Q1、A labor market analyst makes the following assertions about trends in labor income:

Statement 1: The net effect of technological improvements has been to increase the demand for labor. This can be seen in the long-run increase in real wage rates.

Statement 2: The broadest measure of labor income is total wages, salaries, and tips received.

With respect to these statements:

A)   only statement 2 is incorrect.

B)   both are incorrect.

C)   only statement 1 is incorrect.

Q2、A firm's demand for labor and a firm's demand for physical capital is respectively more elastic in the:

A)   long run; long run.

B)   short run; short run;

C)   short run; long run.

Q3、An industrial economist is evaluating the supply and demand conditions for two different factors of production.

Factor 1: The demand curve is derived from the resource’s marginal revenue product in the current period.

Factor 2: The supply curve is perfectly inelastic and the price is determined by demand.

Which of the following choices most likely identifies these two factors of production?

          Factor 1                                          Factor 2

A)   Labor                                     Non-renewable resource

B)   Labor                                     Renewable resource

C)   Machinery                            Renewable resource

答案和详解如下：

Q1、A labor market analyst makes the following assertions about trends in labor income:

Statement 1: The net effect of technological improvements has been to increase the demand for labor. This can be seen in the long-run increase in real wage rates.

Statement 2: The broadest measure of labor income is total wages, salaries, and tips received.

With respect to these statements:

A)   only statement 2 is incorrect.

B)   both are incorrect.

C)   only statement 1 is incorrect.

Correct answer is A)

Statement 1 is correct. Technological improvements increase demand for some types of labor and decrease demand for other types, but the net long-run effect has been to increase demand for labor as a whole. The long-run increase in real wage rates is evidence that supports this assertion. Statement 2 is incorrect. A more complete measure of labor income is total labor compensation, which includes employer-provided benefits as well as wage and salary income.

Q2、A firm's demand for labor and a firm's demand for physical capital is respectively more elastic in the:

A)   long run; long run.

B)   short run; short run;

C)   short run; long run.

Correct answer is A)

The short run is defined at the period during which the quantities of other inputs are fixed. In the long run a firm’s demand for capital is more elastic because technology, the amount of labor, and the quantities of other inputs can be varied. A firm’s demand for labor is more elastic in the long run than in the short run. For a given increase in wage rates, a firm’s quantity of labor demand will decrease more when it can substitute other factors of production (the long run) than when other factors are fixed (the short run).

Q3、An industrial economist is evaluating the supply and demand conditions for two different factors of production.

Factor 1: The demand curve is derived from the resource’s marginal revenue product in the current period.

Factor 2: The supply curve is perfectly inelastic and the price is determined by demand.

Which of the following choices most likely identifies these two factors of production?

          Factor 1                                          Factor 2

A)   Labor                                     Non-renewable resource

B)   Labor                                     Renewable resource

C)   Machinery                            Renewable resource

Correct answer is B)

Labor produces its marginal output in the current period, when the labor is actually performed, so the demand curve is derived from the MRP of labor in the current period. With machinery, the output is generated over a number of periods, so the relevant MRP is the machine’s future MRP. The supply of a renewable resource is perfectly inelastic and demand determines the equilibrium price. With a non-renewable resource, supply is perfectly elastic and demand determines the equilibrium quantity supplied.

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