ECON 101 FINAL EXAMS WITH
CORRECT ANSWERS
factors of production - CORRECT ANSWER-inputs used to
produce goods and services
production function - CORRECT ANSWER-the relationship
between the quantity of inputs used to make a good and the
quantity of output of a good
marginal product of lab...
factors of production - CORRECT ANSWER-inputs used to
produce goods and services
production function - CORRECT ANSWER-the relationship
between the quantity of inputs used to make a good and the
quantity of output of a good
marginal product of labor - CORRECT ANSWER-the increase
in the amount of output from an additional unit of labor
diminishing marginal product - CORRECT ANSWER-the proper
whereby the marginal product of an input declines as the
quantity of the input increases
versatility of supply and demand - CORRECT ANSWER-supply
and demand determine price and wage
value of the marginal product - CORRECT ANSWER-the
marginal product of an input times the price of the output
the production function - CORRECT ANSWER-the relationship
between the inputs of production and the outputs of production;
,as quantity rises, the production function gets flatter
(diminishing marginal product)
the value of the marginal product of labor - CORRECT
ANSWER-the value of the marginal product depends on the
number of workers; curve slopes downwards (diminishing
marginal product)
reasons the labor demand curve might shift - CORRECT
ANSWER-output price, technological change, supply of other
factors
reasons the labor supply curve might shift - CORRECT
ANSWER-changes in tastes, changes in alternative
opportunities, immigration
wage - CORRECT ANSWER-the value marginal product of
labor; adjusts to balance supply and demand for labor
wage equilibrium in the labor market - CORRECT ANSWER-
workers receive the value of their marginal contribution to the
production of goods and services
positive shift in labor supply - CORRECT ANSWER-reduces
wage and raises unemployment
positive shift in labor demand - CORRECT ANSWER-increases
wage and increases employment
capital - CORRECT ANSWER-the equipment and structures
used to produce goods and services
markets for land and capital - CORRECT ANSWER-supply and
demand determine the compensation paid to owners of land
and compensation paid to owners of capital; the demand of
each factor depends on the value of the marginal product of
that factor
, compensation differential - CORRECT ANSWER-a difference
in wages that arises to offset the non-monetary characteristics
of different jobs
human capital - CORRECT ANSWER-the accumulation of
investments in people, such as education and on the job
training; natural ability and effort are key
signaling theory - CORRECT ANSWER-the idea that it is
rational for firms to interpret a college degree as a signal of
ability
reasons why superstars occur in the market - CORRECT
ANSWER-customers in the market want to enjoy the good
produced by the best supplier; the good is produced with
technology that ensures that the best product is distributed at a
low cost to all customers
union - CORRECT ANSWER-a worker association that
bargains with employers over wages and working conditions
strike - CORRECT ANSWER-the organized withdrawal of labor
from a firm by a union
efficiency wages - CORRECT ANSWER-above-equillibrium
wages paid by firms to increase worker activity
discrimination - CORRECT ANSWER-the offering of different
opportunities to similar individuals who differ only by race,
ethnic group, sex, age, or other identifiers
poverty rate - CORRECT ANSWER-the percent of the
population whose family income falls below an absolute level
called the poverty line; correlated with race, age, and family
composition
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