Test Submission Chapter 13 Questions and Answers PDF

Preview

Summary

Test Submission Chapter 13 Questions and Answers - Intro Economics...

Description

Review Test Submission: Quiz 5 (Ch 13-Mankiw) Course

Fall 2021 ECON 2300 01 Introduction To Economics

Test

Quiz 5 (Ch 13-Mankiw)

Submitted Status

10/7/21 6:22 PM Completed

Attempt Score 38 out of 40 points Results Displayed



All Answers, Submitted Answers, Correct Answers

Question 1 2 out of 2 points

Diminishing marginal product suggests that the marginal Selected Answer:

a.

product of an extra worker is less than the previous worker's marginal product.

Answers:

a.

product of an extra worker is less than the previous worker's marginal product. b.

cost of an extra worker is unchanged. c.

cost of an extra worker is less than the previous worker's marginal cost. d.

product of an extra worker is greater than the previous worker's marginal product. 

Question 2 2 out of 2 points

The average-total-cost curve intersects Selected Answer:

a.

marginal cost at the minimum of average total cost.

Answers:

a.

marginal cost at the minimum of average total cost. b.

average fixed cost at the minimum of average total cost. c.

average variable cost at the minimum of average total cost. d.

marginal cost at the minimum of marginal cost.



Question 3 2 out of 2 points

Profit is defined as Selected Answer:

a.

total revenue minus total cost.

Answers:

a.

total revenue minus total cost. b.

average revenue minus average total cost. c.

marginal revenue minus marginal cost. d.

net revenue minus depreciation. 

Question 4 2 out of 2 points

Table 13-13 Output 0 10 20 30 40 50

Total Cost $40 $60 $90 $130 $180 $240

Refer to Table 13-13. What is average fixed cost when output is 40 units? Selected Answer:

Answers:

c.

$1.0 0 a.

$8.0 0 b.

$3.3 2 c.

$1.0 0 d.

$5.0 0



Question 5 0 out of 2 points

In the long run Firm A incurs total costs of $900 when output is 30 units and $1,200 when output is 40 units. Firm A exhibits Selected Answer:

d.

economies of scale because average total cost is falling as output rises.

Answers:

a.

constant returns to scale because average total cost is constant as output rises. b.

diseconomies of scale because average total cost is rising as output rises. c.

diseconomies of scale because total cost is rising as output rises. d.

economies of scale because average total cost is falling as output rises. 

Question 6 2 out of 2 points

If Darren sells 300 glasses of iced tea at $0.50 each, his total revenues are Selected Answer: Answers:

b.

$150. a.

$299.5 0. b.

$150. c.

$300. d.

$600. 

Question 7 2 out of 2 points

Diseconomies of scale occur when a firm’s Selected Answer: Answers:

b.

long-run average total costs are increasing as output increases. a.

marginal costs are constant as output increases. b.

long-run average total costs are increasing as output increases.

c.

long-run average total costs are decreasing as output increases. d.

marginal costs are equal to average total costs for all levels of output. 

Question 8 2 out of 2 points

Table 13-13 Output 0 10 20 30 40 50

Total Cost $40 $60 $90 $130 $180 $240

Refer to Table 13-13. What is average variable cost when output is 50 units? Selected Answer:

a.

$4.0 0

Answers:

a.

$4.0 0 b.

$4.8 0 c.

$3.6 0 d.

$4.4 0 

Question 9 2 out of 2 points

The amount by which total cost rises when the firm produces one additional unit of output is called Selected Answer:

Answers:

b.

marginal cost. a.

average cost. b.

marginal cost. c.

variable cost. d.

fixed cost. 

Question 10 2 out of 2 points

Figure 13-3

Refer to Figure 13-3. The graph illustrates a typical Selected Answer: Answers:

c.

total-cost curve. a.

production function. b.

fixed-cost curve. c.

total-cost curve. d.

production possibilities frontier. 

Question 11 2 out of 2 points

A total-cost curve shows the relationship between the Selected Answer:

Answers:

d.

quantity of output produced and the total cost of production. a.

quantity of an input used and the total cost of production. b.

total cost of production and total revenue. c.

total cost of production and profit. d.

quantity of output produced and the total cost of production. 

Question 12 2 out of 2 points

The marginal product of any input is the Selected Answer:

Answers:

c.

increase in total output obtained from one additional unit of that input. a.

change in total output associated with a $1.00 increase in total cost. b.

increase in total cost associated with a one-unit increase in production. c.

increase in total output obtained from one additional unit of that input. d.

increase in total cost resulting from the hiring of an additional worker. 

Question 13 2 out of 2 points

In the long run,

Selected Answer:

Answers:

b.

inputs that were fixed in the short run become variable. a.

inputs that were variable in the short run become fixed. b.

inputs that were fixed in the short run become variable. c.

inputs that were fixed in the short run remain fixed. d.

variable inputs are rarely used. 

Question 14 2 out of 2 points

Fixed costs can be defined as costs that Selected Answer: Answers:

c.

are incurred even if nothing is produced. a.

are incurred only when production is large enough. b.

vary inversely with production. c.

are incurred even if nothing is produced. d.

vary in proportion with production. 

Question 15 2 out of 2 points

A production function describes Selected Answer: Answers:

b.

how a firm turns inputs into output. a.

the relationship between cost and output. b.

how a firm turns inputs into output. c.

how a firm maximizes profits.

d.

the minimal cost of producing a given level of output. 

Question 16 2 out of 2 points

Table 13-2 Number of Workers 0 1 2 3 4

Total Output 0 200 450 600 650

Marginal Product --

Refer to Table 13-2. What is the marginal product of the fourth worker? Selected Answer: Answers:

b.

50 units a.

150 units b.

50 units c.

250 units d.

200 units 

Question 17 2 out of 2 points

Marginal cost is equal to average total cost when Selected Answer:

Answers:

c.

average total cost is at its minimum. a.

average variable cost is falling. b.

marginal cost is at its minimum. c.

average total cost is at its minimum.

d.

average fixed cost is rising. 

Question 18 2 out of 2 points

If marginal cost is rising, Selected Answer:

d.

marginal product must be falling.

Answers:

a.

marginal product must be rising. b.

average variable cost must be falling. c.

average fixed cost must be rising. d.

marginal product must be falling. 

Question 19 2 out of 2 points

Table 13-13 Output 0 10 20 30 40 50

Total Cost $40 $60 $90 $130 $180 $240

Refer to Table 13-13. What is the total fixed cost for this firm? Selected Answer: Answers:

d.

$40 a.

$20 b.

$50 c.

$30 d.

$40 

Question 20 2 out of 2 points

Average total cost is increasing whenever Selected Answer:

Answers:

b.

marginal cost is greater than average total cost. a.

marginal cost is less than average total cost. b.

marginal cost is greater than average total cost. c.

marginal cost is increasing. d.

total cost is increasing....