Exam 17: Markets for Factors of Production

The ________ of a future amount of money is the amount that,if invested today,will grow to be as large as that future amount when the interest it earns is taken into account.

The Internet is ________ natural resource.Power generated by wind turbines is ________ natural resource.

If the price of the firm's output decreases,the value of marginal product curve

The present value of the $50 that will be received next year is $40.What is the interest rate?

Table 17.3.1 -Table 17.3.1 gives information about the labour market in Lantis,a community in which the labour market is perfectly competitive.The equilibrium wage rate is ________ an hour and the quantity of labour employed is ________ hours per day.

If the rate of interest is 15 percent per year,the present value of the $200 to be received in two years is

A firm's value of marginal product of labour curve is also its

If the desire for leisure increased,the wage rate would

If a union forms to face the monopsonist in Figure 17.3.2,the situation is one of

The demand curve for labour will shift leftward as a result of

An example of a nonrenewable natural resource is

If the price of a natural resource is expected to rise at a rate that exceeds the interest rate,demand ________ and supply ________.

A technological change that increases the value of marginal product of labour shifts the labour

The Hotelling Principle states that

Use the table below to answer the following questions. Table 17.2.3 -Emperor Spring Rolls produces spring rolls.The market for spring rolls is perfectly competitive,and the price of a spring roll is $3.50.The labour market is competitive,and the wage rate is $28 a day.Table 17.2.3 shows the workers' total product schedule.To maximize its profit,Emperor hires ________ workers a day.

Which of the following is a nonrenewable natural resource?

Mr.Shaw has a small factory in Estevan,Saskatchewan.He will continue hiring labour as long as the value of marginal product of labour ________ the wage rate.

The income effect of a higher wage is

A profit-maximizing firm will continue to hire labour until the

Use the information below to answer the following questions. Fact 17.2.1 Wanda's is a fish store that hires students to pack the fish.The fish market is competitive.Originally the price is 50¢ a kilogram.The market for packers is competitive and their market wage rate is $7.50 an hour.Then the market price of fish falls to 33.33¢ a kilogram but the wage rate of fish packers remains at $7.50 an hour. -Refer to Fact 17.2.1.As a result,the students' marginal product ________ and the students' value of marginal product ________.