Economics MCQs – New Production Factors MCQs ( Economics ) MCQs
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Latest Economics MCQs
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Latest Production Factors Mcqs ( Economics ) Mcqs
The most occurred mcqs of Production Factors Mcqs ( Economics ) in past papers. Past papers of Production Factors Mcqs ( Economics ) Mcqs. Past papers of Production Factors Mcqs ( Economics ) Mcqs . Mcqs are the necessary part of any competitive / job related exams. The Mcqs having specific numbers in any written test. It is therefore everyone have to learn / remember the related Production Factors Mcqs ( Economics ) Mcqs. The Important series of Production Factors Mcqs ( Economics ) Mcqs are given below:
Suppose that a war is fought will biological weapons. The weapons destroy people but not capital. What is likely to happen to equilibrium wages and rental rates after the war when compared to their values before the war ?
A. Wages rise, and rental rates fall
B. Wages fall, and rental rates rise
C. Wages rise, and rental rates rise
D. Wages fall, and rental rates fall
An increase in the price of automobiles shifts the demand for autoworkers to the ?
A. right and decreases the wage
B. left and decreases the wage
C. right and increases the wage
D. left and increases the wage
A competitive profit-maximizing firm should hire workers up to the point where ?
A. the marginal product of labor equals zero and the production function is maximized
B. the wage, the rental price of capital and the rental price of land are all equal
C. the value of the marginal product of labor equals the wage
D. the marginal product of labor equals the wage
An individual firm’s demand for a factor of production ?
A. is perfectly elastic (horizontal) if the factor market is perfectly competitive
B. Slopes downward due to the factor’s diminishing marginal product
C. slopes upward due to the factor’s increasing marginal product
D. Slopes downward because an increase in the production of output reduces the price at which the output can be sold in a competitive market, thereby reducing the value of the marginal producing the value of the marginal product as more of the factor is use
A decrease in the supply of farm tractors will cause all but which of the following ?
A. a decrease in the rental rate of farmland
B. an increase in the rental rate for tractor
C. a decrease in the value of the marginal product of tractors
D. an increase in the wage of farm workers
Stabilization, Adjustment, Reform And Privatization MCQs
What will a decrease in the supply of fishermen do to the market for capital employed in the fishing industry ?
A. decreases the demand for fishing boats and increase rental rates on fishing boats.
B. increase the demand for fishing boats and decrease rental rates on fishing boats
C. decreases the value of the marginal product of fishermen, reduces their wage, and increases employment in the fishing industry
D. increase the demand for fishing boats and increase rental rates on fishing boats
For a competitive profit-maximizing firm, the value-of-the-marginal-product curve for capital is the firm’s ?
A. production function
B. demand curve for capital
C. supply curve of capital
D. marginal cost curve
If a factor exhibits diminishing marginal product, hiring additional units of the factor will ?
A. have no effect on output
B. cause a reduction is output
C. increase the marginal product of the factor
D. generate ever smaller amounts of output
When capital is owned by the firm as opposed to being directly owned by household capital income may take any of the following forms except ?
A. dividends
B. interest
C. increases in stocks of goods
D. retained earnings
Which of the following is not true with regard to workers who have a high value of marginal product? These workers ?
A. produce output for which there is great demand
B. have skills that are in relatively scarce supply
C. usually have little capital with which to work
D. are usually highly paid
An increase in the demand for a firm’s output ?
A. decreases the prosperity of both the firms and the factors hired by the firm.
B. decrease the prosperity of the firm but increases the prosperity of the factors hired by the firm
C. increases the prosperity of both the firm and the factors hired by the firm.
D. increases the prosperity of the firm but decreases the prosperity of the factors hired by the firm.
If both input and output markets are competitive and firms are profit maximizing, then in equilibrium each factor of production earns ?
A. the amount allocated by the political process
B. an amount equal to the price of output times total output
C. an equal share of output
D. the value of its marginal product
An increase in the demand for apples will cause all but which of the following ?
A. a decrease in the number of apple pickers employed
B. an increase in the value of the marginal product of apple pickers
C. an increase in the wage of apple pickers
D. an increase in the price of apples
A decrease in the demand or fish ?
A. increase the value of the marginal product of fishermen increase their wage, and increase employment in the fishing industry.
B. decrease the value of the marginal product of fishermen reduces their wage, and reduces employment in the fishing industry
C. decrease the value of the marginal product of fishermen, reduces their wage, and increases employment in the fishing industry
D. increase the value of the marginal product of fishermen increase their wage and decreases employment in the fishing industry
The value of the marginal product of labor is ?
A. none of these answers
B. the price of the output times the marginal product of labor
C. the price of the output times wage of labor
D. the wage of labor times the quantity of labor
E. the wage of labor times the marginal product of labor
The most important factors of production are ?
A. labor, land, and capital
B. money, stocks and bonds.
C. water, earth and knowledge
D. management finance and marketing