Practice Test Midterm 3

# Practice Test Midterm 3 - Practice Test for Midterm 3 Fall...

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Practice Test for Midterm 3, Fall 2007 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. A production function is a relationship between a. inputs and quantity of output. b. inputs and revenue. c. inputs and costs. d. inputs and profit. Figure 13-1 The figure below depicts a production function for a firm that produces cookies. ____ 2. Refer to Figure 13-1 . With regard to cookie production, the figure implies ____ 3. Which of the following statements about a production function is correct for a firm that uses labor to produce output? Table 13-1 Number of Workers Total Output Marginal Product 0 0 -- 1 30 2 40

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3 50 4 40 5 30 ____ 4. Refer to Table 13-1 . What is total output when 4 workers are hired? ____ 5. The marginal cost curve crosses the average total cost curve at a. the efficient scale. b. the minimum point on the average total cost curve. c. a point where the marginal cost curve is rising. d. All of the above are correct. Figure 13-6 The curves below reflect information about the cost structure of a firm. ____ 6. Refer to Figure 13-6 . Which of the curves is most likely to represent average variable cost? ____ 7. Which of the following statements is false? ____
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