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True or False Quiz
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1
Although supply and demand analysis can be used to analyze the product market, it cannot be used to analyze the factor market.
A)True
B)False
2
Marginal revenue product is the increase in a firm’s total revenue that results from the use of one more unit of input.
A)True
B)False
3
An employer operating under conditions of a perfectly competitive labour market will hire labour up to the point where the marginal product of labour equals the wage rate.
A)True
B)False
4
If the product market is imperfectly competitive rather than perfectly competitive, the marginal revenue product curve declines faster.
A)True
B)False
5
The fact that neither of the authors works weekends at McDonald’s demonstrates that they both value an extra hour of leisure over the added hourly income that they could earn.
A)True
B)False
6
The size of Canada’s labour force has more than doubled over the last 35 years.
A)True
B)False
7
The typical range for the annual increase in labour productivity in Canada over the last 30 years has been between 3 and 5 percent.
A)True
B)False
8
The real wage is defined as the nominal wage divided by labour productivity.
A)True
B)False
9
Often, trade unions and professional associations have the same effect on the labour market.
A)True
B)False
10
Some form of regulation is needed to ensure that a common property resource is not over-extracted.
A)True
B)False





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