Question :
11) Which of the following represents a derived demand? Demand : 1241364
11) Which of the following represents a derived demand? Demand for
A) a taco by Sam when she is hungry.
B) golf balls by Jose, who is planning on going golfing with his boss.
C) a grocery clerk by the local Safeway.
D) an automobile by Jack, who wants a car to get to school.
E) new clothing by Shaniq, who is starting a new job.
12) Hot Coffee Inc. hires workers and buys coffee roasting machines so it can serve fresh roasted coffee to its customers. The demand for ________ is a derived demand because ________.
A) both workers and roasting machines; both are used to produce and sell coffee
B) only workers; there is a limited number of people willing to work in coffee shops
C) only roasting machines; capital equipment can be resold in other markets
D) neither workers nor roasting machines; derived demand only applies to actual products produced for customers
E) only workers; workers can actually negotiate their wages
13) Sky High Camping offers overnight camping in tree houses built on its 10-acre property. Workers are hired to build and maintain the tree houses. Which of the following are true statements?
i.The land and the trees grown are considered natural resources.
ii.The demand for trees and land is not a derived demand because supply is limited.
iii.The demand for workers is considered a derived demand because they help produce the service of tree house camping.
A) i and iii.
B) i, ii and iii.
C) i only.
D) iii only.
E) ii and iii.
14) The demand for carpenters needed to build houses represents a
A) direct demand.
B) derived demand.
C) marginal demand/cost for input.
D) supplied demand.
E) directed supply.
15) If the demand for a good increases, the demand for the factors used to produce the good
A) increases.
B) decreases.
C) stays the same.
D) could increase, decrease, or stay the same depending on whether the demand for the good is elastic, inelastic, or unit elastic.
E) None of the above answers is correct.
16) The value of the marginal product is equal to
A) marginal product × marginal cost.
B) marginal product × product price.
C) marginal revenue × marginal cost.
D) marginal cost × product price.
E) marginal product ÷ product price.
17) The value of the marginal product of labor is calculated by multiplying the ________ by the ________.
A) quantity of labor; wage rate
B) total product; wage rate
C) marginal product of labor; price of a unit of the output
D) wage rate; price of a unit of the output
E) marginal product of labor; wage rate
18) The value of marginal product is equal to the
A) additional revenue from selling one more unit of the product.
B) change in total revenue from selling one more unit of product.
C) additional cost of hiring one more unit of a factor of production.
D) change in revenue from hiring one more unit of a factor of production.
E) change in total cost when one more unit of the product is produced.
19) If UPS hires another worker, UPS will be able to deliver an additional 20 packages an hour. The price of each package is $5. The value of this worker’s marginal product is equal to
A) $5.
B) $100.
C) $4.
D) 20 packages.
E) $20.
20) The total output of candles in Nick’s Wicks candle shop increases from 20 per hour to 30 per hour as he hires the second worker. The price of each candle is $2. The
A) marginal product of the second worker is 20 candles.
B) marginal product of the second worker is 30 candles.
C) value of marginal product of the second worker is $20.
D) value of marginal product of the second worker is $30.
E) value of marginal product of the second worker is $60.
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