25. ECO1050 u09q1 Question 25 (Points: 3) One of the reasons interest rates do n

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25. ECO1050 u09q1 Question 25 (Points: 3)
One of the reasons interest rates do not persistently increase or decrease over time is because of this. (3 points).



1. The demand for capital and the supply of capital both tend to decrease over time.

2. The demand for capital and the supply of capital both increase by roughly the same amount over time.

3. The demand for capital decreases while the supply of capital increases.

4. The demand for capital increases while the supply of capital decreases.

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26. ECO1050 u09q1 Question 26 (Points: 3)
Which of the following statements about land is correct? (3 points).



1. Land has an elastic supply.

2. Land has a perfectly inelastic supply.

3. Land is a nonrenewable resource.

4. Land is the only factor of production that is not traded in a market.

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27. ECO1050 u09q1 Question 27 (Points: 3)
Which of the following about the price of a resource that is fixed in quantity, such as land, is true? (3 points).



1. It is determined by the demand for the resource.

2. It cannot change.

3. It is determined by supply.

4. It consists of only opportunity cost and has no economic rent.

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28. ECO1050 u09q1 Question 28 (Points: 3)
What is economic rent defined as? (3 points).



1. The income only a landowner earns.

2. The income that is equal to the value of the marginal product of the factor.

3. The income any factor earns above its opportunity cost.

4. The income any factor earns below its opportunity cost.

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29. ECO1050 u09q1 Question 29 (Points: 3)
What can be said about the price of nonrenewable resources such as metals? (3 points).



1. It falls if new technologies enable us to use these resources more efficiently.

2. It has fallen over recent years because forces that bring lower prices have outweighed the forces that bring higher prices.

3. It falls if we find more reserves that were previously unknown.

4. All of the above answers are correct.

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30. ECO1050 u09q1 Question 30 (Points: 3)
Which of the following statements is true about the value of marginal product curve? (3 points).



1. It is upward sloping because firms want to hire more workers to increase production.

2. It is the same as a firm's supply of labor curve.

3. It shows the price of a factor of production multiplied by the amount of the factor employed.

4. It is downward sloping because each additional worker brings in a decreasing amount of revenue.

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31. ECO1050 u09q1 Question 31 (Points: 3)
When does the demand curve for financial capital shift to the right? (3 points).



1. As the price of bonds decreases.

2. As economic rent increases.

3. As the population increases.

4. As the interest rate rises.

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32. ECO1050 u09q1 Question 32 (Points: 3)
When does the supply of labor curve for nurses shift? (3 points).



1. If the value of marginal product of nurses decreases.

2. If there is an increase in the value of marginal product of nurses.

3. If there is an increase in the time spent in nursing school.

4. If the economic rent earned by nurses has decreased.

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33. ECO1050 u09q1 Question 33 (Points: 3)
If we compare the price of a firm's output and its demand for labor, what do we see? (3 points).



1. As the price of its output rises, its demand for labor decreases.

2. As the price of its output rises, its demand for labor increases.

3. As the demand for labor increases, the price of its output falls.

4. The two are not related.

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34. ECO1050 u09q1 Question 34 (Points: 2)
What is the demand for a resource derived from? (2 points).



1. The price of the resource.

2. The supply of substitute resources.

3. The supply of the resource.

4. The demand for the good or service that the resource is used to produce.

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