Refer to table 11 1 what is the average product of

61) Refer to Table 11 - 1. What is the average product of labor when the farm hires 5 workers?
A) 4 pounds B) 10.8 bushels C) 38.2 pounds D) 54 pounds
Answer: B
61)
Diff: 1 Page Ref: 361 - 362/361 - 362
Topic: Average Product of Labor
Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor
supply and labor in factor markets
AACSB: Analytic Skills
16

62) Refer to Table 11 - 1. Diminishing marginal returns sets in when the ________ worker is hired. 62)
Diff: 2 Page Ref: 359
-
360/359
-
360
Topic: Diminishing Returns
Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor
supply and labor in factor markets
AACSB: Analytic Skills
63) Who was the economist who first analyzed the advantages of specialization and the division of
labor?
63)
Diff: 1 Page Ref: 361/361
Topic: Division of Labor
Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor
supply and labor in factor markets
AACSB:
64) One reason why, in the short run, the marginal product of labor might increase initially as more
workers are hired is that
64)
Diff: 2 Page Ref: 361/361
Topic: Marginal Product of Labor
Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor
supply and labor in factor markets
AACSB: Reflective Thinking
17