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.Management Sciences
Category: Production Factors
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 rise, and rental rates rise
C. Wages fall, and rental rates rise
D. Wages fall, and rental rates fall
The most important factors of production are ?
A. labor, land, and capital
B. water, earth and knowledge
C. money, stocks and bonds.
D. management finance and marketing
The value of the marginal product of labor is ?
A. the price of the output times wage of labor
B. the price of the output times the marginal product of labor
C. none of these answers
D. the wage of labor times the quantity of labor
E. the wage of labor times the marginal product of labor
Which of the following is not true with regard to workers who have a high value of marginal product? These workers ?
A. have skills that are in relatively scarce supply
B. produce output for which there is great demand
C. usually have little capital with which to work
D. are usually highly paid
An increase in the price of automobiles shifts the demand for autoworkers to the ?
A. left and decreases the wage
B. right and decreases the wage
C. right and increases the wage
D. left and increases the wage
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. interest
B. dividends
C. increases in stocks of goods
D. retained earnings
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