Question 1

Which of the following best describes the concept of 'derived demand' in the resource market?

Accepted Answer

Firms demand resources in order to produce goods and services that households demand.

Question 2

In the context of the resource market, which of the following is NOT considered a type of resource?

Accepted Answer

Money

Question 3

Suppose the equilibrium real wage in the labor market is $$(\frac{w}{p})^*$$ and equilibrium employment is $$L^*$$, as shown in the diagram. What would happen if the real wage is set above $$(\frac{w}{p})^*$$?

Accepted Answer

There will be excess supply of labor, leading to unemployment.

Question 4

Which of the following policies is assumed to be unchanging throughout Module 2?

Accepted Answer

Fiscal and monetary policies

Question 5

Which market is also known as the loanable funds market?

Accepted Answer

Credit market

Question 6

A decrease in the demand for goods and services by households will most likely lead to which of the following in the resource market?

Accepted Answer

A decrease in the demand for resources

Question 7

Which of the following is an example of human capital?

Accepted Answer

A worker's education and skills

Question 8

If households decide to supply more labor at every real wage, which of the following best describes the resulting shift in the labor market?

Accepted Answer

The labor supply curve shifts right

Question 9

Which of the following is a desirable macroeconomic goal?

Accepted Answer

Full employment

Question 10

Suppose the government increases taxes and reduces spending. According to the assumptions in Module 2, how would this affect the resource market?

Accepted Answer

It would have no effect, since fiscal policy is assumed unchanging.

Question 11

Which of the following best explains why the demand curve for labor is downward sloping?

Accepted Answer

As real wages decrease, firms can hire more labor profitably.

Question 12

Which of the following is NOT a component of the four main macroeconomic markets discussed in Module 2?

Accepted Answer

Stock market

Question 13

If the supply curve of labor is upward sloping, what does this imply about the relationship between real wage and quantity of labor supplied?

Accepted Answer

As real wage increases, quantity of labor supplied increases.

Question 14

Which of the following is an example of entrepreneurship as a resource?

Accepted Answer

A manager who organizes production and takes business risks

Question 15

If the labor market is in equilibrium at $$(\frac{w}{p})^*$$ and $$L^*$$, what would be the effect of a sudden increase in the working-age population, holding all else constant?

Accepted Answer

The labor supply curve shifts right, decreasing equilibrium wage.

Question 16

Which of the following best describes the role of households in the resource market?

Accepted Answer

They supply resources in exchange for income.

Resource Market and Labor Market: Principles of Macroeconomics Study Notes

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