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Chapter 18
The Markets For the Factors of Production
TRUE/FALSE
1. If the marginal productivity of the sixth worker hired is less than the marginal productivity of the fifth worker
hired, then the addition of the sixth worker causes total output to decline.
ANS: F DIF: 2 REF: 18-1
NAT: Analytic LOC: Labor markets TOP: Marginal product of labor
MSC: Interpretive
2. In 2008, the total income of all U.S. residents was approximately $120 billion.
ANS: F DIF: 1 REF: 18-0
NAT: Analytic LOC: Labor markets TOP: Income
MSC: Interpretive
3. In order to calculate the value of the marginal product of labor, a manager must know the marginal product of
labor and the wage rate of the worker.
ANS: F DIF: 2 REF: 18-1
NAT: Analytic LOC: Labor markets
TOP: Value of the marginal product MSC: Interpretive
4. Let L represent the quantity of labor and let Q represent the quantity of output. Suppose a certain production
function includes the points ( L = 7, Q = 27), ( L = 8, Q = 35), and
( L = 9, Q = 45). Based on these three points, this production function exhibits diminishing marginal product.
ANS: F DIF: 2 REF: 18-1
NAT: Analytic LOC: The study of economics, and definitions of economics
TOP: Diminishing marginal product MSC: Applicative
5. When a competitive firm hires labor up to the point at which the value of the marginal product of labor equals
the wage, it also produces up to the point at which the price of output equals average variable cost.
ANS: F DIF: 3 REF: 18-1
NAT:
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