The Markets for Factors of Production
曼昆《经济学原理》Chapter 02
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Figure 2
The production possibilities frontier
Quantity of Computers Produced
3,000 2,200 2,000 F C The production possibilities frontier shows the combinations of output—in this case, cars and computers— that the economy can possibly produce. The economy can produce any combination on or inside the frontier. Points outside the frontier are not feasible given the economy’s resources.
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The Economist as a Scientist
• Firms
– Produce goods and services – Use factors of production / inputs
• Households
– Own factors of production – Consume goods and services
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生产要素市场--demand curve
劳动的边际产量递减
Diminishing Marginal Product of Labor
随着工人数量增加，劳动的边际产量递减。 As the number of workers increases, the marginal product of labor declines. 随着工人数量愈来愈多，每个增加的工人对苹果产量的贡献 小于前一个工人。 As more and more workers are hired, each additional worker contributes less to production than the prior one. 生产函数随着工人数量的增加变得越来越平坦。 The production function becomes flatter as the number of workers rises.
Pr ofit = VMPL - W
100 80 60 40 20
$500 $300 $100 -$100 -$300
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劳动的边际产值
Value of the Marginal Product 边际产值
The Value of the Marginal Product of Labor...
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劳动市场 The Markets for Labor
劳动市场，跟经济中的其他市场一样 ，是由供给和需求的力量支配的。 Labor markets, like other markets in the economy, are governed by the forces of supply and demand.
VMPL = Wage
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竞争性企业如何决定雇佣工人的数量 How the Competitive Firm Decides How Much Labor to Hire
曼昆经济学原理Chapter18生产要素市场 中英文笔记
Chapter 18 生产要素市场The Markets for Factors of Production §1. 生产要素市场一．定义：生产要素Factors of production是指用于生产物品与劳务的投入the inputs used to produce goods and services 二．联系：生产要素市场类似于物品与服务市场不同点在于生产要素的需求是派生需求derived demand即企业的生产要素需求，是从它向另一个市场供给物品的决策派生出来的§2. 劳动需求The Demand for Labor一．劳动需求1.联系：与经济中的其它市场一样，劳动市场也是由供求力量支配的2.结论：大多数劳动服务不是作为最终产品供消费者享用的，而是投入到其它物品的生产中二．生产函数与劳动的边际产量The Production Function and The Marginal Product of Labor1.生产函数The production function：说明用于生产一种物品的投入量与该物品产量之间的关系。
2.劳动的边际产量The marginal product of labor：增加的一个单位劳动所引起的产量增加量。
公式：MPL = ΔQ/ΔL = (Q2–Q1)/(L2–L1)3.边际产量递减Diminishing Marginal Product of Labor随着工人数量增加，劳动的边际产量递减；随着雇佣的工人越来越多，每个增加的工人对苹果产量的贡献越来越小；生产函数随着工人数量增加而变得越来越平坦；这种性质被称为边际产量递减。
三．劳动边际产量值与劳动需求The Value of the Marginal Product of Labor and the Demand for Labor1.边际产量值The value of the marginal product：一种投入的边际产量乘以该产品的价格。
MIDTERM 1
Name: ________________________ Class: ___________________ Date: __________ ID: A MidtermMultiple ChoiceIdentify the choice that best completes the statement or answers the question.____ 1. In economics, the cost of something isa.the dollar amount of obtaining it.b.always measured in units of time given up to get it.c.what you give up to get it.d.often impossible to quantify, even in principle.____ 2. Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working isa.the $24 she earns working.b.the $24 minus the enjoyment she would have received from watching the video.c.the enjoyment she would have received had she watched the video.d.nothing, since she would have received less than $24 of enjoyment from the video.____ 3. Teresa eats three oranges during a particular day. The marginal benefit she enjoys from eating the third orangea.can be thought of as the total benefit Teresa enjoys by eating three oranges minus thetotal benefit she would have enjoyed by eating just the first two oranges.b.determines Teresa’s willingness to pay for the first, second, and third oranges.c.does not depend on how many oranges Teresa has already eaten.d.All of the above are correct.____ 4. If the price of visiting a doctor were fixed below the current price, then we would expecta.an increase in the number of visits people want to make and an increase in the number ofvisits health care providers want to provide.b.an increase in the number of visits people want to make and a decrease in the number ofvisits health care providers want to provide.c. a decrease in the number of visits people want to make and an increase in the number ofvisits health care providers want to provide.d. a decrease in the number of visits people want to make and a decrease in the number ofvisits health care providers want to provide.____ 5. Which of the following transactions does not take place in the markets for factors of production in the circular-flow diagram?a. a landowner leases land to a farmerb. a farmer hires a teenager to help with harvestc. a retired farmer sells his combine to a new farmerd. a woman buys corn for dinner____ 6. Refer to Figure 2-1. Enid completes her first week of employment working as a hairdresser at a salon. On Friday of that week, she receives her first paycheck. To which of the arrows does this transaction directlycontribute?a. B onlyb. A and Bc. C onlyd. C and D____ 7. Suppose a nation is currently producing at a point inside its production possibilities frontier. We know thata.the nation is producing beyond its capacity, so inflation will occur.b.the nation is not using all available resources or is using inferior technology or both.c.the nation is producing an efficient combination of goods.d.there will be a large opportunity cost if the nation tries to increase production of anygood.____ 8. The bowed shape of the production possibilities frontier can be explained by the fact thata.all resources are scarce.b.economic growth is always occurring.c.the opportunity cost of one good in terms of the other depends on how much of eachgood the economy is producing.d.the only way to get more of one good is to get less of the other.____ 9. The country of Econoland produces two goods, textbooks and widgets. Last year, it produced 200 textbooks and 500 widgets. This year, it produced 250 textbooks and 600 widgets. Given no other information, whichof the following events could not explain this change?a.Econoland experienced a reduction in unemployment.b.Econoland experienced an improvement in widget-making technology.c.Econoland acquired more resources.d.Any of these events could, in fact, explain the change.____ 10. Refer to Figure 2-5. If this economy devotes one-half of its available resources to the production of baseballs and the other half to the production of bananas, it could producea.150 bananas and 100 baseballs.b.150 bananas and 150 baseballs.c.300 bananas and 200 baseballs.d.We would have to know the details of this economy’s technology in order to determinethis.Table 4-2Price Audrey’sQuantityDemandedBob’sQuantityDemandedChuck’sQuantityDemandedDottie’sQuantityDemanded$122134$104445$86756$68847$410938$2121029____ 11. Refer to Table 4-2. If these are the only four buyers in the market, then when the price decreases from $6 to $4, the market quantity demandeda.increases by 0.75 units.b.increases by 3 units.c.increases by 8 units.d.decreases by 27 units.____ 12. When quantity demanded increases at every possible price, we know that the demand curve hasa.shifted to the left.b.shifted to the right.c.not shifted; rather, we have moved along the demand curve to a new point on the samecurve.d.not shifted; rather, the demand curve has become steeper.____ 13. Which of the following would not shift the demand curve for mp3 players?a. a decrease in the price of mp3 playersb. a fad that makes mp3 players more popular among 12-25 year oldsc.an increase in the price of CDs, a complement for mp3 playersd. a decrease in the price of satellite radio, a substitute for mp3 players____ 14. Which of the following is not a determinant of demand?a.the price of a resource that is used to produce the goodb.the price of a complementary goodc.the price of the good next monthd.all of the above are determinants of demand.____ 15. If buyers today become more willing and able than before to purchase larger quantities of Vanilla Coke at each price of Vanilla Coke, thena.we will observe a movement downward and to the right along the demand curve forVanilla Coke.b.we will observe a movement upward and to the left along the demand curve for VanillaCoke.c.the demand curve for Vanilla Coke will shift to the right.d.the demand curve for Vanilla Coke will shift to the left.____ 16. The supply curve for coffeea.shifts when the price of coffee changes because the price of coffee is measured on thevertical axis of the graph.b.shifts when the price of coffee changes because the quantity supplied of coffee ismeasured on the horizontal axis of the graph.c.does not shift when the price of coffee changes because the price of coffee is measuredon the vertical axis of the graph.d.does not shift when the price of coffee changes because the quantity supplied of coffee ismeasured on the horizontal axis of the graph.____ 17. Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that thea.demand for bicycle assembly workers will increase.b.supply of bicycles will shift to the right.c.supply of bicycles will shift to the left.d.firm must increase output to maintain profit levels.Table 4-7The demand schedule below pertains to sandwiches demanded per week.Price Charlie’sQuantityDemanded Maxine’sQuantityDemandedQuinn’sQuantityDemanded$3343$512x____ 18. Refer to Table 4-7. Suppose Charlie, Maxine, and Quinn are the only demanders of sandwiches. Also suppose the following:• x = 2• the current price of a sandwich is $5.00• the market quantity supplied of sandwiches is 10• the law of supply applies to the supply of sandwichesThena.there is a shortage of 5 sandwiches and the price would be expected to rise from itscurrent level of $5.00.b.there is a shortage of 5 sandwiches and the price would be expected to fall from itscurrent level of $5.00.c.there is a surplus of 5 sandwiches and the price would be expected to rise from itscurrent level of $5.00.d.there is a surplus of 5 sandwiches and the price would be expected to fall from its currentlevel of $5.00.____ 19. Music compact discs are normal goods. What will happen to the equilibrium price and quantity of music compact discs if musicians accept lower royalties, compact disc players become cheaper, more firms startproducing music compact discs, and music lovers experience an increase in income?a.Price will fall and the effect on quantity is ambiguous.b.Price will rise and the effect on quantity is ambiguous.c.Quantity will fall and the effect on price is ambiguous.d.Quantity will rise and the effect on price is ambiguous.____ 20. What would happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up, the price of jelly fell, fewer firms decided to produce peanut butter, and health officials announced that eatingpeanut butter was good for you?a.Price will fall and the effect on quantity is ambiguous.b.Price will rise and the effect on quantity is ambiguous.c.Quantity will fall and the effect on price is ambiguous.d.Quantity will rise and the effect on price is ambiguous.____ 21. Which of the following is correct?a.The market value of rental housing services is included in GDP, but the market value ofowner-occupied housing services is not.b.The market value of owner-occupied housing services is included in GDP, but the marketvalue of rental housing services is not.c.The market values of both owner-occupied housing services and rental housing servicesare included in GDP.d.Neither the market value of owner-occupied housing services nor the market value ofrental housing services is included in GDP.____ 22. Ralph pays someone to mow his lawn, while Mike mows his own lawn. Regarding these two practices, which of the following statements is correct?a.Only Ralph’s payments are included in GDP.b.Ralph’s payments as well as the estimated value of Mike’s mowing services are includedin GDP.c.Neither Ralph’s payments nor the estimated value of Mike's mowing services is includedin GDP.d.Ralph’s payments are definitely included in GDP, while the estimated value of Mike’smowing services is included in GDP only if Mike voluntarily provides his estimate ofthat value to the government.____ 23. One bag of flour is sold for $1.00 to a bakery, which uses the flour to bake bread that is sold for $3.00 to consumers. A second bag of flour is sold to a consumer in a grocery store for $2.00. Taking these threetransactions into account, what is the effect on GDP?a.GDP increases by $2.00.b.GDP increases by $3.00.c.GDP increases by $5.00.d.GDP increases by $6.00.____ 24. In 2007, Corny Company grows and sells $2 million worth of corn to Tasty Cereal Company, which makes corn flakes. Tasty Cereal Company produces $6 million worth of corn flakes in 2007, with sales tohouseholds during the year of $4.5 million. The unsold $1.5 million worth of corn flakes remains in TastyCereal Company’s inventory at the end of 2007. The transactions just described contribute how much to GDPfor 2007?a.$4.5 millionb.$6 millionc.$6.5 milliond.$8 million____ 25. Anna, a U.S. citizen, works only in Germany. The value she adds to production in Germany is includeda.in both German GDP and U.S. GDP.b.in German GDP, but it is not included in U.S. GDP.c.in U.S. GDP, but it is not included in German GDP.d.in neither German GDP nor U.S. GDP.____ 26. If you buy a burger and fries at your favorite fast food restaurant,a.then neither GDP nor consumption will be affected because you would have eaten athome had you not bought the meal at the restaurant.b.then GDP will be higher, but consumption spending will be unchanged.c.then GDP will be unchanged, but consumption spending will be higher.d.then both GDP and consumption spending will be higher.____ 27. A good is produced by a firm in 2007, added to the firm’s inventory in 2007, and sold to a household in 2008.It follows thata.the value of the good is added to the investment category of 2007 GDP, added to theconsumption category of 2008 GDP, and subtracted from the investment category of2008 GDP.b.the value of the good is added to the investment category of 2007 GDP, added to theconsumption category of 2008 GDP, and not included in the investment category of 2008GDP.c.the value of the good is added to the investment category of 2007 GDP, subtracted fromthe consumption category of 2008 GDP, and not included in the investment category of2008 GDP.d.the value of the good is added to the investment category of 2007 GDP, subtracted fromthe consumption category of 2008 GDP, and added to the investment category of 2008GDP.____ 28. When an Egyptian firm purchases a cement mixer from Slovakia,a.Egyptian investment does not change, Egyptian net exports decrease, Egyptian GDPdecreases, Slovakian net exports increase, and Slovakian GDP increases.b.Egyptian investment increases, Egyptian net exports decrease, Egyptian GDP isunaffected, Slovakian net exports increase, and Slovakian GDP increases.c.Egyptian investment decreases, Egyptian net exports increase, Egyptian GDP isunaffected, Slovakian net exports decrease, and Slovakian GDP decreases.d.Egyptian investment increases, Egyptian net exports do not change, Egyptian GDPincreases, Slovakian net exports do not change, and Slovakian GDP is unaffected.____ 29. An Iowan receives a Social Security check for $500, which he uses to purchase a $480 television made in Japan by a Japanese firm and a $20 dinner at a local restaurant. As a result, U.S. GDPa.does not change.b.increases by $20.c.increases by $520.d.increases by $1000.____ 30. An American soldier stationed in California receives a paycheck from the federal government for $500, which she uses to purchase a $300 stereo made in Korea by a Korean firm and $200 worth of groceries produced inCalifornia. As a result, U.S. GDP increases bya.$200.b.$500.c.$700.d.$1000.Table 23-3The table below contains data for the country of Wrexington for the year 2008.Total income$5731Household purchases of durable goods$1108Household purchases of nondurable goods$702Household purchases of non-education services$203Household purchases of education services$302Household purchases of new housing$816Purchases of capital equipment$333Inventory changes$75Purchases of new structures$267Depreciation$401Local government spending on goods and services$236State government spending on goods and services$419Federal government spending on goods and services$1182Transfer payments$707Foreign purchases of domestically produced goods$217Domestic purchases of foreign goods$129____ 31. Refer to Table 23-3. What were Wrexington’s government purchases in 2008?a.$1130b.$1601c.$1837d.$2544____ 32. Which of the following is correct?a.Nominal GDP never equals real GDP.b.Nominal GDP always equals real GDP.c.Nominal GDP equals real GDP in the base year.d.Nominal GDP equals real GDP in all years but the base year.____ 33. The GDP deflator is the ratio ofa.real GDP to nominal GDP multiplied by 100.b.real GDP to the inflation rate multiplied by 100.c.nominal GDP to real GDP multiplied by 100.d.nominal GDP to the inflation rate multiplied by 100.____ 34. If real GDP doubles and the GDP deflator doubles, then nominal GDPa.remains constant.b.doubles.c.triples.d.quadruples.____ 35. A country reported a nominal GDP of $115 billion in 2008 and $125 billion in 2007. It also reported a GDP deflator of 85 in 2008 and 100 in 2007. Between 2007 and 2008,a.real output and the price level both rose.b.real output rose and the price level fell.c.real output fell and the price level rose.d.real output and the price level both fell.Table 23-4The table below contains data for the country of Dachsland, which produces only pretzels and books. Thebase year is 2005.Year PriceofPretzels QuantityofPretzelsPriceofBooksQuantity ofBooks2005$4.0090$1.501502006$4.00100$2.001802007$5.00120$2.502002008$6.00150$3.50200____ 36. Refer to Table 23-4. Dachsland’s inflation rate from 2006 to 2007 wasa.16.4%.b.24.3%.c.41.0%.d.44.7%.____ 37. If 2004 is the base year, then the inflation rate for 2005 equalsa.CPI in2005−CPI in2004CPI in2004×100.b.CPI in2005−CPI in2004CPI in2005×100.c.CPI in2004−CPI in2005CPI in2004×100.d.CPI in2004−CPI in2005CPI in2005×100.____ 38. The price index was 150 in the first year, 160 in the second year, and 175 in the third year. The inflation rate was abouta. 6.25 percent between the first and second years, and 8.6 percent between the second andthird years.b. 6.7 percent between the first and second years, and 9.4 percent between the second andthird years.c.10 percent between the first and second years, and 15 percent between the second andthird years.d.60 percent between the first and second years, and 75 percent between the second andthird years.____ 39. If the CPI was 110 this year and 100 last year, thena.the cost of the CPI basket of goods and services increased by 110 percent this year.b.the price level increased by 10 percent this year.c.the inflation rate for this year was 10 percent higher than the inflation rate for last year.d.All of the above are correct.____ 40. When new goods are introduced, consumers have more variety from which to choose. As a result, each dollar is wortha.more, and the cost of living increases.b.more, and the cost of living decreases.c.less, and the cost of living increases.d.less, and the cost of living decreases.____ 41. Which of the following statements about the term of a bond is correct?a.Term refers to the various characteristics of a bond, including its interest rate and taxtreatment.b.The term of a bond is determined entirely by its credit risk.c.The term of a bond is determined entirely by how much sales charge the buyer of thebond pays when he or she purchases the bond.d.Interest rates on long-term bonds are usually higher than interest rates on short-termbonds.____ 42. Long-term bonds area.riskier than short-term bonds, and so interest rates on long-term bonds are usually lowerthan interest rates on short-term bonds.b.riskier than short-term bonds, and so interest rates on long-term bonds are usually higherthan interest rates on short-term bonds.c.less risky than short-term bonds, and so interest rates on long-term bonds are usuallylower than interest rates on short-term bonds.d.less risky than short-term bonds, and so interest rates on long-term bonds are usuallyhigher than interest rates on short-term bonds.____ 43. Which of the following is correct?a.Lenders sell bonds and borrowers buy them.b.Long-term bonds usually pay a lower interest rate than do short-term bonds becauselong-term bonds are riskier.c.The term junk bonds refers to bonds that have been resold many times.d.None of the above is correct.____ 44. Municipal bonds pay a relativelya.low rate of interest because of their high default risk and because the interest they pay issubject to federal income tax.b.low rate of interest because of their low default risk and because the interest they pay isnot subject to federal income tax.c.high rate of interest because of their high default risk and because federal taxes must bepaid on the interest they pay.d.high rate of interest because of their low default risk and because the interest they pay isnot subject to federal income tax.Name: ________________________ ID: A____ 45. Suppose that in a closed economy GDP is equal to 11,000, taxes are equal to 1,500, consumption equals 7,500, and government purchases equal 2,000. What is national saving?a.-500b.0c.1,500d.None of the above is correct.____ 46. For a closed economy, GDP is $11 trillion, consumption is $7 trillion, taxes are $3 trillion and the government runs a surplus of $1 trillion. What are private saving and national saving?a.$4 trillion and $1 trillion, respectivelyb.$4 trillion and $5 trillion, respectivelyc.$1 trillion and $2 trillion, respectivelyd.$1 trillion and $1 trillion, respectively____ 47. For an imaginary closed economy, T = $5,000; S = $11,000; C = $50,000; and the government is running a budget deficit of $1,000. Thena.private saving = $10,000 and GDP = $54,000.b.private saving = $10,000 and GDP = $58,000.c.private saving = $12,000 and GDP = $67,000.d.private saving = $12,000 and GDP = $72,000.____ 48. The slope of the supply of loanable funds curve represents thea.positive relation between the real interest rate and investment.b.positive relation between the real interest rate and saving.c.negative relation between the real interest rate and investment.d.negative relation between the real interest rate and saving.____ 49. Which of the following could explain a decrease in the equilibrium interest rate and in the equilibrium quantity of loanable funds?a.The demand for loanable funds shifted rightward.b.The demand for loanable funds shifted leftward.c.The supply of loanable funds shifted rightward.d.The supply of loanable funds shifted leftward.____ 50. Suppose the government were to replace the income tax with a consumption tax so that interest on savings was not taxed. The result would be that the interest ratea.and investment both would increase.b.and investment both would decrease.c.would increase and investment would decrease.d.would decrease and investment would increase.MidtermAnswer SectionMULTIPLE CHOICE1. ANS: C PTS: 1 DIF: 1 REF: 1-1NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Definitional2. ANS: C PTS: 1 DIF: 3 REF: 1-1NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative3. ANS: A PTS: 1 DIF: 3 REF: 1-1NAT: Analytic LOC: Marginal costs & benefits TOP: Marginal changesMSC: Applicative4. ANS: B PTS: 1 DIF: 2 REF: 1-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Markets MSC: Applicative5. ANS: D PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Circular-flow diagram | Factor markets MSC: Applicative6. ANS: D PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Circular-flow diagram MSC: Applicative7. ANS: B PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive8. ANS: C PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier | Opportunity cost MSC: Interpretive9. ANS: D PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative10. ANS: D PTS: 1 DIF: 3 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Analytical11. ANS: B PTS: 1 DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Market demandMSC: Applicative12. ANS: B PTS: 1 DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Interpretive13. ANS: A PTS: 1 DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Applicative14. ANS: A PTS: 1 DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Determinants of demandMSC: InterpretiveNAT: Analytic LOC: Supply and demand TOP: TastesMSC: Applicative16. ANS: C PTS: 1 DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Supply curve MSC: Applicative17. ANS: C PTS: 1 DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Input prices MSC: Applicative18. ANS: D PTS: 1 DIF: 3 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Surpluses MSC: Analytical 19. ANS: D PTS: 1 DIF: 3 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Analytical 20. ANS: B PTS: 1 DIF: 3 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Analytical 21. ANS: C PTS: 1 DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions in economicsTOP: GDP MSC: Interpretive22. ANS: A PTS: 1 DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions in economicsTOP: GDP MSC: Applicative23. ANS: C PTS: 1 DIF: 3 REF: 23-2NAT: Analytic LOC: The study of economics and definitions in economicsTOP: GDP | Intermediate goods MSC: Analytical24. ANS: B PTS: 1 DIF: 3 REF: 23-2NAT: Analytic LOC: The study of economics and definitions in economicsTOP: GDP | Intermediate goods MSC: Analytical25. ANS: B PTS: 1 DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions in economicsTOP: GDP MSC: Applicative26. ANS: D PTS: 1 DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Consumption | GDP MSC: Applicative27. ANS: A PTS: 1 DIF: 3 REF: 23-3NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Consumption | Investment MSC: Analytical28. ANS: B PTS: 1 DIF: 3 REF: 23-3NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Investment | Net exports | GDP MSC: Analytical29. ANS: B PTS: 1 DIF: 3 REF: 23-3NAT: Analytic LOC: The study of economics and definitions in economicsTOP: GDP MSC: Analytical30. ANS: C PTS: 1 DIF: 3 REF: 23-3NAT: Analytic LOC: The study of economics and definitions in economicsTOP: GDP MSC: Analytical31. ANS: C PTS: 1 DIF: 3 REF: 23-3NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Government purchases MSC: AnalyticalNAT: Analytic LOC: The study of economics and definitions in economics TOP: Nominal GDP | Real GDP MSC: Interpretive33. ANS: C PTS: 1 DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions in economics TOP: GDP deflator MSC: Definitional34. ANS: D PTS: 1 DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions in economics TOP: Nominal GDP MSC: Applicative35. ANS: B PTS: 1 DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions in economics TOP: Real GDP | Price level MSC: Applicative36. ANS: B PTS: 1 DIF: 2 REF: 23-4NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rate MSC: Applicative37. ANS: A PTS: 1 DIF: 2 REF: 24-1NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rate MSC: Interpretive38. ANS: B PTS: 1 DIF: 2 REF: 24-1NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rate MSC: Applicative39. ANS: B PTS: 1 DIF: 2 REF: 24-1NAT: Analytic LOC: The study of economics and definitions in economics TOP: CPI | Price level MSC: Applicative40. ANS: B PTS: 1 DIF: 2 REF: 24-1NAT: Analytic LOC: The study of economics and definitions in economics TOP: Introduction of new goods MSC: Interpretive41. ANS: D PTS: 1 DIF: 2 REF: 26-1NAT: Analytic LOC: The study of economics and definitions in economics TOP: Bonds MSC: Interpretive42. ANS: B PTS: 1 DIF: 2 REF: 26-1NAT: Analytic LOC: The study of economics and definitions in economics TOP: Bonds MSC: Interpretive43. ANS: D PTS: 1 DIF: 2 REF: 26-1NAT: Analytic LOC: The study of economics and definitions in economics TOP: Bonds MSC: Interpretive44. ANS: B PTS: 1 DIF: 2 REF: 26-1NAT: Analytic LOC: The study of economics and definitions in economics TOP: Bonds | Interest rates MSC: Interpretive45. ANS: C PTS: 1 DIF: 2 REF: 26-2NAT: Analytic LOC: The study of economics and definitions in economics TOP: National saving MSC: Applicative46. ANS: C PTS: 1 DIF: 3 REF: 26-2NAT: Analytic LOC: The study of economics and definitions in economics TOP: Private saving | National saving MSC: Applicative47. ANS: C PTS: 1 DIF: 3 REF: 26-2NAT: Analytic LOC: The study of economics and definitions in economics TOP: Private saving | Gross domestic product MSC: Applicative。
经济学原理 曼昆Chapter_02_34902801
劳动,土地,资本
Wages, rent, and profit工资
of Production 生产要素市场
Income收入
13
、租金与利润
循环流向图
The Circular-Flow Diagram
企业Firms
生产和出售产品和服务Produce and sell goods and services
22
Cars Produced
坐标系中的双变量 Two Variables in the Coordinate System
• 理论预测变量之间的关系Theory predicts a causality relationship between variables
• 从数据中检验变量间的关系test the theory from data
20
Quantity of Computers Produced
4,000
3,000
2,100 2,000
The Production Possibiift in the production
possibilities frontier
生产可能性边界外移
对数据的经验（实证）分析 Empirical Analysis of Data
• How to present single variable data
圆形图Pie Chart 柱形图Bar Graph 时间序列图Time Series Graph
0
700 750 1,000
Quantity21of
假设应尽可能少 Fewer assumptions, the better
8
关于假设和结论 On Assumptions and Conclusions
劳动市场经济学2
P=W/MPL =MC
When a competitive firm hires labor up to the point at which the value of the marginal product equals the wage, it also produces up to the point at which the price equals the marginal cost.
The Backward Bending Supply Curve
Backward-Bending Supply of Labor
Wage ($ per hour)
Income Effect ＞ Substitution Effect
Income Effect ＜ Substitution Effect
• Prices of Land and Capital
– The purchase price is what a person pays to own a factor of production indefinitely.
– The rental price is what a person pays to use a factor of production for a limited period of time.
Leisure vs. Work
The Effect of higher wages
• The Substitution Effect
Higher wages encourage workers to substitute work for leisure.
宏观经济学Intermediate Macroeconomics(英文版)
u
= GDP1 GDP0 *100 GDP0
= change in unemployment rate = u1 u0
The Data of Macroeconomics
Okun’s Law implies two thY Y
What Determines the Total Production of G&S
Factor supply
Q of factor
Factor price
Firms’ Problem
Maximize profit Profit = Revenue – Cost Profit = R- C R = P * Q = P * Y = P * F(K,L) C = Labor Cost + Capital Cost C=w*L+r*K Profit = P * F(K,L) – w*L – r*K
goods are equal
Circular Flow
Markets for Factors of Production income
P.S. Financial Markets
Households
G.D.
T
Government
I
C
G.P.
Markets for Goods and Services
What Determines the Total Production of G & S
Assumptions
i. Fixed amount of input
K
K
,
LL
UCD ECN 1A Practice M1
Economics 1A, Fall 2016Professor RapsonMidterm 1Total Points Possible: 2320 points multiple choice and 3 points short answer50 minutes to complete the examLast Name: _______________________ First Name: _____________________________Your Student ID Number: ___ ___ ___ - ___ ___ - ___ ___ ___ ___Please circle your registered section numberA01 Tuesdays 5:10-6:00pm Giedt 1006A02 Tuesdays 6:10-7:00pm Giedt 1006A03 Tuesdays 7:10-8:00pm Giedt 1006A04 Wednesdays 4:10-6:00pm Hutch 102A05 Wednesdays 5:10-6:00pm Hutch 102A06 Wednesdays 6:10-7:00pm Hutch 102A07 Wednesdays 7:10-8:00pm Hutch 102A08 Thursdays 5:10-6:00pm Olson 261A09 Thursdays 6:10-7:00pm Resslr 055A10 Thursdays 7:10-8:00pm Young 192A11 Thursdays 8:10-9:00pm Giedt 1006A12 Thursdays 8:10-9:00pm Young 192Write your name (last name first, subject, date and your registered section number in the boxes on the Scantronform as illustrated below:Name Last name, First NameSubject ECN1A Test Form ADate 10/14/2015 Hour Your Section(e.g. A09)Enter your student ID number in the “ID Number” section on your Scantron and fill in your “Test Form” but leave the “Subj Score” section of the Scantron blank.Multiple Choice Questions (1 point each): Indicate the answer choice that best completes the statement or answers the question. RESPONSES MUST BE RECORDED ON YOUR SCANTRON FOR GRADING.Figure 4-101. Refer to Figure 4-10. The movement from Point A to Point B represents a(n)a. i ncrease in the price.b. d ecrease in the quantity supplied.c. s hift in the supply curve.d. B oth a and b are correct.2. Economics is the study ofa. p roduction methods.b. t he interaction of business and government.c. h ow households decide who performs which tasks.d. h ow society manages its scarce resources.3. The supply curve for a good is a line that relatesa. p rice and quantity supplied.b. q uantity supplied and quantity demanded.c. p rice and profit.d. p rofit and quantity supplied.4. Which of the following transactions takes place in the markets for the factors of production in the circular-flow diagram?错误，正确答案Ca. K ristin buys two business suits to wear to her job as a Chief Information Officer.b. C aroline owns a nail salon and receives payments from her clients for her services.c. D ylan receives a salary for his work as a financial analyst for an investment firm.d. J im receives clean water in his home in exchange for paying his water bill.5. At the equilibrium price, the quantity of the good that buyers are willing and able to buya. i s greater than the quantity that sellers are willing and able to sell.b. e xactly equals the quantity that sellers are willing and able to sell.c. i s less than the quantity that sellers are willing and able to sell.d. E ither a) or c) could be correct.6. There is no shortage of scarce resources in a market economy becausea. q uantity supplied is always greater than quantity demanded in market economies.b. t he government makes shortages illegal.c. r esources are abundant in market economies.d. p rices adjust to eliminate shortages.7. The term "productivity"a. i s seldom used by economists, as its meaning is not precise.b. m eans the same thing as "efficiency."c. r efers to the variety of goods and services from which households can choose when they shop.d. r efers to the quantity of goods and services produced from each unit of labor input.8. Consider Frank’s decision to go to college. If he goes to college, he will spend $21,000 on tuition, $11,000 on room and board, and $1,800 on books. If he does not go to college, he will earn $16,000 working in a store and spend $7,200 on room and board. Frank’s cost of going to college isa. $42,600.b. $33,800.c. $49,800.d. $57,000.Table 3-23Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate.Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 HoursPork Tomatoes Pork TomatoesFarmer6348Rancher44669. Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production isa. 4 pounds of pork and 8 pounds of tomatoes.b. 6 pounds of pork and 6 pounds of tomatoes.c. 4 pounds of pork and 6 pounds of tomatoes.d. 6 pounds of pork and 8 pounds of tomatoes.Lisa’s Production Possibilities Frontier Bryce’s Production Possibilities Frontier10. Refer to Figure 3-4. If the production possibilities frontiers shown are each for one year of production, then which of the following combinations of sweaters and jackets could Lisa and Bryce together not produce in a given year?a. 3 sweaters and 12 jacketsb. 1 sweater and 21 jacketsc. 5 sweaters and 4 jacketsd. 2 sweaters and 20 jackets11. In a competitive market, each seller has limited control over the price of his product becausea. b uyers exert more control over the price than do sellers.b. o ther sellers are offering similar products.c. t hese markets are highly regulated by the government.d. s ellers usually agree to set a common price that will allow each seller to earn a comfortable profit.12. Suppose your college institutes a new policy requiring you to pay for a permit to park your car in a campus parking lot.a. T he cost of the parking permit is not part of the opportunity cost of attending college under any circumstances.b. T he cost of the parking permit is part of the opportunity cost of attending college if you would not have to payfor parking otherwise.c. T he cost of the parking permit is not part of the opportunity cost of attending college if you would not have topay for parking otherwise.d. O nly half of the cost of the parking permit is part of the opportunity cost of attending college.13. Which of the following events must result in a lower price in the market for Snickers?错误，正确答案Da. D emand for Snickers and supply of Snickers both increaseb. D emand for Snickers and supply of Snickers both decrease.c. D emand for Snickers increases, and supply of Snickers decreases.d. D emand for Snickers decreases, and supply of Snickers increases.14. Refer to Figure 4-1. It is apparent from the figure that thea. d emand for the good decreases as income increases.b. g ood is inferior.c. d emand for the good conforms to the law of demand.d. A ll of the above are correct.15. Which of the following is one of the basic reasons why economists often appear to give conflicting advice to policymakers?a. a reliance on normative statement for research theoriesb. s imilar opinions about the validity of economic theoriesc. d ifferences in personal valuesd. s ignificant differences in education16. Which of the following events must cause equilibrium quantity to fall?a. d emand and supply both decreaseb. d emand and supply both increasec. d emand decreases and supply increasesd. d emand increases and supply decreases17. People are likely to respond to a policy changea. o nly if the policy change changes the benefits of their behavior.b. o nly if they think the policy is a good one.c. o nly if the policy change changes the costs of their behavior.d. i f the policy changes either the costs or benefits of their behavior.18. In the circular-flow diagram, another name for goods and services produced by firms isa. i nputs.b. f actors of production.c. o utput.d. r esources.19. Refer to Figure 2-4. Inefficient production is represented by which point(s)?a. Tb. Q, S, Tc. Q, Sd. R, U20. In a market economy,a. s upply and demand determine prices and prices, in turn, allocate the economy’s scarce resources.b. s upply determines demand and demand, in turn, determines prices.c. t he allocation of scarce resources determines prices and prices, in turn, determine supply and demand.d. d emand determines supply and supply, in turn, determines prices.21. Short Answer Question (3 points): ANSWER IN THE SPACE PROVIDED ON THIS PAGE. SHOW YOUR WORK.Table 3-9Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate.Hours Needed to Make 1Amount Produced in 60 HoursMixer Toaster Mixer Toaster Maya 6 3 10 20 Miguel 10 5 6 12a. What are Maya and Miguel’s opportunity costs of producing a mixer and a toaster?Opportunity cost of a……mixer (in terms of toasters) …toaster (in terms of mixers) Maya Miguelb. Graph Maya and Miguel’s production possibilities frontiers for a 60-hour work week. Put Mixers on the Y-Axes.Label the graph(s) clearly (title, axes and intercepts).c. If they were to trade, should Maya specialize in producing mixers or toasters? Explain in (not more than) 1sentence.Maya's opportunity cost of producing 1 mixer is 20/10=2, her opportunity ocst of producing a toaster is 10/20=1/2Miguel's opportunity cost of producing 1 mixer is 12/6=2, her opportunity cost of producing a toaster is 12/6=2。
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What Causes the Labor-Demand Curve to Shift?
The Output Price Technological Change The Supply of Other factors
THE SUPPLY OF LABOR
The Trade-off between Work and Leisure
Quantity of Apples 300 280 240 Production function
180
100
0
1
2
3
4
5
Quantity of Apple Pickers
The Production Function and the Marginal Product of Labor
The marginal product of labor is the increase in the amount of output from an additional unit of labor.
Shifts in Labor Demand
An increase in the demand for labor :
Makes it profitable for firms to hire more workers. Puts upward pressure on wages. Raises the value of the marginal product. Gives a new equilibrium.
Most labor services, rather than being final goods ready to be enjoyed by consumers, are inputs into the production of other goods.
The Production Function and the Marginal Product of Labor
(a) The Market for Apples Price of Apples Supply Wage of Apple Pickers (b) The Market for Apple Pickers Supply
P
W
Demand
Demand
0
QQuLeabharlann ntity of Apples0
L
Quantity of Apple Pickers
Wage (price of labor) Supply
Equilibrium wage, W
Demand
0
Equilibrium employment, L
Quantity of Labor
Shifts in Labor Supply
Labor supply and labor demand determine the equilibrium wage. Shifts in the supply or demand curve for labor cause the equilibrium wage to change.
The wage adjusts to balance the supply and demand for labor. The wage equals the value of the marginal product of labor.
Equilibrium in a Labor Market
The Value of the Marginal Product and the Demand for Labor
To maximize profit, the competitive, profitmaximizing firm hires workers up to the point where the value of the marginal product of labor equals the wage.
Value of the Marginal Product
Figure 3 The Value of the Marginal Product of Labor
Market wage
Value of marginal product (demand curve for labor) 0 Profit-maximizing quantity Quantity of Apple Pickers
MPL = Q/L MPL = (Q2 – Q1)/(L2 – L1)
The Production Function and the Marginal Product of Labor
Diminishing Marginal Product of Labor
As the number of workers increases, the marginal product of labor declines. As more and more workers are hired, each additional worker contributes less to production than the prior one. The production function becomes flatter as the number of workers rises. This property is called diminishing marginal product.
A Shift in Labor Demand
Wage (price of labor) Supply
A Shift in Labor Supply
Wage (price of labor) Supply, S S 1. An increase in labor supply . . .
W W 2. . . . reduces the wage . . . Demand
0
L
Quantity of Labor 3. . . . and raises employment. L
VMPL = Wage
The value-of-marginal-product curve is the labor demand curve for a competitive, profitmaximizing firm.
How the Competitive Firm Decides How Much Labor to Hire
Shifts in Labor Supply
An increase in the supply of labor:
Results in a surplus of labor. Puts downward pressure on wages. Makes it profitable for firms to hire more workers. Results in diminishing marginal product. Lowers the value of the marginal product. Gives a new equilibrium.
The apple producer’s demand for apple pickers is derived from the market demand for apples.
Copyright© 2003 Southwestern/Thomson Learning
The Competitive Profit-Maximizing Firm
The Production Function and the Marginal Product of Labor
Diminishing marginal product refers to the property whereby the marginal product of an input declines as the quantity of the input increases.
The Value of the Marginal Product and the Demand for Labor
The value of the marginal product (also known as marginal revenue product) is measured in dollars. It diminishes as the number of workers rises because the market price of the good is constant.
What Causes the Labor Supply Curve to Shift?
Changes in Tastes Changes in Alternative Opportunities Immigration
EQUILIBRIUM IN THE LABOR MARKET
THE DEMAND FOR LABOR
Labor markets, like other markets in the economy, are governed by the forces of supply and demand.
The Versatility of Supply and Demand
The production function illustrates the relationship between the quantity of inputs used and the quantity of output of a good.