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标题: Markets for Factors of Production - LOS h ～ Q1 [打印本页]

作者: mayanfang1 时间: 2009-1-15 13:41 标题: [2009]Session 5 - Reading 21: Markets for Factors of Production - LOS h ～ Q1

Q1、Which of the following statements about the economic rent to a natural resource is most accurate?

A) The entire payment for a renewable natural resource is economic rent.

B) The entire payment for a non-renewable natural resource is economic rent.

C) The proportion of economic rent in the payment for a renewable natural resource depends on the elasticity of demand for the resource.

Q2、Under which pair of conditions is a factor of production least likely to earn economic rent?

Supply curve Demand curve

A) Perfectly elastic Downward sloping

B) Perfectly inelastic Perfectly elastic

C) Upward sloping Downward sloping

Q3、A worker is most likely to earn economic rent when the marginal revenue product (MRP) from her labor and the supply curve for her type of labor exhibit which of the following characteristics?

MRP Supply curve

A) High More elastic

B) Low Less elastic

C) High Less elastic

作者: mayanfang1 时间: 2009-1-15 13:42

答案和详解如下：

Q1、Which of the following statements about the economic rent to a natural resource is most accurate?

A) The entire payment for a renewable natural resource is economic rent.

B) The entire payment for a non-renewable natural resource is economic rent.

C) The proportion of economic rent in the payment for a renewable natural resource depends on the elasticity of demand for the resource.

Correct answer is A)

When the supply curve is perfectly inelastic, as it is for a renewable natural resource, the entire payment for the resource is economic rent. When the supply curve is perfectly elastic, as with a non-renewable natural resource, none of the payment is economic rent.

Q2、Under which pair of conditions is a factor of production least likely to earn economic rent?

Supply curve Demand curve

A) Perfectly elastic Downward sloping

B) Perfectly inelastic Perfectly elastic

C) Upward sloping Downward sloping

Correct answer is A)

If the supply of a productive resource is perfectly elastic, it earns no economic rent. Elasticity of demand is not directly related to economic rent.

Q3、A worker is most likely to earn economic rent when the marginal revenue product (MRP) from her labor and the supply curve for her type of labor exhibit which of the following characteristics?

MRP Supply curve

A) High More elastic

B) Low Less elastic

C) High Less elastic

Correct answer is C)

Economic rent is the difference between the price paid for a resource and its opportunity cost in its next-highest-valued employment. To earn economic rent, a worker must generate a high marginal revenue product. The less elastic its supply curve, the more of the wage is economic rent. Popular entertainers and professional athletes, for example, earn economic rent because their services are valued much more highly in those occupations (high MRP) than they would be in their next-best alternative, and very few people possess their specific skills (inelastic supply).

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