stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Review 3 - Factor Markets, Externalities & MU per Dollar spent Flashcards | StudBud
Explore
/
Review 3 - Factor Markets, Externalities & MU per Dollar spent
Review 3 - Factor Markets, Externalities & MU per Dollar spent
19 terms
·
StudBud Administration
·
191 plays
Imported from external platform
Flashcards
19 cards
F
Practice quiz
P
Host live
L
Questions
19
Answers
1
What kind of tax?
Regressive Taxes
Progressive Taxes
Inverse Taxes
Proportional Taxes
2
What is true at point "E"
50% of the population makes 50% of the income
20% of the population makes 80% of the income
50% of the population makes 20% of the income
the top 50% of the population makes 80% of the incom
3
I will get a ____ on the AP Exam tomorrow?
4
3
5
2
4
Assuming perfect competition, at what price does each unit sell?
10
3
21
12
5
The increase in total revenue caused by hiring one more input is called:
Marginal Revenue Cost
Marginal Resource Cost
Marginal Factor Cost
Marginal Revenue Product
6
Josh has $30 to spend on Pita and Tea. The "P" of Pita is $6 and the "P" of of Tea is $3.
5 Pita
4 Pita, 3 Tea
3 Pita, 4 Tea
4 Pita, 2 tea
7
If TU from eating 2 donuts is 12 and the MU of the third donut is 3, TU of eating 3 donuts is
5
15
9
21
8
If a firm can sell units of output for $4 and must pay workers $10/hour. Workers must produce
at least 2 units per hour.
at least 2.5 units per hour
more than the prior worker
at least five units per hour
9
If a firm hires labor in a perfectly competitive market
its labor demand curve is perfectly elastic.
labor supply and MRC coincide and slope upward.
The labor supply curve lies above the marginal MRC curve.
the supply and MFC curve coincide and are perfectly elastic.
10
The allocative efficient quantity would be
P1
none
Q1
Q2
11
How many units of output are produced when 2 workers are employed?
3
24
20
14
12
This graph represents
a negative externality
A postive electron
a postive externality
a negative electron
13
The United states tax system is an example of
Progressive Taxes
Proportional Taxes
Inverse Taxes
Regressive Taxes
14
When supply in a competitive labor market increases, what happens to wage and employment?
Increase/Increase
Increase/Decrease
Decrease/Increase
Increase/Decrease
15
A firm should hire more labor if the MRP is:
Equal to the MP of Capital
Less than the price of the product.
Greater than the price of the employee.
The same as the price of the product.
16
Demand for labor is known as ______ because demand for labor depends on demand for the good.
Resource Demand
Derived Demand
Input Demand
Labor Demand
17
According to this map this state has the least equal distribution of wealth
California
New York
Pennsylvania
Florida
18
Diminishing marginal product occurs when the next worker generates _____ the prior worker.
zero output as compared to
more output than
less output than
the same output as
19
These cities have
Even distribution of income
Have uneven distribution of income
