2017-5-31 Thinkwell | Test for Chapter 4 Test for Chapter 4 Take: 1 | 05/31/17 Directions:
Choose the best answer 1) Total product is the amount of output that a firm
can produce using a given amount of inputs. using a given amount of outputs. by ignoring production costs. by not considering a firms’s technology. 2) The average product-marginal product relationship
indicates that if the marginal product is less than the average
product, the average product is falling.
if the marginal product is greater than the
average product, the average product is falling.
if the marginal product is increasing, the
average product is above it.
if the marginal product is decreasing, the
average product is below it. 3) When each additional worker produces more output increasing.
than the previously hired worker, the marginal cost decreasing.
of production is the same as before. the same as the average.
4) Assume that a company has a wage cost of $1000
per worker per week. If three workers can make 15
units of the product in week, the firm’s average
variable cost is http://my.thinkwell.com/twtest/printrandom.cfm $3000. $1000. $200. $100. 1/9 2017-5-31 Thinkwell | Test for Chapter 4 5) If marginal cost is greater than average variable
cost, average variable cost is decreasing. average variable cost is increasing. marginal cost is less than average variable cost. average variable cost is negative. 6) Average total cost equals MC + FC. AFC / MC. AFC + AVC. AVC / VC. 7) At 100 units of output, total cost is $12,000, total
variable cost is $7000, and total fixed cost is
$5000. Average total cost is $50. $70. $100. $120. 8) The long run is a period of time during which http://my.thinkwell.com/twtest/printrandom.cfm all inputs are variable. there are no fixed costs. the firm can change the scale of its operation. all the above. 2/9 2017-5-31 Thinkwell | Test for Chapter 4 9) Marginal cost equals the variable cost of the additional unit of production minus the variable cost of the
previous unit produced.
the change in variable costs divided by the change in output.
the change in total cost divided by the change in output.
all of the above. 10) Examine the graph below. The marginal cost at 30
units of output is $500. $100. $200. equal to variable cost. 11) Marginal cost is equal to both average variable cost
and average total cost when http://my.thinkwell.com/twtest/printrandom.cfm average total cost and average variable cost are
decreasing.
average variable cost and average total cost are
at their minimums.
the marginal product of labor is increasing.
total fixed costs are large relative to variable
costs. 3/9 2017-5-31 Thinkwell | Test for Chapter 4 12) Examine the graph below. The firm is experiencing
increasing returns to scale between points A and C. B and C. C and D. D and E. 13) Examine the graph below. The firm is experiencing
decreasing returns to scale between points A and B. B and D. C and E. B and C. 14) What is marginal product (MP)? http://my.thinkwell.com/twtest/printrandom.cfm Marginal product (MP) is a product of marginal
(barely acceptable) quality.
Marginal product (MP) is the change in total
product made possible by the addition of one (1)
more unit of a variable input.
Marginal product (MP) is the same as average
product.
Marginal product (MP) increases when total
product decreases. 4/9 2017-5-31 Thinkwell | Test for Chapter 4 15) If marginal product (MP) is negative, which of the
following is true? Profit is maximized. Marginal cost is decreasing. Average product is increasing. The slope of the total product curve is negative. 16) What is the average product of labor? The average product of labor is total wages
divided by the number of workers.
The average product of labor is the number of
workers times their average hourly wage.
The average product of labor is the total product
divided by the number of workers.
The average product of labor is the marginal
product divided by the number of workers. 17) When total product increases at an increasing rate,
the firm employs team work. specialization. both A and B. neither A nor B. 18) If the worker has an average product of one-third
of a video camera, (1/3), how many workers would
it take to produce one whole video camera? http://my.thinkwell.com/twtest/printrandom.cfm 1. 2. 3. 4. 5/9 2017-5-31 Thinkwell | Test for Chapter 4 19) The schedule shown here shows the total product when the factory size is fixed. when the quantity of labor employed is fixed. when all inputs are variable. when all inputs are fixed. 20) Assume that the isoquant represents an output level
of 50 units. If the firm chooses to produce 50 units
of output, its least-cost combination of labor and
capital is at point A. B. C. D. 21) The long run is characterized by http://my.thinkwell.com/twtest/printrandom.cfm no variable costs. no fixed costs. no marginal costs. no capital costs. 6/9 2017-5-31 Thinkwell | Test for Chapter 4 22) A firm’s isocost line has the equation
100 = 10L + 5K. Which of the following is correct? The horizontal intercept is 20.
The vertical intercept is 10.
The slope equals -1/2.
This firm has to give up two units of capital to
gain an additional worker. 23) The short run is usually characterized by labor being fixed. a period no longer than one year. total output being fixed. capital being fixed. 24) Which of the following is not true of the total
product curve? It shows how output changes at different levels
of capital.
It describes output as a function of labor.
Its slope equals the marginal product of labor.
It represents the firm's production possibilities in
the short run. total product is positive.
the total product curve is concave (decreasing
slope).
total product is increasing.
the total product curve is convex (increasing
slope). 25) Marginal product increases as long as http://my.thinkwell.com/twtest/printrandom.cfm 7/9 2017-5-31 Thinkwell | Test for Chapter 4 26) Marginal cost is defined as the change in variable costs divided by the change
in number of workers.
change in variable costs divided by total
product.
change in variable costs divided by the change
in total product.
change in variable costs divided by number of
workers. 27) This firm has a wage of $100 per worker. According $6.67.
to the following output schedule, the marginal cost $100.
when the firm is producing 15 units of output is $10. $20. 28) Marginal cost is the slope of the variable cost curve. total product curve. marginal product curve. average cost curve. 29) The marginal cost curve passes through the
average variable cost curve at the point of http://my.thinkwell.com/twtest/printrandom.cfm maximum marginal cost. minimum average variable cost. minimum marginal cost. maximum average variable cost. 8/9 2017-5-31 Thinkwell | Test for Chapter 4 30) According to the following average variable cost
curve, average product is http://my.thinkwell.com/twtest/printrandom.cfm decreasing between the first and second unit. increasing between the third and fourth unit. increasing between the fifth and sixth unit. at a minimum at the fourth unit. 9/9

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