Markets for Factors of Production - LOS h ～ Q1 white, black, 2009, class

mayanfang1

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

gaoflex

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danforth

d

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jc1188

d