As new substitutes for office productivity software aredeveloped

QUESTION

1. As new substitutes for office productivity software aredeveloped, the demand for workers in office productivity software production shouldA.change in an undetermined way.B.become more elastic.C.become less elastic.D.be unchanged.2. The additional cost associated with the hiring of one more unit of labor is known as theA. marginal utility of labor.B. marginal revenue product of labor.C. marginal factor cost of labor.D. marginal physical product of labor.3. The market demand for labor will beA. insensitive to the wage rate in the short run.B. downward sloping.C. perfectly inelastic.D. the inverse of the market demand for output.4. Suppose at the current level of labor used, MRP = $100 and MFC = $150. To maximize profits, the firm shouldA. hire more labor.B. expand production.C. maintain the current level of labor.D. reduce the level of labor.5.Suppose a new technology allows firms to substitute mechanical tomato pickers for farm laborers. As a result, the demand curve for farm laborers willA. not be affected.B. become more elastic.C. shift to the right.D.become less elastic.6.Suppose at the current level of labor used, MRP = $100 and MFC = $50. To maximize profits, the firm shouldA. hire more labor.B. shut down.C. reduce the level of labor.D. maintain the current level of labor.7.The more inelastic the consumer demand for the final product, theA. more inelastic the demand for labor producing the product.B. greater the impact on employment from a change in the wage rate.C. more responsive the output demand to a change in the price of labor.D.greater will be the economic profit in a competitive market.8.Derived demand meansA. the labor demand curve will be upward sloping.B. labor demand will shift about in a random fashion.C. labor demand is determined by the supply of labor.D. labor demand is derived from demand for the product it produces.

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