EC 201 Fall 2009 Q5

EC 201 Fall 2009 Q5 - Principles of Economics EC 201 Cal...

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Principles of Economics EC 201 Cal Poly Pomona Dr. Bresnock Fall, 2009 Quiz 5 (15 points) Choose the best answer to each question and mark it on your answer form. Use Scantron 815-E for this purpose. You must also write in explanations for each answer choice and provide a brief reason as to why the answer is correct or incorrect. Spaces have been allocated on the quiz for the purpose of either writing in or typing in your explanations. You must turn in your quiz with the explanations and your scantron to this quiz on Mon., Nov. 9th at class lecture. 1. The marginal product of labor is: A) the change in labor divided by the change in total product. B) the slope of the total product of labor curve. C) the change in average product divided by the change in the quantity of labor. D) none of the above. A) B) C) D) 2. A total product curve indicates the relationship between: A) variable input and price. B) variable input and variable cost. C) variable input and output. D) output and price. A) B) C) D) Version D Page 1
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Use the following to answer questions 3-4: Figure: Total Product 3. (Figure: Total Product) Units of labor added after L 1 and up to L 2 are: A) subject to diminishing marginal returns. B) adding increasing amounts to total product. C)
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This note was uploaded on 06/04/2010 for the course EC N/A taught by Professor Annbresnock during the Fall '09 term at Cal Poly Pomona.

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EC 201 Fall 2009 Q5 - Principles of Economics EC 201 Cal...

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