Tiêu đề Practice - Unit5 MCQ QB.pdf ✅

1. According to the information in the table above, the twelfth worker would increase the hourly profit by (A) $0.20 (B) $1.10 (C) $1.30 (D) $2.40 (E) $5.20 2. ABC Limited, Inc., sells its product in a perfectly competitive market for a price of $15 per unit and hires workers at a daily wage of $75. Labor is the only factor cost, and the firm is currently earning profits. If ABC hires one more worker and output increases by 5 units per day, the firm's profits will (A) decrease by $5 (B) decrease by $75 (C) increase by $75 (D) increase by $15 (E) remain unchanged 3. In the current labor market, suppose that the wage rate for accountants is significantly higher than the wage rate for economists. In the long run, if you observed that the wage rate for economists rose while the wage rate for accountants fell, which of the following would best explain your observation? (A) The supply of economists must have increased, and the supply of accountants must have decreased. (B) The supply of economists must have decreased, and the supply of accountants must have increased. (C) The demand for economists must have increased, and the supply of accountants must have decreased. (D) The demand for economists must have decreased, and the supply of accountants must have increased. (E) The demand for both economists and accountants must have decreased. 4. The marginal revenue product of labor is the AP MICROECONOMICS Test Booklet All About U5 MCQ SV AP Microeconomics Page 1 of 43
(A) product price times the wage rate (B) additional revenue a firm earns when it employs an additional unit of labor (C) increase in the average product of labor when the firm employs an additional unit of labor (D) increase in the price of labor when the firm employs an additional unit of labor (E) marginal revenue plus product price 5. A perfectly competitive producer of steel rods and steel beams employs 100 workers with identical skills. If steel rods and steel beams sell for the same price, which of the following rules should the producer always follow to use the 100 workers efficiently? I. Allocate workers so that the average cost of producing beams equals the average cost of producing rods. II. Allocate workers so that the marginal product of labor is the same in both rod production and beam production. III. Allocate half the workers to rod production and half the workers to beam production. (A) I only (B) II only (C) III only (D) II and III only (E) I, II, and III 6. If a binding minimum wage increases in a perfectly competitive labor market, then which of the following will likely occur in the labor market? (A) The supply of workers will increase. (B) The supply of workers will decrease. (C) The demand for workers will increase. (D) The demand for workers will decrease. (E) The quantity of workers supplied will increase. 7. For a certain firm, the marginal revenue product for the last unit of labor is $60, and the marginal revenue product for the last unit of capital is $100. Which of the following combinations of factor prices would be necessary for the firm to maximize profits? Test Booklet All About U5 MCQ SV Page 2 of 43 AP Microeconomics
(A) Price of Labor Price of Capital $2 $5 (B) Price of Labor Price of Capital $3 $20 (C) Price of Labor Price of Capital $10 $10 (D) Price of Labor Price of Capital $2 $25 (E) Price of Labor Price of Capital $60 $100 8. A firm sells its output in a perfectly competitive market and hires two inputs, capital and labor, in perfectly competitive factor markets. The product price is $15 per unit, the wage is $75 per day, and the marginal product of capital is 3. If the firm is choosing the least-cost combination of labor and capital, the firm's marginal product of labor and the price of capital must be equal to which of the following? Test Booklet All About U5 MCQ SV AP Microeconomics Page 3 of 43
(A) Marginal Product of Labor Price of Capital 25 $5 (B) Marginal Product of Labor Price of Capital 25 $45 (C) Marginal Product of Labor Price of Capital 5 $15 (D) Marginal Product of Labor Price of Capital 5 $25 (E) Marginal Product of Labor Price of Capital 5 $45 9. The table above shows the short-run output for a perfectly competitive firm. If the price of the product is $10, what is the marginal revenue product of the third worker hired? Test Booklet All About U5 MCQ SV Page 4 of 43 AP Microeconomics