final - Final Exam Your response has been submitted...

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Sheet1 Page 1 Final Exam Your response has been submitted successfully. -------------------------------------------------------------------------------- Points Awarded 42 Points Missed 3 Percentage 93% 1. Increasing average product of labor is caused by A. decreasing marginal product of labor. B. teamwork and specialization. C. congestion and fixed inputs. D. an increasing total product of labor. Points Earned: 1/1 Correct Answer: B Your Response: B 2. In the following table, the average product when 2 workers are employed is Labor Output 1 2 2 8 3 21 4 28 A. 5. B. 4. C. 6. D. 7. Points Earned: 1/1 Correct Answer: B Your Response: B 3. 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
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Sheet1 Page 2 Your Response: D 4. When average product is increasing, it is necessarily true that marginal product is A. falling. B. greater than average product. C. equal to average product. D. marginal product is increasing. Points Earned: 1/1 Correct Answer: B Your Response: B 5. When a firm's average product falls from 2/5 to 1/5 of unit per worker, the firm's costs A. are cut in half. B. increase by one fifth. C. decrease by one fifth. D. are doubled. Points Earned: 1/1 Correct Answer: D Your Response: D 6. Suppose that the wage is $10 per worker. Which of the following statements is true? Labor Output 1 2 2 8 3 14 4 18 A. The variable cost of producing 1 unit is $20. B. The variable cost of producing 2 units is $80. C. The variable cost of producing 2 units is $10. D. The variable cost of producing 2 units is $40. Points Earned: 1/1 Correct Answer: C Your Response: C 7. The marginal cost curve can be derived by taking the negative of the slope of the variable cost curve. A. True B. False Points Earned: 1/1 Correct Answer: B Your Response: B 8. This firm has a wage of $100 per worker. According to the following output schedule, the marginal cost when the firm is pro d 1 5
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Page 3 2 15 3 20 4 24 A. $6.67. B. $100. C. $10. D. $20. Points Earned: 1/1 Correct Answer: C Your Response: C 9. In the concave portion of a total product curve, the marginal product is increasing because the employees are learning team w A. True B. False Points Earned: 1/1 Correct Answer: B Your Response: B 10. If marginal cost is rising, then average variable cost must be rising. A. True B. False Points Earned: 1/1 Correct Answer: B Your Response: B 11. If the wage rate is $10, this firm's average variable cost when it produces 20 units of output is Labor Output 1 5 2 15 3 20 4 24 A. $30. B. $5. C. $10. D. $1.50. Points Earned: 1/1 Correct Answer: D Your Response: D 12. Which of the following curves is not U-shaped? A. average variable cost
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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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final - Final Exam Your response has been submitted...

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