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1、Chapter18/TheMarketsFortheFactorsofProductionv1285Chapter18TheMarketsFortheFactorsofProductionTRUE/FALSE1.Ifthemarginalproductivityofthesixthworkerhiredislessthanthemarginalproductivityofthefifthworkerhired,thentheadditionofthesixthworkercausestotalout
2、puttodecline.ANS:FDIF:2REF:18-1NAT:AnalyticLOC:LabormarketsTOP:MarginalproductoflaborMSC:Interpretive2.In2008,thetotalincomeofallU.S.residentswasapproximately$120billion.ANS:FDIF:1REF:18-0NAT:AnalyticLOC:LabormarketsTOP:IncomeMSC:Interpretive3.Inordert
3、ocalculatethevalueofthemarginalproductoflabor,amanagermustknowthemarginalproductoflaborandthewagerateoftheworker.ANS:FDIF:2REF:18-1NAT:AnalyticLOC:LabormarketsTOP:ValueofthemarginalproductMSC:Interpretive4.LetLrepresentthequantityoflaborandletQrepresen
4、tthequantityofoutput.Supposeacertainproductionfunctionincludesthepoints(L=7,Q=27),(L=8,Q=35),and(L=9,Q=45).Basedonthesethreepoints,thisproductionfunctionexhibitsdiminishingmarginalproduct.ANS:FDIF:2REF:18-1NAT:AnalyticLOC:Thestudyofeconomics,anddefinit
5、ionsofeconomicsTOP:DiminishingmarginalproductMSC:Applicative5.Whenacompetitivefirmhireslaboruptothepointatwhichthevalueofthemarginalproductoflaborequalsthewage,italsoproducesuptothepointatwhichthepriceofoutputequalsaveragevariablecost.ANS:FDIF:3REF:18-
6、1NAT:AnalyticLOC:Thestudyofeconomics,anddefinitionsofeconomicsTOP:Competitivefirms
7、ProfitmaximizationMSC:Applicative6.Thedemandforcomputerprogrammersisinseparablytiedtothesupplyofcomputersoftware.ANS:TDIF:1REF:18-1NAT:AnalyticLOC:LabormarketsTOP:Labord
8、emandMSC:Interpretive7.IfFirmXisacompetitivefirminthemarketforlabor,ithaslittleinfluenceoverthewageitpaysitsemployees.ANS:TDIF:1REF:18-1NAT:AnalyticLOC:LabormarketsTOP:LabordemandMSC:Interpretive8.Theideathatrationalemployersthinkatthemarginiscentralto
9、understandinghowmanyunitsoflabortheychoosetoemploy.ANS:TDIF:1REF:18-1NAT:AnalyticLOC:LabormarketsTOP:LabordemandMSC:Interpretive9.Forcompetitivefirms,thecurvethatrepresentsthevalueofmarginalproductoflaboristhesameasthedemandforlaborcurv
