ECOB100_Test_4_C with ans

ECOB100_Test_4_C with ans - University of Macau Faculty of...

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1 ECOB100 Fourth Test C University of Macau Faculty of Social Sciences Department of Economics First Semester 2016/2017 ECOB100 Basic Microeconomics Fourth Test Date: 27 th / 28 th October, 2016 Student Number: Section Number: (Do NOT write your name) Instructions to examination: 1. Time allowed is 60 mins 2. No dictionary is allowed. 3. All your answers of question with multiple-choice should be filled in a separate answer sheet in pencil only. This paper consists of 11 pages (including this page)

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2 ECOB100 Fourth Test C 1) By using more labor to produce more output, a firm can always reduce its A) marginal cost. B) average variable cost. C) average total cost. D) average fixed cost. 2) Under ________ there are many firms selling identical products. 3) Economies of scope are cost reductions achieved by A) the production of multiple, related products. B) the production of large amounts of a single product. C) limiting the size of the firm. D) increasing firm size. 4) If marginal cost exceeds average variable cost, then ________ cost is ________ as output increases. 5) The long run is a time frame in which 6) When the total product curve is drawn in a figure that measures employment along the horizontal axis, it is a graph that shows the A) minimum cost of producing a given amount of output using different techniques. B) maximum profit attainable for each unit of output sold per unit of labor employed. C) maximum output attainable for each quantity of labor employed. D) minimum output attainable for each quantity of labor employed.
3 ECOB100 Fourth Test C 7) Firms are often more efficient than markets as coordinators of economic activity because 8) Economists define the short run as a period of time so short that

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