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A firm uses workers land and machinery for its production process Which of the following statements is then true

A firm uses workers, land, and machinery for its production process. Which of the following statements is then true?

A) The only way the firm can change its output level in the long run is by changing the number of workers.

B) The only way the firm can change its output level in the long run is by changing the amount of land it owns.

C) The only way the firm can change its output level in the long run is by changing the amount of machinery.

D) The firm can change its output level in the long run by changing any or all of its three inputs.

12) The change in the total output of a firm associated with using one more unit of an input is referred to as the:

A) marginal product of the input.

B) total product.

C) average product of the input.

D) variable product of the input.

13) A firm produced 376 units with 10 workers. When the 11th worker was hired, the output increased to 398 units. The marginal product of the 11th worker is:

A) 22 units.

B) 37.6 units.

C) 36.18 units.

D) 398 units.

14) A firm produces 200 units of a good when it employs 7 workers. The marginal product of the 8th worker is 46 units. If the 8th worker is hired, the firm's total product will increase to:

A) 208 units.

B) 228 units.

C) 246 units.

D) 322 units.

The following table shows the total output produced by different numbers of workers in a shoefactory.

 

Output per day (pairs)

Number of Workers

0

0

50

1

112

2

180

3

225

4

260

5

280

6

 

15) Refer to the table above. What is the marginal product of the 3rd worker?

A) 60 pairs of shoes

B) 68 pairs of shoes

C) 112 pairs of shoes

D) 180 pairs of shoes

16) Refer to the table above. What is the marginal product of the 6th worker?

A) 20 pairs of shoes

B) 46.7 pairs of shoes

C) 60 pairs of shoes

D) 280 pairs of shoes

17) Refer to the table above. If the factory plans to hire a 7th worker whose marginal product is 15 pairs, the total output after he is hired will be:

A) 15 pairs.

B) 105 pairs.

C) 280 pairs.

D) 295 pairs.

18) Refer to the table above. Which of the following statements is true about the marginal product of labor?

A) The marginal product initially decreases with the first few workers and then increases.

B) The marginal product initially increases with the first few workers and then decreases.

C) The marginal product decreases as more workers are hired.

D) The marginal product increases as more workers are hired.

19) Increases in marginal product of labor can be attributed to:

A) specialization of workers.

B) depreciation of capital.

C) diminishing returns to workers.

D) congestion and thus better use of work space.

20) Specialization is the result of:

A) hiring experienced workers.

B) paying higher wages to experienced workers.

C) workers developing a certain skill set.

D) increased demand for a firm's commodity.

Mar 14 2020 View more View Less

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