Question :
41) The table above shows the total product schedule for : 1226135
41) The table above shows the total product schedule for Rick’s Lawn Service, a yard care company. The total product schedule shows
A) increasing marginal returns when the 6th worker is hired.
B) decreasing marginal returns when the 1st worker is hired.
C) first increasing and then decreasing marginal returns.
D) output first increases then increases.
E) only decreasing marginal returns.
42) The table above shows the total product schedule for Rick’s Lawn Service, a yard care company. Increasing marginal returns
A) end when the fourth worker is hired.
B) occur at all levels of employment.
C) occur as long as output increases.
D) end when the second worker is hired.
E) never occur.
43) The table above shows the total product schedule for Rick’s Lawn Service, a yard care company. Decreasing marginal returns start to occur after the ________ worker is hired.
A) first
B) fourth
C) fifth
D) sixth
E) third
44) The table above shows the total product schedule for Rick’s Lawn Service, a yard care company. When the 4th worker is hired, the ________ product of labor equals ________ lawns mowed.
A) average; 60
B) average; 3.75
C) marginal; 3.75
D) marginal; 0
E) marginal; 15
45) The table above shows the total product schedule for Rick’s Lawn Service, a yard care company. The average product of labor ________ when the 7th worker is hired.
A) reaches its maximum
B) equals 1 lawn mowed
C) equals 28 lawns mowed
D) equals 4 lawns mowed
E) equals 2 lawns mowed
46) The table above shows the total product schedule for Rick’s Lawn Service, a yard care company. When the ________ worker is hired, the average product of labor ________ the marginal product of labor.
A) 4th; exceeds
B) 5th; exceeds
C) 6th; exceeds
D) 7th; is less than
E) 7th; equals
47) The table above shows the total product schedule for Rick’s Lawn Service, a yard care company. When does the average product of labor equal the marginal product of labor?
A) between the 4th and 5th workers
B) at the 5th worker
C) between the 5th and 6th workers
D) between the 6th and 7th workers
E) between 0 workers and the 3rd worker
48) The short run is a time period during which
A) some of the firm’s resources are fixed.
B) all of the firm’s resources are fixed.
C) all of the firm’s resources are variable.
D) the fixed cost equals zero.
E) the firm cannot increase its output.
49) In the short run, firms increase output
A) only by increasing the size of their plant.
B) only by decreasing the size of their plant.
C) only by increasing the amount of labor used.
D) only by decreasing the amount of labor used.
E) either increasing the amount of labor used or increasing the size of their plant.
50) Which of the following is correct?
A) The short run for a firm can be longer than the long run for the same firm.
B) The short run is the same for all firms.
C) The long run is the time frame in which the quantities of all resources can be varied.
D) The long run is the time frame in which all resources are fixed.
E) The long run does not exist for some firms.
51) Marginal product equals
A) the total product produced by a certain amount of labor.
B) the change in total product that results from a one-unit increase in the quantity of labor employed.
C) total product divided by the quantity of labor.
D) the amount of labor needed to produce an increase in production.
E) total product minus the quantity of labor.
52) If 5 workers can wash 30 cars a day and 6 workers can wash 33 cars a day, then the marginal product of the 6th worker equals
A) 30 cars a day.
B) 33 cars a day.
C) 5 cars a day.
D) 5.5 cars a day.
E) 3 cars a day.
53) Increasing marginal returns occur when the
A) average product of an additional worker is less than the average product of the previous worker.
B) marginal product of an additional worker exceeds the marginal product of the previous worker.
C) marginal product of labor is less than the average product of labor.
D) total output of the firm is at its maximum.
E) total product curve is horizontal.
54) If 25 workers can pick 100 flats of strawberries per hour, then average product is
A) 100 flats per hour.
B) 125 flats per hour.
C) 75 flats per hour.
D) 4 flats per hour.
E) More information is needed about how many flats 24 workers can pick.
