Question : 11) A factor of production that cannot be used outside : 1303488

 

 

11) A factor of production that cannot be used outside of a particular sector of an economy is a(an)

A) specific factor.

B) mobile factor.

C) variable factor.

D) import-competing factor.

E) export-competing factor.

 

 

12) A factor of production that can be used in any sector of an economy is a(an)

A) mobile factor.

B) specific factor.

C) variable factor.

D) import-competing factor.

E) export-competing factor.

 

 

13) The specific factors model assumes that there are ________ goods and ________ factor(s) of production.

A) two; three

B) two; two

C) two; one

D) three; two

E) four; three

 

 

14) The degree of a factor’s specificity is directly related to

A) the amount of time required to redeploy the factor to a different industry.

B) the cost of the factor as a proportion of the long-run total cost of production.

C) the mobility of the factor, with more mobile factors having more specificity.

D) technology differences between two countries, with a more advanced technology resulting in more factor specificity.

E) factor quality, with higher quality factors having a higher level of specificity.

 

15) The degree of a factor’s specificity is inversely related to

A) the mobility of the factor, with more mobile factors having less specificity.

B) the amount of time required to redeploy the factor to a different industry.

C) the cost of the factor as a proportion of the long-run total cost of production.

D) technology differences between two countries, with a less advanced technology resulting in less factor specificity.

E) factor quality, with lower quality factors having a lower level of specificity.

 

 

16) A worker who has invested in ________ skills will be ________ mobile than would otherwise be the case.

A) occupation-specific; less

B) occupation-specific; more

C) ethical; less

D) ethical; more

E) occupation-nominal; less

 

 

17) In the specific factors model, a country’s production possibility frontier is ________ because of ________.

A) a straight line; diminishing marginal returns

B) a curved line; diminishing marginal returns

C) a straight line; constant marginal returns

D) a curved line; constant marginal returns

E) a curved line; a limited supply of labor

 

 

18) In the specific factors model, a country’s production function is ________ because of ________.

A) a straight line; diminishing marginal returns

B) a curved line; diminishing marginal returns

C) a straight line; constant marginal returns

D) a curved line; constant marginal returns

E) a curved line; a limited supply of labor

 

19) In the four-quadrant diagram of the specific factors model, the graph in the upper right quadrant is a country’s

A) production possibility frontier.

B) labor allocation constraint.

C) production function for food.

D) production function for cloth.

E) labor supply curve.

 

 

20) In the four-quadrant diagram of the specific factors model, the graph in the lower right quadrant is a country’s

A) production function for cloth.

B) production possibility frontier.

C) labor allocation constraint.

D) production function for food.

E) labor supply curve.