Micro Quiz

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Principles of Microeconomics, 8e (Case/Fair)
Chapter 10: Input Demand: The Labor and Land Markets
Input Markets: Basic Concepts

Multiple Choice 1)
The idea that the demand for autoworkers stems from the demand for automobiles is A) the value of the marginal product of autoworkers. B) derived demand. C) indirect demand. D) output demand. Answer:
B
Diff: 3 Type: C

2)
A decrease in the wage rate will change A) only the amount of labor hired. B) the amount of labor employed, and it may also change the amount of other inputs employed. C) the price the firm charges for the product, but it will not affect the demand for any of the inputs. D) the firm's profit-maximizing level output, but not its usage of inputs. Answer:
B
Diff: 1 Type: F

3)
When a large amount of output is produced per unit of the input, the input is said to exhibit A) high productivity. B) low productivity. C) marginal productivity. D) derived productivity. Answer:
A
Diff: 1 Type: F

4)
The demand for _________ is a "derived demand." A) ice cream cones on a hot day B) tax-free municipal bonds C) a hair stylist by a salon owner D) a birthday cake for your brother Answer:
C
Diff: 3 Type: C

5)
The demand for inputs is a derived demand because A) it does not come from competitive markets. B) it depends on the demand for outputs. C) it is derived from nature. D) it is derived from production. Answer:
B
Diff: 3 Type: C

6)
A car manufacturing company adopts a new technology that, ceteris paribus, increases the productivity of capital. At the same time, workers unionize…...

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