ECON1110_final_E11 vA_w ANSWERS - Intro Micro (ECON 1110)...

ECON1110_final_E11 vA_w ANSWERS
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Unformatted text preview: Intro Micro (ECON 1110) Name __________________ Final: ANSWER SHEET, Version A Date: ____________ a b c d e 25. a b c d e 30. a b c d e 29. a b c d e 28. a b c d e 27. a b c d e 26. a b c d e 21. a b c d e 24. a b c d e 23. a b c d e 22. a b c d e 32. a b c d e 33. a b c d e 34. a b c d e 35. a b c d e 36. a b c d e 37. a b c d e 38. a b c d e 39. a b c d e 40. a b c d e 31. a b c d e 10. a b c d e 15. a b c d e 14. a b c d e 13. a b c d e 12. a b c d e 11. a b c d e 1. a b c d e 2. a b c d e 3. a b c d e 4. a b c d e 5. a b c d e 6. a b c d e 7. a b c d e 8. a b c d e 9. a b c d e 16. a b c d e 20. a b c d e 19. a b c d e 18. a b c d e 17. Name: ________________________ Class: ___________________ Date: __________ ID: A 1 ECON1110 Final Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The amount of money that a firm receives from the sale of its output is called a. total gross profit. b. total net profit. c. total revenue. d. net revenue. Scenario 13-5 Samantha has been working for a law firm and earning an annual salary of $80,000. She decides to open her own practice. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Samantha will cover her start-up expenses by cashing in a $20,000 certificate of deposit on which she was earning annual interest of $500. ____ 2. Refer to Scenario 13-5. According to Samantha's accountant, which of the following revenue totals will yield her business $50,000 in profits? a. $55,200. b. $105,200. c. $132,500. d. $185,700. Table 13-1 Alyson's Pet Sitting Service Number of Workers Output (number of pet visits) 1 2 2 4 5 3 6 4 7 ____ 3. Refer to Table 13-1. What is the marginal product of the second worker? a. 15 b. 20 c. 22.5 d. 25 Name: ________________________ ID: A 2 ____ 4. Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that marginal cost of the third worker hired is $40, and the average total cost when three workers are hired is $50. What is the total cost of production when three workers are hired? a. $50 b. $90 c. $120 d. $150 Figure 13-4 ____ 5. Refer to Figure 13-4 . Curve A is always declining because of a. diminishing marginal product. b. dividing fixed costs by higher and higher levels of output. c. the fact that increasing marginal product follows decreasing marginal product. d. the fact that decreasing marginal product follows increasing marginal product. Name: ________________________ ID: A 3 Figure 13-6 ____ 6. Refer to Figure 13-6 . Which of the figures represents the production function for a firm?...
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