MODULE 4.06 STATE BOARDS OF NURSING EXAM
QUESTIONS AND ANSWERS 2024
The demand for a resource is known as a derived demand, as it depends
on -✔✔ the demand for the product it produces.
The firm's demand curve for labor is the same as -✔✔ its marginal
revenue product curve.
The labor supply curve for Bill's Big Burgers is horizontal at the market-
determined wage rate. What does this horizontal shape indicate? -✔✔
This firm is not large enough to affect the wage.
Economic Solutions makes web-based teaching material for students. With
e-learning gaining in popularity, the demand for their products increases.
As a result, -✔✔ the demand for labor increases.
The price of borrowed money is called -✔✔ interest rate.
Ford hires resources for its assembly unit in Mexico. Ford will recruit
resources to the point where -✔✔ the marginal cost of an additional unit of
resource equals the marginal revenue product of that resource.
, Charge Central hires Ms. Jackson as a sales executive for selling credit
cards. She sets a goal of selling 500 cards by the end of the month. She
actually managed to raise the total sales of the firm from 4,324 to 5,000
cards that month. What is Ms. Jackson's marginal physical product for the
month? -✔✔ 676 cards
The wages of workers at Frank's Framing Shop are higher than their
marginal revenue product. What should Frank do? -✔✔ Reduce the
number of worker-hours he employs.
Lupita grows cantaloupes in central Florida. She is in a perfectly
competitive market. Assuming that Lupita wants to maximize profit, she will
hire workers until the marginal revenue product of labor is -✔✔ equal to
the wage.
Firm X is a monopsonistic market and bears a marginal input cost of $40
per hour for each worker. For the firm to maximize profit, what should the
marginal revenue product of labor be? -✔✔ $40
An analysis of resource costs and use by Mannie's Masonry reveals that
the marginal product per dollar of labor is greater than the marginal product
per dollar of capital. What should Mannie do? -✔✔ Hire additional labor
QUESTIONS AND ANSWERS 2024
The demand for a resource is known as a derived demand, as it depends
on -✔✔ the demand for the product it produces.
The firm's demand curve for labor is the same as -✔✔ its marginal
revenue product curve.
The labor supply curve for Bill's Big Burgers is horizontal at the market-
determined wage rate. What does this horizontal shape indicate? -✔✔
This firm is not large enough to affect the wage.
Economic Solutions makes web-based teaching material for students. With
e-learning gaining in popularity, the demand for their products increases.
As a result, -✔✔ the demand for labor increases.
The price of borrowed money is called -✔✔ interest rate.
Ford hires resources for its assembly unit in Mexico. Ford will recruit
resources to the point where -✔✔ the marginal cost of an additional unit of
resource equals the marginal revenue product of that resource.
, Charge Central hires Ms. Jackson as a sales executive for selling credit
cards. She sets a goal of selling 500 cards by the end of the month. She
actually managed to raise the total sales of the firm from 4,324 to 5,000
cards that month. What is Ms. Jackson's marginal physical product for the
month? -✔✔ 676 cards
The wages of workers at Frank's Framing Shop are higher than their
marginal revenue product. What should Frank do? -✔✔ Reduce the
number of worker-hours he employs.
Lupita grows cantaloupes in central Florida. She is in a perfectly
competitive market. Assuming that Lupita wants to maximize profit, she will
hire workers until the marginal revenue product of labor is -✔✔ equal to
the wage.
Firm X is a monopsonistic market and bears a marginal input cost of $40
per hour for each worker. For the firm to maximize profit, what should the
marginal revenue product of labor be? -✔✔ $40
An analysis of resource costs and use by Mannie's Masonry reveals that
the marginal product per dollar of labor is greater than the marginal product
per dollar of capital. What should Mannie do? -✔✔ Hire additional labor
