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Economics

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Suppose the total output curve increases at an increasing rate for workers 1 to 50, increases at a decreasing rate from workers 51 to 101, and decreases beyond 101 workers. You would know that
Choose one answer.

a. marginal product is increasing from workers 1 to 50 and then becomes negative after worker 51.

b. marginal product is increasing from workers 1 to 50, constant from workers 51 to 101, and is decreasing after that.

c. marginal product is increasing from workers 1 to 50, decreasing after 51 workers, and becomes negative after the 101st worker.

d. marginal product is decreasing from workers 1 to 101, becoming negative at the 102nd worker.

4
Marks: 10
Which of the following statements is correct?
Choose one answer.

a. When marginal product is greater than average physical product, average physical product is equal to total product.

b. When marginal product is greater than average physical product, total product is increasing at a decreasing rate.

c. When marginal product is greater than average physical product, average physical product is decreasing.

d. When marginal product is greater than average physical product, average physical product is increasing.

5
Marks: 10
When a manager considers total cost, they consider which relation?
Choose one answer.

a. AFC

b. ATC

c. TC = TFC + TVC

d. TC = C + (I - G)

6
Marks: 10
If four laborers were hired and 88 widgets were produced, what is the average physical product of labor?
Choose one answer.

a. 14

b. 22

c. 352

d. 44

7
Marks: 10
In the short run, the additional output that results from hiring an additional unit of a variable input is the
Choose one answer.

a. average product.

b. average variable cost.

c. marginal physical product.

d. marginal cost.

8
Marks: 10
At Phil's Hot Dog Stand the following occurred: four laborers produced 66 hot dogs, five laborers produced 76 hot dogs, six laborers produced 84 hot dogs, seven laborers produced 88 hot dogs. What was the marginal physical product of the 6th laborer?
Choose one answer.

a. Eight hot dogs

b. Five hot dogs

c. Six hot dogs

d. Ten hot dogs

9
Marks: 10
The shape of the short-run cost curve is a result of
Choose one answer.

a. the law of diminishing returns.

b. economies of scale.

c. diseconomies of scale.

d. falling profits.

  • Economics -

    1. - a
    4. - a
    5. - b
    6. - d
    7. - b
    8. - a
    9. - c

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