TEST 4 - T EST 4 Submit ted by dson1 on 4/2/2009 4:55:31 PM...

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TEST 4 Submitted by dson1 on 4/2/2009 4:55:31 PM -------------------------------------------------------------------------------- Points Awarded 37 Points Missed 11 Percentage 77% 1. The average product of labor is A. the total output that can be produced by a given quantity of labor. B. the additional output produced by an additional unit of labor. C. the total output that can be produced by any given unit of labor. D. the output per worker for a given quantity of labor. Points Earned: 1/1 Correct Answer: D Your Response: D 2. Convexity of the total product curve means that as the quantity of labor increases, the total product increases at an increasing rate. A. True B. False Points Earned: 1/1 Correct Answer: A Your Response: A 3. At the point at which total product is at a maximum, marginal product is zero. A. True B. False Points Earned: 1/1 Correct Answer: A Your Response: A 4. Table 2201A Input of Labor Total Product
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(# of workers in weeks) (# of snowboards produced) --------------------------------------------------- 0 0 1 30 2 68 3 110 4 140 5 135 In Table 2201A, when the firm employs 4 workers, the marginal product of the fourth worker will be A. 140 snowboards. B. 30 snowboards. C. 35 snowboards. D. 208 snowboards. Points Earned: 0/1 Correct Answer: B Your Response: A 5. Table 2201A Input of Labor Total Product (# of workers in weeks) (# of snowboards produced) --------------------------------------------------- 0 0 1 30 2 68 3 110 4 140 5 135 In Table 2201A, marginal product becomes negative after employing the A. second worker. B. third worker. C. fourth worker. D. fifth worker. Points Earned: 0/1 Correct Answer: D Your Response: C 6. Table 2201A
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Input of Labor Total Product (# of workers in weeks) (# of snowboards produced) --------------------------------------------------- 0 0 1 30 2 68 3 110 4 140 5 135 In Table 2201A, diminishing marginal product occurs after employing the A. first worker. B. second worker. C. third worker. D. fourth worker. Points Earned: 0/1 Correct Answer: C Your Response: D 7. Examine the following marginal product curve. The total product A. is increasing throughout the given range. B. begins to fall at the second worker. C. begins to fall at the fifth worker. D. begins to increase at the second worker. Points Earned: 1/1 Correct Answer: C Your Response: C 8. The short run is usually characterized A. labor being fixed. B. a period no longer than one year. C. total output being fixed. D. capital being fixed. Points Earned: 1/1 Correct Answer: D Your Response: D
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9. The slope of the total product curve, at any point, equals A. the average product of labor. B. the marginal product of capital. C. the marginal product of labor.
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This note was uploaded on 06/18/2011 for the course ECON 101 taught by Professor Vicek during the Spring '11 term at Parkland.

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TEST 4 - T EST 4 Submit ted by dson1 on 4/2/2009 4:55:31 PM...

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