Question 1

Which of the following is true about the market for capital?

Accepted Answer

A)  The demand for capital curve is upward sloping and the supply of capital curve is downward sloping. 
B)  The supply of capital is perfectly elastic. 
C)  The supply of capital curve is upward sloping and the demand for capital curve is downward sloping. 
D)  The supply of capital curve is vertical and the demand for capital curve is downward sloping. 
E)  None of the above answers is correct. 
A)  The demand for capital curve is upward sloping and the supply of capital curve is downward sloping. 
B)  The supply of capital is perfectly elastic. 
C)  The supply of capital curve is upward sloping and the demand for capital curve is downward sloping. 
D)  The supply of capital curve is vertical and the demand for capital curve is downward sloping. 
E)  None of the above answers is correct.

Question 2

The market for land

Accepted Answer

A)  has an elastic supply. 
B)  has a perfectly inelastic supply. 
C)  determines the equilibrium interest rate. 
D)  has an upward sloping supply curve. 
E)  has no equilibrium because both the demand curve and the supply curve are vertical. 
A)  has an elastic supply. 
B)  has a perfectly inelastic supply. 
C)  determines the equilibrium interest rate. 
D)  has an upward sloping supply curve. 
E)  has no equilibrium because both the demand curve and the supply curve are vertical.

Question 3

The four factors of production that produce goods and services are

Accepted Answer

A)  labor, money, machinery, and land. 
B)  labor, capital, money, and entrepreneurship. 
C)  labor, capital, land, and entrepreneurship. 
D)  labor, investment capital, machinery, and land. 
E)  labor, stocks, money, and bonds. 
A)  labor, money, machinery, and land. 
B)  labor, capital, money, and entrepreneurship. 
C)  labor, capital, land, and entrepreneurship. 
D)  labor, investment capital, machinery, and land. 
E)  labor, stocks, money, and bonds.

Question 4

An increase in the rental rate of capital ________ the quantity of capital demanded and ________ the quantity of capital supplied.

Accepted Answer

A)  increases; increases 
B)  increases; decreases 
C)  decreases; increases 
D)  decreases; decreases 
E)  does not change; does not change 
A)  increases; increases 
B)  increases; decreases 
C)  decreases; increases 
D)  decreases; decreases 
E)  does not change; does not change

Question 5

As the population of Las Vegas increased,what happened to the supply of labor and the supply curve of labor in Las Vegas?

Accepted Answer

As the population of Las Vegas

Question 6

Over time,the actual (not expected)price of a nonrenewable natural resource

Accepted Answer

A)  falls. 
B)  rises. 
C)  stays the same. 
D)  could rise, fall, or stay the same. 
E)  first rises and then falls. 
A)  falls. 
B)  rises. 
C)  stays the same. 
D)  could rise, fall, or stay the same. 
E)  first rises and then falls.

Question 7

-Refer to the figures above to answer this question.Figure ________ represents the market for ________ because its supply is ________.

Accepted Answer

A)  A; land; perfectly inelastic because the quantity of land is fixed 
B)  A; a nonrenewable resource; inelastic because reserves can always be discovered 
C)  B; land; inelastic given only a limited amount of land is available 
D)  B; a nonrenewable resource; demand changes as the economy changes 
E)  B; land; elastic as predicted by the Hotelling Principle 
A)  A; land; perfectly inelastic because the quantity of land is fixed 
B)  A; a nonrenewable resource; inelastic because reserves can always be discovered 
C)  B; land; inelastic given only a limited amount of land is available 
D)  B; a nonrenewable resource; demand changes as the economy changes 
E)  B; land; elastic as predicted by the Hotelling Principle

Question 8

The supply of labor curve for nurses shifts if
A) the wage rate paid nurses increases.
B) there is an increase in the time spent in nursing school.
C) the value of marginal product of nurses increases.
D) the value of marginal product of nurses decreases.
E) the marginal product of nurses decreases.

Accepted Answer

The answer of The supply of labor curve for nurses...

Which of the following is true about the market for capital?

The market for land

The four factors of production that produce goods and services are

An increase in the rental rate of capital the quantity of capital demanded and the quantity of capital supplied.

As the population of Las Vegas increased,what happened to the supply of labor and the supply curve of labor in Las Vegas?

Over time,the actual (not expected)price of a nonrenewable natural resource

-Refer to the figures above to answer this question.Figure represents the market for because its supply is .

The supply of labor curve for nurses shifts if A) the wage rate paid nurses increases. B) there is an increase in the time spent in nursing school. C) the value of marginal product of nurses increases. D) the value of marginal product of nurses decreases. E) the marginal product of nurses decreases.

Getting Started

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Economic Inequality

Filters

Exam 19: Markets for Factors of Production

Which of the following is true about the market for capital?

The market for land

The four factors of production that produce goods and services are

An increase in the rental rate of capital ________ the quantity of capital demanded and ________ the quantity of capital supplied.

As the population of Las Vegas increased,what happened to the supply of labor and the supply curve of labor in Las Vegas?

Over time,the actual (not expected)price of a nonrenewable natural resource

-Refer to the figures above to answer this question.Figure ________ represents the market for ________ because its supply is ________.

Getting Started

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Economic Inequality

Filters

An increase in the rental rate of capital the quantity of capital demanded and the quantity of capital supplied.

-Refer to the figures above to answer this question.Figure represents the market for because its supply is .