Demand for Labor Quiz with Answers PDF Download – Test 5

MCQ 21: In a perfectly competitive market, the firm's marginal revenue product of labor is known as:

1. marginal propensity to consume
2. marginal physical product of labor
3. value of the marginal product of labor
4. marginal cost of labor

MCQ 22: The process of social and economic change which is due to the reduction in industrial capacity or the activities of a country's manufacturing and heavy industry is known as:

1. deindustrialization
2. industrialization
3. autarky
4. incomplete specialization

MCQ 23: The type of transactions that refers to achieve some economic motive like earning income and profit maximization is known as:

1. foreign exchange payments
2. balance of payments
3. accommodating payments
4. autonomous payments

MCQ 24: A type of market structure in which employers compete to hire the best, and the workers compete for the best satisfying job is known as:

1. labor market
2. capital market
3. duo market
4. monopsony

MCQ 25: The loss of economic efficiency that can occur when equilibrium for a good or service is not Pareto optimal is called as:

1. dead weight loss
2. budget deficit
3. fiscal challenge
4. monetary challenge