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Unformatted text preview: Temple, University Dr. Donald T. Wargo HonorsMicroeconomics Practice Exam Chapters 11, 12, 13 & 14 Name___________________________________ 50 questions @ 2 points each MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Cost schedule Labor (workers) Output (units per day) Total fxed cost (dollars) Total variable cost (dollars) 20 1 4 20 25 2 9 20 50 3 13 20 75 4 16 20 100 5 18 20 125 1) In the above table, the total cost oF producing 9 units oF output is A) $20. B) $50. C) $30. D) $70. 1) 2) In the above fgure, the marginal cost curve is curve A) A . B) B . C) C . D) D . 2) 3) Poppy Lipstick is a lipstick producer. A decrease in the rent paid by Poppy Lipstick A) does not shiFt its TFC curve but shiFts its TVC curve downward. B) shiFts both its TFC curve and its TVC curve downward. C) shiFts its TFC curve downward but not its TVC curve. D) does not shiFt its TFC curve but shiFts its TVC curve upward. 3) 1 Temple, University Dr. Donald T. Wargo HonorsMicroeconomics Practice Exam Chapters 11, 12, 13 & 14 Temple, University Dr. Donald T. Wargo HonorsMicroeconomics Practice Exam Chapters 11, 12, 13 & 14 Output (T shirts per hour) Total cost (dollars) Total variable cost (dollars) 4 42 22 5 50 30 6 60 40 4) The table above gives the cost of producing T shirts. When 5 T shirts are produced, the average Fxed cost is ________ and the average variable cost is ________. A) $10; $6 B) $4; $6 C) $5; $3 D) $4; $10 4) 5) As output increases, total cost ________, total Fxed cost ________, and total variable cost ________. A) increases; increases; increases B) does not change; increases; increases C) increases; does not change; increases D) increases; increases; does not change 5) 6) The output at which average variable cost is a minimum is ________ than the output at which ________ is a minimum. A) less than; marginal cost B) the same as; average total cost C) the same as; marginal cost D) less than; average total cost 6) 7) In the above Fgure, the average total cost curve is curve A) A . B) B . C) C . D) D . 7) 2 Temple, University Dr. Donald T. Wargo HonorsMicroeconomics Practice Exam Chapters 11, 12, 13 & Temple, University Dr. Donald T. Wargo HonorsMicroeconomics Practice Exam Chapters 11, 12, 13 & 14 Output (T shirts per hour) Total cost (dollars) Total variable cost (dollars) 4 42 22 5 50 30 6 60 40 4) The table above gives the cost of producing T shirts. When 5 T shirts are produced, the average Fxed cost is ________ and the average variable cost is ________. A) $10; $6 B) $4; $6 C) $5; $3 D) $4; $10 4) 5) As output increases, total cost ________, total Fxed cost ________, and total variable cost ________....
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 Spring '10
 Wargo
 Microeconomics, Dr. Donald T. Wargo, Donald T. Wargo, T. Wargo HonorsMicroeconomics

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