Demand for Labor Quiz Questions and Answers PDF Download - 5

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

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

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

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

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