Microeconomics 10Th Edition Boyes Test Bank Full Chapter PDF

Microeconomics 10th Edition Boyes
Test Bank
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1. The buyers and sellers in a resource market are:
a. household and firms respectively.
b. banks and farmers respectively.
c. households and land owners respectively.
d. firms and household respectively.
e. exporters and importers respectively.
ANSWER: d
DIFFICULTY: Easy
LEARNING OBJECTIVES: MICR.BOYE.16.69 - ch. 14, 1
NATIONAL STANDARDS: United States - Analytic - BB-Legal
United States - The Study of Economics and Defin - The Study of Economics and Definitions
in Economics
TOPICS: Buyers and Sellers of Resources
OTHER: Knowledge
2. Firms are consumers and households are producers in the _____ market.
a. stock
b. bond
c. labor
d. product
e. underground
ANSWER: c
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
3. Goods which are demanded to produce something else are said to have a(n):
a. direct demand.
b. composite demand.
c. derived demand.
d. joint demand.
e. inelastic demand.
ANSWER: c
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
4. Which of the following goods is likely to have a derived demand?

a. Tractor
b. T-shirt
c. Italian food
d. Residential buildings
e. Cigarettes
ANSWER: a
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - Reflective Thinking
in Economics
OTHER: Application
5. Tools and equipments used in production are:

a. natural resources.
b. entrepreneurial resources.
c. human capital.
d. capital resources.
e. labor resources.
ANSWER: d
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
6. The resource market is the same as the product market except that, in the resource market:
a. the demand curve slopes upward.
b. the households are the sellers and the firms are the buyers.
c. there is no substitution effect.
d. the supply curve is perfectly inelastic.
e. there is no income effect.
ANSWER: b
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
7. When studying the market for resources, it is important to understand that:

a. resources are wanted not for themselves, but for what they produce.
b. demand for resources is generally inelastic in nature.
c. derived demand does not apply to the resource market.
d. resource markets do not conform to the laws of supply and demand as other markets do.
e. supply is much more important than demand in determining the price of a resource.
ANSWER: a
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
8. The marginal revenue product (MRP) is the:

a. value of the additional output that an extra unit of a resource can produce.
b. cost of hiring an additional unit of a resource.
c. extra cost of producing an additional unit of output.
d. increase in total output when an additional unit of an input is hired.
e. change in total revenue when an additional unit of a good is sold.
ANSWER: a
DIFFICULTY: Easy
in Economics
TOPICS: Demand for and Supply of Resources
OTHER: Knowledge
9. The demand curve for labor indicates that:

a. as the real wage rate increases, employers will hire more workers.
b. as the nominal wage rate increases, employers will hire more workers.
c. as the nominal wage rate decreases, the real wage rate increases.
d. as the real wage rate increases, employers will hire fewer workers.
e. as the real wage rate decreases the nominal wage rate increases.
ANSWER: d
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
NOTES: Revised
10. The marginal factor cost (MFC) is the:

a. value of the additional output that an extra unit of a resource can produce.
b. additional cost of employing an additional unit of a resource.
c. additional cost of producing an additional unit of output.
d. the ratio of the total fixed cost to the total cost of production.
e. ratio of total cost to the total amount of resources employed.
ANSWER: b
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
11. In the market for resources, demand and supply:

a. do not behave in the same way as they do in product markets.
b. behave in exactly the same way as they do in product markets.
c. curves usually do not intersect at equilibrium.
d. are both controlled by firms.
e. are both controlled by households
ANSWER: b
in Economics
OTHER: Comprehension
12. The marginal revenue product curve of a factor is negatively sloped because:
a. the additional revenue generated from an additional unit of a factor remains constant as more resources are
hired.
b. the additional revenue generated from an additional unit of a factor declines as more resources are hired.
c. the additional revenue generated from an additional unit of a factor usually becomes zero as more resources
are hired.
d. the additional revenue generated from an additional unit of a factor increases as more resources are hired.
e. the additional revenue generated from an additional unit of a factor doubles every time new resources are
hired.
ANSWER: b
in Economics
OTHER: Knowledge
NOTES: Revised
13. An automobile manufacturer uses land, labor, capital, and entrepreneurial ability to produce cars and trucks. If the
price of trucks increases, the automobile manufacturer would not _____.
a. pay a lower wage rate to labor
b. increase truck production
c. hire more workers
d. increase capital used in production
e. increase land used in production
ANSWER: a
in Economics
OTHER: Application
14. Which of the following statements best illustrates the relationship between the market for products and the market for
resources?
a. An increase in the price of cameras will decrease the demand for film.
b. As income rises, people demand relatively smaller amounts of food.
c. An increase in the demand for textiles will increase the demand for textile workers.
d. An increase in the price of butter will cause more people to buy margarine.
e. A decrease in the demand for tea will increase the demand for coffee.
ANSWER: c
in Economics
OTHER: Application
15. If the market price of the product that employs labor in production increases:
a. the marginal product of labor increases.
b. the demand curve for labor shifts to the left.
c. the price of labor decreases.
d. the marginal revenue product of labor increases.
e. the supply curve of labor shifts to the left.
ANSWER: d
DIFFICULTY: Challenging
in Economics
OTHER: Analysis
16. Intel microchips are an input in the production of a computer. When the demand for the computer declines:
a. the quantity demanded of Intel microchips increases.
b. the quantity demanded of Intel microchips declines.
c. the demand for Intel microchips increases.
d. the demand for Intel microchips decreases.
e. there is no change in the demand for the Intel microchips.
ANSWER: d
in Economics
OTHER: Application
NOTES: Revised
17. During the recession witnessed in early 2001, many firms laid off their employees and downsized. The reason for this
decrease in the demand for employees was:
a. a reduction in the demand for final goods.
b. a reduction in the prices of final goods.
c. an increase in the demand for final goods.
d. an increase in the prices of final goods.
e. the incompetency and poor performance of the employees.
ANSWER: a
in Economics
OTHER: Analysis
18. Assume that labor is the only variable input and that an additional input of labor increases total output from 72 to 78
units. If the product sells for $6 per unit in a perfectly competitive market, then the marginal revenue product of this
additional worker is:
a. $78.
b. $72.
c. $36.
d. $39.
e. $6.
ANSWER: c
in Economics
OTHER: Application
19. The price of a resource declines when:

a. both the demand for and the supply of the resource declines in the same proportion.
b. demand remaining constant, supply of the resource declines.
c. supply remaining constant, the demand for the resource declines.
d. both the demand for and the supply of the resource increases in the same proportion.
e. both the demand for and the supply of the resource declines, but supply falls by a greater proportion than
demand.
ANSWER: c
in Economics
OTHER: Analysis
The following figure shows the marginal revenue product of a resource [MRP]:
Figure 14.1
20. Assume that the resource market shown in Figure 14.1 is perfectly competitive. The MRP curve for the resource is
negatively sloped because:
a. the firm can sell more units of a good only at lower prices.
b. the marginal physical product curve for the resource is negatively sloped.
c. the resource gives increasing returns as more of the resource is employed.
d. the firm hires more units of the resource at a higher price.
e. average productivity of the resource increases as more units of the resource are used.
ANSWER: b
in Economics
OTHER: Application
21. In Figure 14.1, if the price of the resource is equal to 0C and the resource market is perfectly competitive, the quantity
employed of the resource would be:
a. less than L2.
b. equal to L1.
c. equal to L2.
d. equal to L3.
e. more than L3.
ANSWER: b
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - Perfect Competition
United States - Reflective Thinking
OTHER: Application
The figure given below shows the marginal revenue product (MRP) of accountants in a firm.
Figure 14.2
MRP = MP X MR
22. According to Figure 14.2, the:

a. value of the resource to the firm declines after the second unit of the resource is used.
b. marginal-physical product diminishes at every resource level if we consider the product market to be
competitive.
c. law of diminishing marginal product does not apply in this case.
d. optimal number of units of the resource to be used is 3.
e. optimal number of units of the resource to be used is 7.
ANSWER: a
in Economics
OTHER: Application
23. According to Figure 14.2, if the marginal cost of the resource is $600:
a. 1 unit of the resource is hired.
b. 3 units of the resource are hired.
c. any number of units beyond 3 units is hired.
d. zero unit of the resource is hired.
e. 7 units of the resource are acquired.
ANSWER: b
in Economics
OTHER: Application
24. If the resource market is perfectly competitive:

a. the market demand for the resource is perfectly elastic.
b. the market demand for the resource is perfectly inelastic.
c. the suppliers can affect the input price by increasing or reducing their supply.
d. the input price to each firm is constant.
e. the supply of the resource is perfectly inelastic.
ANSWER: d
DIFFICULTY: Easy
United States - Perfect Competition
OTHER: Knowledge
25. Under perfect competition in the resource market, the marginal factor cost curve:
a. is positively sloped.
b. is vertical.
c. is negatively sloped.
d. is horizontal.
e. does not exist.
ANSWER: d
DIFFICULTY: Easy
OTHER: Knowledge
26. A firm under any market structure maximizes profits at a point where:
a. marginal revenue product is greater than marginal factor cost.
b. marginal revenue product is equal to marginal factor cost.
c. marginal revenue product is equal to zero.
d. marginal factor cost is equal to zero.
e. marginal revenue product is less than marginal factor cost.
ANSWER: b
DIFFICULTY: Easy
United States - Equilibrium
OTHER: Knowledge
27. A firm will demand more units of a resource if:

a. the resource adds more to revenues than it costs.
b. the firm experiences diseconomies of scale.
c. the price of the good that uses the resource declines.
d. the resource has many substitutes.
e. the resource has few substitutes.
ANSWER: a
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
The figure given below represents the marginal revenue product (MRP) and the marginal factor cost (MFC) of a resource
in the resource market.
Figure 14.3
28. Consider the resource market shown in Figure 14.3. Given that the resource market is perfectly competitive, determine
the equilibrium price of the resource.
a. $8
b. $3
c. $5
d. $4
e. Cannot be determined from the information given
ANSWER: c
DIFFICULTY: Easy
OTHER: Application
29. Consider the resource market shown in Figure 14.3. Given that the resource market is perfectly competitive, how
many units of the resource will be purchased when the market is in equilibrium?
a. Less than 10 units
b. 10 units
c. Between 10 and 15 units
d. 15 units
e. More than 15 units
ANSWER: d
DIFFICULTY: Easy
OTHER: Application
The following table shows output per hour produced by the different units of labor.
Table 14.1
Number of Workers Output per Hour Price of the Product
0 0 $3
1 7 $3
2 12 $3
3 15 $3
4 17 $3
5 18 $3
The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal
revenue.
30. According to Table 14.1, if the wage rate is $9 per hour, how many workers should this firm hire?
a. 1
b. 5
c. 4
d. 2
e. 3
ANSWER: e
OTHER: Application
31. According to Table 14.1, the marginal revenue product of the:

a. fourth worker is $8.
b. fifth worker is $3.
c. first worker is $3.
d. third worker is $5.
e. second worker is $12.
ANSWER: b
OTHER: Application
32. According to Table 14.1, if the wage rate is $6 per hour, how many workers should this firm hire?
a. 3
b. 2
c. 4
d. 5
e. 1
ANSWER: c
OTHER: Application
33. Refer to Table 14.1. If both the wage rate and the price of the good falls to $2, how many workers would the firm
hire?
a. 1
b. 2
c. 3
d. 4
e. 5
ANSWER: e
OTHER: Application
34. The structure of the product market as described by Table 14.1 is:
a. monopolistic.
b. oligopolistic.
c. perfectly competitive.
d. monopsonistic.
e. monopolistically competitive.
ANSWER: c
OTHER: Application
35. After hiring 151 units of the variable input (say labor) a firm determines the marginal fixed cost (MFC) to be $0.33
and the marginal revenue product (MRP) to be $0.30. The firm should:
a. increase its production.
b. increase the use of labor.
c. decrease the use of labor.
d. produce 151 units.
e. produce 33 units of the output.
ANSWER: c
in Economics
OTHER: Application
NOTES: Revised
The table below shows the total output produced by different units of a resource. Assume that the resource and output
markets are both perfectly competitive. The equilibrium price of the resource is $15.00, and the equilibrium price of the
product is $0.50.
Table 14.2
Units of Resource
Total Product
( labor hours )
0 0
1 50
2 105
3 140
4 165
Marginal revenue product (MRP) of a resource is the product of the marginal product of the resource and the marginal
revenue.
36. Refer to Table 14.2. What is the marginal revenue product of the third unit of the resource?
a. $6.50
b. $13.00
c. $17.50
d. $70.00
e. $20.00
ANSWER: c
in Economics
OTHER: Application
37. Refer to Table 14.2. What is the marginal factor cost for the third unit of the resource?
a. $13.00
b. $15.00
c. $17.50
d. $195.00
e. $19.50
ANSWER: b
OTHER: Application
38. Refer to Table 14.2. How many units of the resource will a profit-maximizing firm hire?
a. Two labor hours
b. Between two and three labor hours
c. Between three and four labor hours
d. More than four labor hours
e. Three labor hours
ANSWER: c
OTHER: Application
39. If a resource is purchased and sold in a perfectly competitive market:

a. there are a large number of resource suppliers and the resources are identical.
b. there is a single buyer of resource and the resources are identical.
c. there is a single buyer of resource and the resources are differentiated.
d. there are a large number of resource suppliers and the resources are differentiated.
e. there are a large number of resource suppliers and there is no entry or exit.
ANSWER: a
DIFFICULTY: Easy
OTHER: Knowledge
40. If a firm hires its fourth worker for $5 and its fifth worker for $8, then
a. the firm is a monopolist.
b. the firm must be substituting capital for labor.
c. the fifth worker must have been less productive than the fourth.
d. the firm is not maximizing its profit.
e. the labor market is not perfectly competitive.
ANSWER: e
OTHER: Application
The following table shows total output produced by different units of capital.
Table 14.3
Price per Unit of Output Output Capital
$4 10 1
$4 25 2
$4 35 3
$4 40 4
$4 40 5
The marginal revenue product of a resource is the product of the marginal product of the resource and the marginal
revenue.
41. In Table 14.3, if there exists perfect competition in the capital market and the price per unit of capital is ten times the
price of the product, the marginal factor cost at the profit maximizing level of employment is:
a. $60.
b. $50.
c. $40.
d. $30.
e. $20.
ANSWER: c
OTHER: Application
42. In Table 14.3, how many units of capital will the firm hire if the price per unit of capital is $60?
a. 1 unit of capital.
b. 2 units of capital.
c. 3 units of capital.
d. 4 units of capital.
e. 5 units of capital.
ANSWER: b
OTHER: Application
43. The producer can raise the level of profit by hiring more units of a resource if:
a. the marginal revenue product of the resource is equal to the marginal factor cost.
b. the marginal factor cost becomes negative.
c. the marginal revenue product of the resource is greater than the marginal factor cost.
d. the marginal revenue product falls to zero.
e. the marginal revenue product of the resource is less than the marginal factor cost.
ANSWER: c
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
44. Consider a perfectly competitive firm that produces computers. Each additional worker at this firm can produce four
computers. Calculate the marginal factor cost if the computers are sold for $1,000 each, and the firm is maximizing profit.
(Assume that marginal revenue product is the product of marginal product of the input and the marginal revenue of the
firm.)
a. $4,000
b. $500
c. $1,000
d. $1,500
e. $400
ANSWER: a
OTHER: Application
45. A perfectly competitive employer of an input will maximize profits from the employment of the input by equating:
a. the value of the marginal product of the input with the price of the output.
b. the marginal product of the last unit of the input employed with the input price.
c. the input price with the price of the product produced.
d. the marginal revenue product of the input with the input price.
e. the marginal product of the last unit of the input employed with the price of the product produced.
ANSWER: d
OTHER: Application
46. In a perfectly competitive labor market, a profit-maximizing firm that is also perfectly competitive in the product
market will:
a. face a perfectly inelastic supply curve of labor.
b. pay a wage that is equal to the price of the product.
c. pay a wage that is equal to the marginal product of labor.
d. hire more units of labor than would a firm that sells its output in a monopoly market.
e. pay a wage equal to the marginal factor cost.
ANSWER: e
OTHER: Knowledge
The following table shows the marginal productivity of different units of labor for producing a product.
Table 14.4
Labor MR MPP
0 $3 0
1 $3 5
2 $3 6
3 $3 5
4 $3 4
5 $3 3
6 $3 2
In the table,
MR: Marginal Revenue
MPP: Marginal Physical Product
47. In Table 14.4, if marginal revenue product is equal to the product of MPP and MR, what wage rate would be
consistent with a profit-maximizing firm hiring six laborers?
a. $6
b. $10
c. $12
d. $18
e. $24
ANSWER: a
OTHER: Application
48. According to Table 14.4, how many laborers should be hired if the wage rate is $18? (Marginal revenue product =
MPP X MR)
a. 2
b. 3
c. 4
d. 5
e. 6
ANSWER: a
OTHER: Application
49. According to Table 14.4, what is the highest MRP the firm can reach? (MRP = MPP X MPP)
a. 5
b. 6
c. 15
d. 18
e. 25
ANSWER: d
OTHER: Application
The following table shows the marginal revenue of a firm and the marginal physical product of different units of labor in a
perfectly competitive labor market.
Table 14.5
Labor MR MPP
1 2 25
2 2 15
3 2 12
4 2 5
5 2 0
Note: Marginal revenue product of a resource is the product of MPP and MR.
50. In Table 14.5, if the wage rate is $10, how many workers will be employed by a profit-maximizing firm ?
a. 1
b. 2
c. 3
d. 4
e. 5
ANSWER: d
OTHER: Application
51. In Table 14.5, at what wage rate would one worker be hired by a profit-maximizing firm?
a. $10
b. $25
c. $30
d. $50
e. $100
ANSWER: d
OTHER: Application
The following figure represents the equilibrium in the labor market.

Figure 14.4
In the figure,
MFC: Marginal Factor Cost curve
D: Demand or the Marginal Revenue Product curve
S: Supply curve
52. Refer to Figure 14.4. A competitive labor market will pay the wage rate _____ and hire _____ units of labor.
a. W1; Q1
b. W1; Q2
c. W2; Q2
d. W1; Q3
e. W3; Q1
ANSWER: c
OTHER: Application
53. Refer to Figure 14.4. A monopsonist will pay the wage rate _____ and hire _____ units of labor.
a. W2; Q2
b. W1; Q2
c. W3; Q1
d. W1; Q3
e. W1; Q1
ANSWER: e
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OTHER: Application
54. According to Figure 14.4, if the government imposes a minimum wage of W1, what quantity of labor will a
competitive labor market hire?
a. Q1
b. Q2
c. Q3
d. Less than Q2
e. Greater than Q3
ANSWER: c
OTHER: Application
55. Refer to Figure 14.4. If the government imposes a minimum wage of W2, how many units of labor will a monopsonist
hire?
a. Q2
b. Between Q2 and Q3
c. Q1
d. Q3
e. Between Q1 and Q2
ANSWER: d
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OTHER: Application
56. A monopolist hiring labor in a perfectly competitive resource market is faced with a:
a. perfectly elastic demand curve for labor.
b. horizontal marginal factor cost curve.
c. perfectly inelastic demand curve for labor.
d. vertical supply curve of labor.
e. positively sloped marginal factor cost curve.
ANSWER: b
DIFFICULTY: Easy
United States - Monopoly
OTHER: Knowledge
57. A monopsonist firm pays a price to a factor that is:

a. equal to the marginal revenue product of the factor.
b. greater than the marginal revenue product of the factor.
c. equal to the marginal factor cost.
d. greater than the marginal factor cost.
e. less than the marginal revenue product of the factor.
ANSWER: e
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
The figure given below represents equilibrium in the labor market.

Figure 14.5
In the figure,
VMP: Value of marginal product curve
MRP: Marginal revenue product curve
MFC: Marginal factor cost
S: Supply curve of labor
58. According to Figure 14.5, what is the equilibrium level of employment?

a. 0 units
b. L1 units
c. L2 units
d. L3 units
e. L4 units
ANSWER: b
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OTHER: Application
59. Refer to Figure 14.5. What wage rate will this firm pay?
a. W1
b. W2
c. W3
d. W4
e. W5
ANSWER: a
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OTHER: Application
60. In Figure 14.5, the firm is:

a. a monopsonist in the labor market and a perfect competitor in the output market.
b. a monopsonist in the labor market and a monopolist in the output market.
c. a perfect competitor in all markets.
d. a perfect competitor in the labor market and a monopolist in the output market.
e. either a monopolist or a monopsonist, but not both.
ANSWER: b
NATIONAL STANDARDS: United States - Monopoly
OTHER: Application
The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.
Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor
61. According to Figure 14.6, what is the wage and quantity of labor hired by a competitive firm?
a. $12 and 75 laborers
b. $20 and 75 laborers
c. $15 and 125 laborers
d. $10 and 250 laborers
e. $23 and 50 laborers
ANSWER: c
OTHER: Application
62. According to Figure 14.6, what is the wage paid by a monopsonist?

a. $10
b. $23
c. $20
d. $12
e. $15
ANSWER: d
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OTHER: Application
63. Refer to Figure 14.6. Calculate the quantity of labor hired by a monopsonist.
a. 125 laborers
b. 75 laborers
c. 25 laborers
d. 250 laborers
e. 50 laborers
ANSWER: b
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OTHER: Application
64. According to Figure 14.6, if the government imposes a minimum wage of $15, what quantity of labor will a
competitive firm and a monopsonist, respectively, hire?
a. 50 and 25
b. 50 and 75
c. 75 and 125
d. 125 and 250
e. 50 and 125
ANSWER: e
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OTHER: Application
65. Other things being equal, the marginal revenue product for labor hired by a firm that is a monopolist in the output
market:
a. is represented by an upward sloping curve.
b. is equal to the marginal revenue product for labor hired by a perfectly competitive firm.
c. is less than the marginal revenue product for labor hired by a perfectly competitive firm.
d. is greater than the marginal revenue product for labor hired by a perfectly competitive firm.
e. is equal to the value of marginal product of labor.
ANSWER: c
United States - Monopoly
OTHER: Knowledge
NOTES: Revised
66. If resource A and resource B are substitutes of each other and the price of resource A increases, then:
a. the price elasticity of demand for resource B will increase.
b. the demand for resource A will increase.
c. the demand for resource B will increase.
d. the price elasticity of demand for resource B will decrease.
e. the demand for resource B will decrease.
ANSWER: c
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OTHER: Application
67. If the ratio of marginal revenue product to marginal factor cost for labor is greater than that for capital, then:
a. the producer can maximize profit by hiring more units of capital.
b. the producer suffers losses by hiring more units of labor.
c. the producer does not alter the resource allocation.
d. the producer can maximize profit by hiring more units of labor.
e. the producer will earn above normal profit by hiring less units of labor.
ANSWER: d
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OTHER: Knowledge
68. The demand for capital, as an input in production, will decrease if:
a. labor and capital are substitutes in production and the supply of labor decreases.
b. the demand for the final good it produces increases.
c. capital becomes more productive.
d. the price of capital decreases.
e. labor and capital are substitutes in production and the wage rate declines.
ANSWER: e
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OTHER: Knowledge
69. An individual purchasing goods and services will allocate his expenditures so that the pleasure he gets out of spending
one more dollar is the same no matter what he spends that dollar on. For a firm purchasing resources, this is the same as
ensuring that:
a. the ratio between marginal revenue product and the marginal factor cost is equal for all the resources used.
b. the marginal revenue product of the resources are equal.
c. the marginal factor cost of the resources are equal.
d. the ratio between marginal revenue product and the marginal factor cost is greater than one for all resources.
e. the marginal revenue product is greater than the marginal factor cost of all resources.
ANSWER: a
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OTHER: Analysis
70. The value of the marginal product is equal to the marginal revenue product under perfect competition in the product
market because:
a. price is equal to average revenue.
b. price is equal to average cost.
c. marginal revenue is equal to marginal cost.
d. price is equal to marginal revenue.
e. average revenue is equal to average cost.
ANSWER: d
DIFFICULTY: Easy
OTHER: Knowledge
NOTES: Revised
71. A firm that was initially a monopsonist, but now has to buy from a competitive resource market will:
a. buy more amount of resources and pay a higher price for these resources.
b. buy the same amount of resources and pay a higher price for these resources.
c. buy less amount of resources and pay a lower price for these resources.
d. buy less amount of resources and pay a higher price for these resources.
e. buy more amount of resources and pay a lower price for these resources.
ANSWER: a
OTHER: Analysis
72. Which of the following statements is not true?

a. Assuming a perfectly competitive labor market, a firm selling in a monopolistic product market will have a
lower marginal revenue product curve than a firm in a perfectly competitive product market.
b. The intersection of market-labor supply with market-labor demand establishes equilibrium in a perfectly
competitive labor market.
c. In monopsonistic labor markets, an individual firm faces a positively sloped labor-supply curve.
d. In a perfectly competitive labor market, an individual firm can hire as many workers as it needs at the
equilibrium wage rate
e. In a monopsonistic labor market, marginal revenue product is equal to the value of marginal product.
ANSWER: e
in Economics
OTHER: Knowledge
73. The value of the marginal product of a resource is equal to:

a. the marginal revenue of the firm, if the product market is perfectly competitive.
b. the market price of the product divided by the price of the resource.
c. the market price of the product divided by the marginal product of the resource.
d. the marginal revenue product of the resource, if the product market is perfectly competitive.
e. the marginal product of the resource divided by the price of the resource.
ANSWER: d
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
74. Which of the following statements brings out the relationship between the value of marginal product (VMP) and the
marginal revenue product (MRP)?
a. They are the same for a firm selling in a perfectly competitive market structure.
b. They are the same for a firm purchasing inputs in a perfectly competitive market structure.
c. VMP is greater than MRP when a firm is perfectly competitive in the product market.
d. VMP is less than MRP when a firm is perfectly competitive in the product market.
e. They are same when a firm is a monopolist.
ANSWER: a
in Economics
OTHER: Knowledge
75. Earnings of a resource is termed as economic rent if:

a. it has a perfectly elastic demand.
b. it has a perfectly elastic supply.
c. it has a perfectly inelastic supply.
d. it has a perfectly inelastic demand.
e. it has no demand.
ANSWER: c
DIFFICULTY: Easy
United States - Scarcity, Trade Offs and Opportu - Scarcity, Trade Offs and Opportunity Cost
TOPICS: Resource Supplies
OTHER: Knowledge
76. If a resource has a perfectly elastic supply curve then its income is termed as:
a. economic rent.
b. rental rate of capital.
c. rental income.
d. annuity.
e. transfer earnings.
ANSWER: e
DIFFICULTY: Easy
OTHER: Knowledge
77. If the elasticity of supply of a resource is greater than zero but less than infinity, its income will comprise of:
a. only economic rent.
b. only transfer earnings.
c. salaries and traveling allowances.
d. both economic rent and transfer earnings.
e. salaries, traveling allowances, as well as other incentives.
ANSWER: d
DIFFICULTY: Easy
78. If a resource can be put to a single use and has no alternative uses then:
a. economic rents are zero.
b. transfer earnings are maximized.
c. total earnings are zero.
d. all earnings are economic rents.
e. all earnings are transfer earnings.
ANSWER: d
OTHER: Application
79. The more inelastic the supply of a particular resource:

a. the higher are its transfer earnings.
b. the higher is its economic rent.
c. the higher are its total earnings.
d. the higher is the elasticity of demand for the resource.
e. the lower is the elasticity of demand for the resource.
ANSWER: b
DIFFICULTY: Easy
OTHER: Knowledge
80. Transfer earnings of a factor is equal to its:
a. economic rent.
b. explicit cost.
c. actual earnings.
d. overhead cost.
e. opportunity cost.
ANSWER: e
DIFFICULTY: Easy
OTHER: Knowledge
81. If a person is earning $80,000 per year as a dentist and could earn at most $45,000 per year doing something else, his
transfer earnings are ____, whereas his economic rent is ____.
a. $45,000, $35,000
b. $80,000, $45,000
c. $45,000, $80,000
d. $80,000, $35,000
e. $35,000, $45,000
ANSWER: a
OTHER: Application
Scenario 14.1
A worker in Firm A earns an income of $5,000 per month. He has been offered a job in Firm B where he will be paid a
salary of $7,000 per month.
82. Refer to Scenario 14.1. If the worker joins Firm B, his opportunity cost is:
a. $7,000.
b. $5,000.
c. $2,000.
d. more than $5,000 but less than $7,000.
e. less than $2,000.
ANSWER: b
OTHER: Application
83. Refer to Scenario 14.1. If the worker joins Firm B, his economic rent is:
a. $5,000.
b. $7,000.
c. less than $7,000 but more than $2,000.
d. $2,000.
e. less than $2,000.
ANSWER: d
OTHER: Application
84. Households’ expenditure on goods and services are sources of revenue for the firms.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
85. Because of their derived nature, resource markets are completely different from any other type of market studied by
economists.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
86. If the price of a product increases, the demand for the resource used in producing that product decreases.
a. True
b. False
ANSWER: False
in Economics
OTHER: Application
87. The resource market comprises of households and firms where the firms sell their resources to the households.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
88. Burger King has a direct demand for the cheese which it uses in its burgers.
a. True
b. False
ANSWER: False
in Economics
OTHER: Application
89. The negative slope of the demand curve of a resource indicates an inverse relationship between the price of the
resource and the quantity demanded.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
90. If the government sets a minimum wage which is more than the equilibrium wage, the firms tend to demand more
labor.
a. True
b. False
ANSWER: False
in Economics
OTHER: Application
91. If the resource market is perfectly competitive, the marginal factor cost is equal to the price of the resource.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
92. If the marginal factor cost is greater than the marginal revenue product of a resource, the producer can increase profits
by laying off some units of the resource.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
93. Suppose the output of a firm hiring workers in a competitive labor market increases by three units when an additional
worker is hired. This firm will hire more laborers if the market price of its product is $4 and the wage rate is $9. [Hint:
Marginal revenue product of a resource is equal to the product of marginal product of the resource and the marginal
revenue of the firm.]
a. True
b. False
ANSWER: True
OTHER: Application
94. If the labor market is perfectly competitive the wage rate will be less than the marginal revenue product of labor.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
OTHER: Knowledge
95. A firm is said to be a monopsonist if it is the sole seller of a commodity in the market.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
96. Monopsonists tend to exploit the resources as they are the sole employers of the resources.
a. True
b. False
ANSWER: True
in Economics
97. A market is classified as a monopsony when there is only one seller of the product.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
98. The profit-maximizing number of workers for a monopsony to employ is derived at the point where the marginal
revenue product of labor is equal to the marginal factor cost of labor.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
99. A monopsonist firm faces a negatively sloped marginal factor cost curve.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
100. If government-assured medical and other benefits increase the labor costs, everything else remaining constant, then
firms will tend to hire more of the other resources instead of labor.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
101. If a dollar spent on capital yields less marginal revenue product than labor, the profit of the firm is reduced if it hires
less capital than labor.
a. True
b. False
ANSWER: False
in Economics
OTHER: Knowledge
102. For a perfectly competitive firm, the marginal revenue product is equal to the marginal product multiplied by the
output price.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
OTHER: Knowledge
103. A perfectly competitive firm hires more resources than a monopolist.

a. True
b. False
ANSWER: True
DIFFICULTY: Easy
OTHER: Knowledge
104. If there is imperfect competition in the product market, the marginal revenue product of a factor will be greater than
the value of its marginal product.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
in Economics
OTHER: Knowledge
105. Consider a perfectly competitive firm that can raise its output by 2 units by hiring an additional unit of capital. If the
cost of hiring this additional unit of capital is $4 and the market price of the good is $1, the firm will certainly hire this
unit of capital. [Hint: MRP = MP X MR]
a. True
b. False
ANSWER: False
in Economics
OTHER: Application
106. Economic rent is the sum of actual earning and transfer earning.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
OTHER: Knowledge
107. The greater the elasticity of supply of a resource the greater is its economic rent.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
OTHER: Knowledge
108. Transfer earning is the minimum amount that has to be paid to a factor to allocate it in its next best alternative use.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
OTHER: Knowledge
109. If a particular factor has a specific use, its transfer earning is very high.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
OTHER: Knowledge
110. As the total quantity of land is fixed the payment for land is termed as economic rent.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
OTHER: Knowledge
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Locking Window Sash
An excellent lock for window sash is to use two small, but strong,
hinges one fastened on each side of the top sash close to the upper
edge of the lower sash. This allows one wing of each hinge to swing
freely which permits it to be swung over the upper edge of the lower
sash, locking both securely. In placing the hinges in this position,
they are out of sight and not in the way.
THE SHOTGUN
AND HOW TO USE IT
By Stillman Taylor
PART II—The Choke and Pattern of a Gun
H aving picked out a gun that “fits the man,” the matter of choke and
pattern should be considered. For trap shooting and for wild
fowling, the full-choke gun may be considered a necessity, since it
will throw the charge of shot within a relatively small circle; in other
words, make a denser pattern. Chokeboring is accomplished by
constricting the barrel at the muzzle from ¹⁄₂₅ to ¹⁄₅₀ in., the amount of
taper depending on the size of the bore and gauge. The narrowing of
the muzzle forces the charge of shot together and prevents the
pellets from scattering over a wide area. Guns are bored with varying
degrees of choke, from the full to the plain cylinder, and the
manufacturers compare them by recording the number of pellets
which any given choke will shoot in a 30-in. circle at 30 yd., or any
other range selected as the maximum distance. This gives the
pattern from which we find that the full choke produces 70 per cent,
the half choke 60 per cent, the quarter choke 50 per cent, and the
cylinder 30 per cent.
For trap shooting and wild fowling the expert considers it essential
that his 12-gauge should be capable of throwing not less than 300
pellets; hence he selects a full-choked gun with a pattern of 300 or
better. As a full-choked 16-gauge will pattern about 275, it may be
used for ducks with good success. For a general-purpose gun, a
pattern from 250 to 275 will prove quite satisfactory for ducks and
upland game, and this may be had by picking out a half-choked 12-
gauge, or selecting a full-choked 16-gauge. The 20-gauge gives a
pattern of about 245 shot, and thus scatters its charge over too large
a circle to prove effective on wild fowl, although it is very effective on
upland game, which is flushed not over 35 yd. from the shooter. A
gun patterning from 225 to 250 may be considered the ideal upland
gun, and this may be had by choosing a quarter-choked 12-gauge, a
half-choked 16-gauge, or a full-choked 20-gauge gun. These are
known as “open-choked” guns, are the most effective at short
ranges, up to 35 yd., and cannot be depended upon to kill clean
when used at longer ranges.
Shooting with Both Eyes Open
To handle the weapon well is the desire of every sportsman, and

this knack is not difficult to attain, providing the novice will make a
good beginning. First of all, it is necessary to hold the gun correctly,
and while the forward hand may grip the fore end at any convenient
point, a well extended arm gives a better control of the gun when
aiming, by giving free play to all the muscles of the arm; hence the
gun should be held in a manner natural to the shooter, rather than in
imitation of the style of another.
The old manner of aiming the shotgun by closing one eye and
sighting along the rib is fast becoming obsolete, for better shooting
may be done by keeping both eyes open. Doctor Carter was the first
great exponent of binocular shooting, and while but few men can
hope to approach this famous gunner’s skill, every one can learn to
handle a shotgun more quickly and with greater accuracy by
following his common-sense method. It may appear a bit strange at
first to disregard the sights and keep both eyes open, and aim the
gun by merely pointing it in the desired direction, but to sight along
the rib and attempt to see the bead on the muzzle end can only
make a slow and poky shot. This old-fashioned method may be good
enough for making patterns on a stationary target, but it is not much
of a success for wing shooting. For fine rifle shooting the left eye is
invariably closed for target work, but for snap-shooting both eyes are
kept open, the sights are disregarded, and the aim is taken by
pointing the gun at the object to be hit. Of course, there are many
good gunners who shoot with one eye closed, but the novice who is
anxious to become a good wing shot should make it a point to
practice with both eyes open. Vision is always clearer, and the
objects more accurately judged with both eyes open than with one,
and when this is done, and one eye controls the line of aim, the
shooter is not so likely to make mistakes in estimating the distances
and the rapidity of the flight of his game. In shooting, the right eye
naturally governs the right shoulder, and vice versa, and this is so
because habit has trained the eye to do this. To find which is the
master eye, hold a pencil out at arm’s length and point it at some
small distant object with both eyes open, then close the left eye, and
if the pencil still points to the object, the right eye controls the vision,
and is the master eye. Should the closing of the left eye alter the
aim, the right eye must be trained by practice until it becomes the
master eye, or else the gun must be shot from the left shoulder,
which is many times more difficult. The modern way of mastering
wing shooting is to point the gun where both eyes are looking, and
after a little practice this may be done quickly, and the charge thrown
more accurately at the object than by closing one eye, or sighting
along the barrel in the old manner.
The Knack of Hitting a Flying Target
When shooting at clay targets, or at a flying bird, allowance must

be made for the swiftness of flight and the distance from the shooter
to the game, or in other words, the shooter must calculate the speed
of the flying target and allow the probable time it will take for the shot
to reach its mark. To make a quick snap shot at the flying target, the
gun may be directly thrown at the mark and discharged as quickly as
possible, or the gun may cover the mark and be quickly swung
ahead and the charge sent at the point where the swiftly moving bird
will be found when the shot gets there. Snap-shooting is only
possible when the birds are flying straight away or quartering, and as
the shooter fires point-blank at the rapidly moving bird, the shot must
be delivered so rapidly that only a very quick and responsive trigger
and a fast man back of it can hope to score even a fair percentage of
hits. A more certain way of aiming a snap shot is to throw up the
barrel below the bird, then rapidly swing it to the proper elevation
ahead of the moving target, and throw the shot at the point where
the line of the aim and the flight of the bird intersect. For shots at
quail, woodcock, and partridge in the brush, the quick snap shot
often must be taken, regardless of the chances of missing, for to
delay even a second will lose the bird. When a bird rises near the
shooter, no allowance of lead or elevation are required, and the
charge is thrown directly at the bird.
The rapid swing, however, is the most accurate manner of using
the shotgun, at all angles and at any distance within the killing zone
of the weapon. To make this shot, the gun must be thrown up behind
the bird and then rapidly swung ahead of it, throwing the charge
without checking the swing of the arm. In this style of snap-shooting,
the elevation of the gun must be identical with the flight of the bird,
inasmuch as the gun follows it, and if the gun is swung about three
times as fast as the bird is traveling, plenty of allowance for the time
necessary to press the trigger and deliver the shot at the determined
point will be made.
To swing deliberately and cover the bird with the sight, then shove
the gun ahead to give the proper lead, is all right for duck shooting
where the game is usually seen approaching and thus remains
within range for a longer time. But this deliberate style of handling
the gun is far too slow for the uplands, and since the rapid swing is
the only accurate manner of cutting down the fast bird, and usually
useful for wild fowling, the novice should confine his practice to this
practical style of wing shooting.
Stationary-Target Practice
The first great mistake the novice is likely to make is the natural
one of supposing that he must take his gun to the field and learn how
to handle it by practicing at flying game. This is by no means the
best method, and there is scarcely a poorer way of becoming a wing
shot, because the gunner is intent upon bagging the game and
forgets to observe the many little points of gunnery, shooting high
and low, and making the hundred and one mistakes of judgment he
would not be guilty of when practicing at a stationary mark. Snap and
wing shooting is the last word in shotgun handling, requiring
quickness in throwing the gun, as well as a trained eye to calculate
the distance from and the speed of the flying target. To acquire
confidence in using the gun, begin by shooting at a fixed mark. A
good target may be made by obtaining a dozen, or two, sheets of
stout wrapping paper and painting a 4-in. circle in the center of each
sheet. Tack it up on a board fence or on a board hung on a tree,
measure off 60 ft., and try a shot. The shot will not spread very much
at this short range, and it will be an easy matter to determine the
result of your skill in holding a dead-on to the large mark. To avoid
flinching and other movements of the head and body, caused by the
recoil, begin your first practicing with a light powder-and-shot charge,
say, about 2 dr. of bulk measure, or its equivalent in smokeless, and
⁷⁄₈ oz. of No. 8 or 9 shot. There is no advantage in using a heavier
charge, and the recoil of the gun will appear much greater in
deliberate shooting at a target than is likely to be felt during the
excitement incidental to shooting in the field. A dozen shots at these
targets will enable the gunner to make a good score by deliberate
holding, and when this can be done without flinching, snap and wing
shooting may begin.
The Forward Hand may Grip the Fore End at Any Point, but a Well-Extended
Arm Gives a Better Control of the Gun
Snap and Wing Shooting
The object which the gunner should now strive for is to train the
eye, hand, and gun to work in unison, and to do this, bring the gun
quickly to the shoulder, point it to the mark, and press the trigger
without stopping the upward and even swing of the barrels. At the
first few trials some difficulty may be encountered with the pressing
of the trigger at the proper moment, but a little practice will soon tell
how to time the shots. Note the phrase, “press the trigger,” for the
trigger is not pulled by the forefinger alone, but rather pressed by
closing both hands, the forward hand on the fore end pushing and
closing, and the hand grasping the stock being drawn back and
squeezed at the same instant. This is easily done, but rather hard to
picture. After a few trials with an empty gun, the novice will see the
point, and also discover the fact that the recoil of the arm is much
lessened by this proper grip of the weapon.
Confine the first practice in snap-shooting to throwing the gun to
the shoulder, and when proficient in hitting the mark, try a snap shot
by swinging the gun from the side, right to left and also left to right.
Do not attempt to check the even swing of the gun, but rather let the
barrels swing past the mark, concentrating the mind upon pressing
the trigger the instant the line of aim covers the mark. Practice
swinging slowly, and after being able to hit the mark with the center
of the charge pretty regularly, increase the speed of the swing. In
doing this, it will be discovered that the speed of pressing the trigger
must also be increased to balance the speed of the moving barrel,
and very likely it will be found that the natural tendency is to press
the trigger a bit late. This is the common mistake which practically
every novice makes when in the field, although the error is likely to
pass unnoticed when after game.
SWING GUN ACROSS TARGET AS
INDICATED BT ARROWS AND
SHOOT IN PASSING
SHOOT AT BOTH
TARGETS ON EACH SWING
Train the Eye, Hand, and Gun to Work in Unison, by Bringing the Gun
Quickly to the Shoulder, Pointing It at the Mark, and Pulling the Trigger
without Stopping the Motion of the Barrels
As the gunner acquires proficiency in swinging the gun from side

to side, try swinging the gun at different angles, changing the angle
of the swing with each shot, from right to left and upward, at an
oblique angle upward, and so on, until it is possible to hit the mark
with a fair certainty from a variety of angles. When trying out the
several swings, one should always begin slowly and increase the
speed of the swing as he becomes more expert, only making sure to
shoot by calculation and not by guess. The manner of acquiring
expertness sounds easy and is comparatively easy, and, as it is the
backbone of snap-shooting, improvement will be rapid if the novice is
willing to practice slowly and master each detail in turn. Do not make
the mistake of overdoing the thing at the outset by shooting too long
at a time. A box of 25 loads is ample for a day’s practice, since it is
not how much one shoots, but how well, that counts.
Snap-Shooting at Moving Targets
When the gunner has reached the point where he can hit the
stationary target by swinging his gun both fast and slow, he has
acquired better control of the weapon than many old shooters, and
he is well prepared to take up snap-shooting at flying or moving
targets. The access to a gun club where clay birds may be shot at,
will prove of much value, but this is not absolutely necessary, since
tin cans, bits of brick, and bottles, thrown in the air at unknown
angles by a companion, will afford the needed variety. Better than
this is one of the inexpensive “hand traps” which project the
regulation clay targets by means of a powerful spring worked by a
trigger. One of the large powder manufacturers makes a trap of this
kind, and a very good trap can be had for $1.50. The standard clay
targets cost about $2.50 a barrel of 500. Practice of this sort may be
made a very interesting and highly instructive sport, providing the
targets are projected from different and unexpected angles, thus
simulating the many-angled flight of the live bird.
Value of Second Barrel in Shooting
The use of the second barrel should not be overlooked in

practicing with the idea of becoming an all-around wing shot, for the
second shot is often needed to kill a cripple, or bring down a bird
which has been missed with the first shot. Two-shot practice should
begin by placing two paper targets about 20 ft. apart, then shooting
at the first one and continuing to swing the gun to cover the second
target. Practice swinging from various angles as directed for the
initial practice, increasing the speed of the swing as proficiency is
gained, and fail not to profit by the mistakes which must inevitably
occur to all who try to master the shotgun. After a reasonable
amount of practice, conducted along these lines, the gunner may
venture afield, and if his acquaintance includes an old seasoned
sportsman who will point out the mistakes made, much may be
learned regarding the knack of handling the gun, as well as relating
to the haunts and habits of our wild game birds.
Cleaning and Care of the Gun
A good shotgun is a thoroughly reliable and dependable weapon,

but as with all tools of the sportsman’s craft, the best results can only
be had when the arm is in good condition. It is gun wisdom always to
clean the weapon after a day’s shooting, and the amateur should
make it a positive rule never to put his gun away until it is cleaned.
The sooner firearms are cleaned after the firing the better, and if
cleaned before the burnt powder has had time to corrode the steel,
much future trouble is saved. In cleaning the barrels, never rest the
muzzle against the floor. If a rest is needed, use an old piece of
carpet or a bundle of rags. Clean from the breech end only, as any
slight dust, or burr, at the muzzle will greatly impair the shooting
qualities of any firearm. Never use a wire-wheel scratchbrush, as it
will scratch the polished steel; a soft brass-wire cleaner is the only
suitable implement for this work. There are several good cleaners to
be had. For removing any rust deposits, a brass brush may be used,
while for ordinary cleaning, plenty of cloth should be run through the
barrels, taking care that it touches every part of the interior. This is
easily done by rotating the cleaning rod as it is pushed through the
barrel from the breech to the muzzle. When putting the gun away,
the barrels should be stopped, at the breech and muzzle, with tightly
fitting corks, or gun ropes may be run through the barrels after
soaking them in some good oil. To prevent rusting, cover the metal,
outside as well as inside the barrels, by smearing on a little heavy
lubricating oil. Slip covers of chamois are often used to protect the
stock and barrels before putting them in the leather case, but stout
woolen covers are better, since chamois is likely to absorb more or
less moisture.
The mechanism of a gun is not exactly complicated, but the novice
had better leave well enough alone and not attempt to dismount the
locks or tinker with the mechanism. The modern steel barrel is very
hard and not easily dented, but if so injured, it is better to ship it to
the factory for repairs than to trust it to the crude methods of the
average gun repairman.
A gun should be given ordinary good care, and this is not
forthcoming if one makes a practice of opening it and letting the
barrels drop down with a bang. Snapping the triggers on an empty
barrel is likewise foolish. If one desires to practice trigger pressing,
put a couple of empty shells in the barrels.
If one owns a good-grade shotgun, the stock is probably finished
in oil and hand-rubbed to a nice, durable polish. On cheap arms the
varnish is usually employed to give an attractive finish in the store.
Of course, this varnish will scratch, and otherwise come off, and
spoil the appearance of the arm. If a good finish is wanted, do not re-
varnish the stock, but remove all the old varnish by using a little
varnish remover, and rub down with oil. For an extra-fine polish, wet
the wood to raise the grain; rub down with very fine sandpaper; wet
the wood again, and sandpaper a second or a third time; then rub
down with oil until the wood is saturated with it, and polish with a
cloth, using plenty of pressure, and the stock will be as fine in
appearance as if it had the “London oil finish” supplied with all high-
grade guns.
Brass Machine Screws with Nuts
When small brass machine screws and threaded nuts to fit them
are needed in small devices, or for experimental work, and the
necessary taps and dies are not at hand, secure some old brass
globe holders and cut out the threaded hole for the nut. The
fastening-screw arrangement on these will answer every purpose
very well. Enough metal can be left on each one to fasten it on wood,
as shown at A, or they can be cut, as shown at B, if they are to be
soldered to metal.
Snapper-Shell Ash Tray
An odd and unusual ash tray can be made from a snapping-turtle

shell. Four brass, or wood, balls or knobs, secured with screws, as
shown, will keep it balanced. The exact points to place the supports
under the tray will have to be determined by experiment, as no two
shells are of exactly the same shape.
A Portable Fire Screen
The fire screen illustrated can be constructed at very small
expense. In brief, the screen consists of a light metal frame
surrounding three pieces of ¹⁄₈-in. sheet asbestos. The frames
inclosing the asbestos pieces are hinged together, as shown in Fig.
1, with special hinges made to meet the requirements.
The asbestos comes in sheets 40 in. square, and this size
determines the outside dimensions of the screen. The size of the
different sections can, of course, be changed if such a change will
better suit the existing needs. By making the screen in sections it
may be folded up and thus occupy much less space, and when in
use, the sections, by placing them at an angle to each other, serve
the purpose of legs, which would be required if the screen were in
one straight piece.
The dimensions and form of the outer portions of the frame are
given in Fig. 2, and those of the inner portions, or edges, where the
hinges are attached, are given in Fig. 3. The joining edges of the
frames are made wider than the others for the reason that some of
the metal is cut away where the hinges are attached. These frames
may be made from heavy tin or galvanized iron, and it will be a
simple matter for a tinner to bend them into shape. After all these
pieces are bent, fit them together at the corners, making sure that
they clamp tightly on the asbestos sheets, as these help to hold the
frame in shape. Drill a small hole in each of the corners and provide
a small round-head rivet of proper length for each of the holes. The
vertical portions of the frame should be placed inside of the
horizontal, or end, pieces at the corners.
Fig. 1
Fig. 2 Fig. 3 Fig. 4
Fire Screen Made of Sheet Asbestos Inclosed in Thin Metal Frames Hinged
Together
Make four pieces of brass having the form and dimensions given
in Fig. 4. Two ¹⁄₈-in. holes are drilled in each of these pieces as
indicated. Slots are cut in the inner edges of the frames of such
dimensions as will accommodate these brass pieces. The location of
these slots is given in Fig. 1. Obtain eight pieces of ¹⁄₈-in. steel rod,
about 2 in. long. Place the ends of the brass pieces in the slots in the
inner frame and then put the rods through the holes in the ends of
them and solder the ends of the rods to the inside of the frames.
Make sure that there is no solder run in between the rod and piece of
brass, as this will prevent the hinge from operating freely. After the
hinges are in place, the frames are riveted together. Notches are cut
in the edges of the asbestos sheets at the location of the hinges to
allow the latter free movement. The sections of the screen may be
made very rigid by placing a number of small rivets around the inner
edges of the frame to hold it tightly against the asbestos. The
asbestos may be given a coat of bronze, or be otherwise decorated
for appearance.
Tossing a Card at a Mark Accurately
Tossing Cards Accurately so That They will Fall into a Receptacle Set at a
Distance
There is an interesting old game that can be played instead of
solitaire. It consists in trying to toss the greatest number of cards into
a small basket or an upturned stiff hat, set at a distance. If the cards
are held as shown at A, and tossed as at B, they may be thrown with
surprising accuracy.—Contributed by James M. Kane, Doylestown,
Pa.

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Microeconomics 10th Edition Boyes

4. Which of the following goods is likely to have a derived demand?

5. Tools and equipments used in production are:

7. When studying the market for resources, it is important to understand that:

8. The marginal revenue product (MRP) is the:

9. The demand curve for labor indicates that:

10. The marginal factor cost (MFC) is the:

11. In the market for resources, demand and supply:

19. The price of a resource declines when:

22. According to Figure 14.2, the:

24. If the resource market is perfectly competitive:

27. A firm will demand more units of a resource if:

31. According to Table 14.1, the marginal revenue product of the:

39. If a resource is purchased and sold in a perfectly competitive market:

The following figure represents the equilibrium in the labor market.

57. A monopsonist firm pays a price to a factor that is:

The figure given below represents equilibrium in the labor market.

58. According to Figure 14.5, what is the equilibrium level of employment?

60. In Figure 14.5, the firm is:

62. According to Figure 14.6, what is the wage paid by a monopsonist?

72. Which of the following statements is not true?

73. The value of the marginal product of a resource is equal to:

75. Earnings of a resource is termed as economic rent if:

79. The more inelastic the supply of a particular resource:

103. A perfectly competitive firm hires more resources than a monopolist.

Shooting with Both Eyes Open

To handle the weapon well is the desire of every sportsman, and

The Knack of Hitting a Flying Target

When shooting at clay targets, or at a flying bird, allowance must

Snap and Wing Shooting

As the gunner acquires proficiency in swinging the gun from side

Snap-Shooting at Moving Targets

Value of Second Barrel in Shooting

The use of the second barrel should not be overlooked in

Cleaning and Care of the Gun

A good shotgun is a thoroughly reliable and dependable weapon,

An odd and unusual ash tray can be made from a snapping-turtle

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