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61)Refer to Table 11-1.What is the average product of labor when the farm hires 5 workers?A) 4 poundsB) 10.8 bushelsC) 38.2 poundsD) 54 poundsAnswer: B61)Diff: 1Page Ref: 361-362/361-362Topic: Average Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Analytic Skills16
62)Refer to Table 11-1.Diminishing marginal returns sets in when the ________ worker is hired.62)Diff: 2Page Ref: 359-360/359-360Topic: Diminishing ReturnsLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Analytic Skills63) Who was the economist who first analyzed the advantages of specialization and the division oflabor?63)Diff: 1Page Ref: 361/361Topic: Division of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB:64) One reason why, in the short run, the marginal product of labor might increase initially as moreworkers are hired is that64)Diff: 2Page Ref: 361/361Topic: Marginal Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor markets
AACSB: Reflective Thinking
17