
E) the wage rate increases - CORRECT ANSWERS-D
Resources have two factors that impact their demand curve. These two factors are
A) the price of the resource and the elasticity of supply of the resource
B) the price of the product made by the resource and the productivity of the resource
C) the price of the resource and the price of substitute resources
D) the amount of the resource required to meet production needs and the cost of
acquiring the resource
E) the supply of and the demand for the resource - CORRECT ANSWERS-B
Which of the following statements are correct?
1)The demand for labor is referred to as a derived demand.
2)Changes in the productivity of labor will affect the demand for that labor.
3)Changes in the price of the product that labor creates will change the demand for that
type of labor.
4)The marginal revenue product curve for labor really is the demand curve for labor.
A) Statement 1 is correct
B) Statements 1 and 3 are correct
C) Statements 2 and 4 are correct
D) Statements 2 and 3 are correct
E) Statements 1,2,3, and 4 are correct - CORRECT ANSWERS-E
The price of borrowed money is called
A) wages
B) rent
C) profit
D) interest rate
E) inflation rate or CPI - CORRECT ANSWERS-D
Charge Central hires Ms. Jackson as a sales executive for selling credit cards. She sets
a goal of selling 500 cards by the end of the month. She actually managed to raise the
Microeconomics-
Unit 4 MC
, A recent survey features some negative reports about a popular sunscreen lotion. As a
result of the survey, the demand for the lotion declines. The wages of the workers in this
firm
A) will be reduced
B) will be increased
C) will fall and then increase
D) will become fixed
E) are not affected - CORRECT ANSWERS-A
Economic Solutions makes web-based teaching material for students. With e-learning
gaining in popularity, the demand for its products increases. As a result,
A) the marginal physical product of labor increases
B) the supply of labor increases
C) the marginal revenue product of labor decreases
D) the demand for labor increases
E) the wage rate increases - CORRECT ANSWERS-D
Resources have two factors that impact their demand curve. These two factors are
A) the price of the resource and the elasticity of supply of the resource
B) the price of the product made by the resource and the productivity of the resource
C) the price of the resource and the price of substitute resources
D) the amount of the resource required to meet production needs and the cost of
acquiring the resource
E) the supply of and the demand for the resource - CORRECT ANSWERS-B
Which of the following statements are correct?
1)The demand for labor is referred to as a derived demand.
2)Changes in the productivity of labor will affect the demand for that labor.
3)Changes in the price of the product that labor creates will change the demand for that
type of labor.
4)The marginal revenue product curve for labor really is the demand curve for labor.
A) Statement 1 is correct
B) Statements 1 and 3 are correct
C) Statements 2 and 4 are correct
D) Statements 2 and 3 are correct
E) Statements 1,2,3, and 4 are correct - CORRECT ANSWERS-E
The price of borrowed money is called
A) wages
B) rent
C) profit
D) interest rate
E) inflation rate or CPI - CORRECT ANSWERS-D
Charge Central hires Ms. Jackson as a sales executive for selling credit cards. She sets
a goal of selling 500 cards by the end of the month. She actually managed to raise the
