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Econ

Econ Resource Pricing Quiz

Test your understanding of resource pricing, economic rent, and marginal productivity with our engaging quiz! Dive deep into economic concepts that shape the labor market and resource allocation.

16 challenging questions
Multiple choice format
Ideal for economics students and enthusiasts

13 Questions3 MinutesCreated by AnalyzingData42

A factory worker working night shifts in a factory gets paid more than a factory worker working day shifts. Such differences in resource prices: _____.

Are temporary in nature

Arise due to differences in years of experience

arise due to differences in worker productivities

Are permanent in nature

Which of the following statements defines the marginal product of a resource?

The marginal product of a resource is the sum of the average products that are produced by the employment of all the units of the resource.

The marginal product of a resource is the product of the average products that are produced by the employment of all the units of the resource.

The marginal product of a resource is the change in total product from employing one additional unit of the resource.

The marginal product of a resource is the change in average product from employing one additional unit of the resource.

In the resource market, the value of any resource depends on the value of what it is used to produce. So, resource demand is said to be:

Derived from the demand for the product that the resource is used to produce.

Derived from the supply of the product the resource produces.

Derived from the total cost of the product the resource produces.

Derived from the elasticity of demand for the resource.

Which of the following is true about the market supply curve for resources?

The market supply curve for a resource is derived from the value of the final goods and services produced by a firm.

The market supply curve for a resource slopes upward because suppliers are able to supply more of the resource at a higher price.

The market supply curve for a resource reflects the maximum willingness to pay for all firms purchasing resources in the resource market.

The market supply curve for a resource is the same as the average cost curve for that resource.

The value of a resource to a firm depends on:

The duration of use of the resource by the firm.

The firm's ability to hire the resource.

The size of the firm.

The value of the final product it produces.

Which of the following is true of the market demand curve for a resource?

The market demand curve for a resource is equal to the total revenue curve for the resource.

The market demand curve for a resource is equal to the average cost curve of the resource.

The market demand curve for a resource is upward sloping.

The market demand curve for a resource is the summation of all the individual demand curves for that resource.

Which of the following happens when resources are freely mobile and when the nonmonetary benefits of supplying resources to alternative uses are identical?

The demand for resources that can be put to different uses decreases.

Resources adjust across uses until they earn significantly more in one particular use.

The prices of resources that can be put to different uses increase.

Resources adjust across uses until they earn the same in different uses.

A factory worker working night shifts in a factory gets paid more than a factory worker working day shifts. Such differences in resource prices: _____.

Are temporary in nature

Are permanent in nature

Arise due to differences in years of experience

Arise due to differences in worker productivities

Which of the following statements defines economic rent?

Economic rent is the portion of a resource's total earnings below its marginal cost.

Economic rent is the portion of a resource's total earnings below its opportunity cost.

Economic rent is the portion of a resource's total earnings above its opportunity cost.

Economic rent is the portion of a resource's total earnings above its marginal cost.

Which of the following is true of economic rent?

Economic rent is higher if resource supply is elastic.

Economic rent is also referred to as the consumer surplus earned by resource consumers.

Economic rent is lower if resource supply is less elastic.

Economic rent is also referred to as the producer surplus earned by resource suppliers.

The portion of a resource's earnings that exceeds the amount required to keep the resource in its present use is called:

An incentive.

The opportunity cost of the resource.

Capital.

Economic rent.

The _____ of a resource is the amount that the resource could earn in its best alternative use.

Economic rent

Derived demand

Opportunity cost

Marginal cost

Which of the following statements is true of the opportunity cost and economic rent of a resource?

When the supply curve for a resource slopes upward, the earnings of the resource consist of both opportunity cost and economic rent.

When the supply curve for a resource is horizontal, the earnings of the resource consist of both opportunity cost and economic rent.

When the supply curve for a resource slopes downward, the earnings of the resource consist of both opportunity cost and economic rent.

When the supply curve for a resource is vertical, the earnings of the resource consist of both opportunity cost and economic rent.

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