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Unformatted text preview: Temple University Dr. Donald T. Wargo Spring, 2010 Econ 1902 Honors Microeconomics FINAL EXAM Chap. 11to14 Name___________________________________ 50 Questions @ 2 points each TURN IN: Questions 1 to 45 on Scantron & Questions 46 to 50 in a Blue Book MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In economics, the short run is the time frame in which the quantities of ________ and the long run is the period of time in which ________. A) some resources are variable; the quantities of all resources are ¡xed B) all resources are ¡xed; the quantities of all resources can be varied C) all resources are variable but technology is ¡xed; technology is variable D) some resources are ¡xed; the quantities of all resources can be varied 1) 2) The marginal product of labor is the increase in total product from a A) one percent increase in the wage rate, while also increasing the price of capital by one percent. B) one unit increase in the quantity of labor, while holding the quantity of capital constant. C) one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. D) one dollar increase in the wage rate, while holding the price of capital constant. 2) Total Product, Marginal Product, Average Product Labor (workers per day) Total product (units per day) Marginal product Average product 1 2 2 2 2 8 3 12 4 15 5 16 1 3) In the above table, the marginal product of the third worker is A) 1. B) 3. C) 2. D) 4. 3) 4) Increasing marginal returns to labor might occur at low levels of labor input because of A) increasing average costs. B) increasing specialization of tasks. C) differing factor proportions. D) decreasing use of machinery and increasing use of technology. 4) 1 Temple University Dr. Donald T. Wargo Spring, 2010 Econ 1902 Honors Microeconomics FINAL EXAM Ch. 11to14 Temple University Dr. Donald T. Wargo Spring, 2010 Econ 1902 Honors Microeconomics FINAL EXAM Chap. 11to14 5) In the fgure above, the marginal product o¡ the second worker is A) 2 units. B) 5 units. C) 10 units. D) 1 units. 5) 6) In the above fgure, an unattainable point is A) a . B) e . C) f . D) g . 6) Labor (workers) Total product (units per day) 1 3 2 12 3 19 4 23 5 25 7) Using the data in the above table, i¡ the frm employs 3 workers, total product (measured in units per day) and average product and marginal product o¡ the third worker (measured in units per worker) are A) 19, 6 1/3, and 9 respectively. B) 3, 19, and 6 1/3 respectively. C) 19, 6 1/3, and 7 respectively. D) 19, 3, and 9 respectively. 7) 2 Temple University Dr. Donald T. Wargo Spring, 2010 Econ 1902 Honors Microeconomics FINAL EXAM Ch....
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This note was uploaded on 03/24/2011 for the course ECON 2902 taught by Professor Wargo during the Spring '10 term at Temple.
- Spring '10