经济学原理对应练习8.doc

Chapter 18 The Markets for the Factors of Production Multiple Choice 1. Most of the total income earned in the U.S. economy is ultimately paid to households in the form of a. profit. b. rent. c. interest. d. wages. ANS: D PTS: 1 DIF: 1 REF: 18-0 TOP: Factor markets MSC: Definitional 2. In the United States economy, which of the following factors of production is considered to be the most important in terms of the magnitude of income earned by that factor of production? a. land b. labor c. profit d. capital ANS: B PTS: 1 DIF: 1 REF: 18-0 TOP: Factor markets MSC: Definitional 3. How much of the income in the United States is earned by workers in the form of wages and fringe benefits? a. more than 90 percent b. about 75 percent c. about 50 percent d. less than 75 percent ANS: B PTS: 1 DIF: 1 REF: 18-0 TOP: Factor markets MSC: Definitional 4. The factors of production are best defined as the a. output produced from raw materials. b. inputs used to produce goods and services. c. wages paid to the workforce. d. goods and services sold in the market. ANS: B PTS: 1 DIF: 1 REF: 18-1 TOP: Factor markets MSC: Definitional 5. Economists refer to the inputs that firms use to produce goods and services as a. derived factors. b. derived resources. c. factors of production. d. instruments of revenue. ANS: C PTS: 1 DIF: 1 REF: 18-1 TOP: Factors of production MSC: Definitional 6. Because a firms demand for a factor of production is derived from its decision to supply a good in the market, it is called a a. differentiated demand. b. secondary demand. c. derived demand. d. hybrid demand-supply. ANS: C PTS: 1 DIF: 1 REF: 18-1 TOP: Factor markets MSC: Definitional 7. The term factor market applies to the market for a. labor. b. capital. c. land. d. All of the above are correct. ANS: D PTS: 1 DIF: 1 REF: 18-1 TOP: Factor markets MSC: Definitional 8. Factor markets are different from product markets in an important way because a. equilibrium is the exception, and not the rul