Final Exam Quiz Questions

question

Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 12, Q = 122) and (L = 13, Q = 130). Then the marginal product of the 13th worker is

answer

8 units of output.

question

Refer to Figure 13-1. The graph illustrates a typical

answer

production function.

question

The following table shows the production costs for The Flying Elvis Copter Rides.

Refer to Table 13-7. What is the value of B?

answer

100

question

If a firm uses labor to produce output, the firm's production function depicts the relationship between

answer

the number of workers and the quantity of output.

question

Refer to Table 13-1. What is total output when 1 worker is hired?

answer

question

Total revenue equals

answer

PxQ

question

The most likely explanation for economies of scale is

answer

specialization of labor

question

Suppose a certain firm is able to produce 125 units of output per day when 19 workers are hired. The firm is able to produce 137 units of output per day when 20 workers are hired, holding other inputs fixed. The marginal product of the 20th worker is

answer

12 units of output

question

Kate is a florist. Kate can arrange 20 bouquets per day. She is considering hiring her husband William to work for her. William can arrange 18 bouquets per day. What would be the total daily output of Kate's firm if she hired her husband?

answer

38 bouquets

question

Total cost is the

answer

market value of the inputs a firm uses in production.

question

A firm's opportunity costs of production are equal to its

answer

explicit costs + implicit costs.

question

Taylor sells 400 candy bars at $0.50 each. Her total costs are $125. Her profits are

answer

$75

question

Suppose that a "doggie day care" firm uses only two inputs: hourly workers (labor) and a building (capital). In the short run, the firm most likely considers

answer

labor to be variable and capital to be fixed.

question

When a firm experiences constant returns to scale,

answer

long-run average total cost is unchanged, even when output increases.

question

If long-run average total cost decreases as the quantity of output increases, the firm is experiencing

answer

economies of scale

question

Suppose that for a particular business there are no implicit costs. Then

answer

accounting profit will be the same as economic profit.

question

Suppose that a firm's long-run average total costs of producing smart phones increases as it produces between 50,000 and 60,000 smart phones. For this range of output, the firm is experiencing

answer

diseconomies of scale

question

When a firm experiences diseconomies of scale,

answer

long-run average total cost increases as output increases.

1 of 18

question

answer

8 units of output.

question

Refer to Figure 13-1. The graph illustrates a typical

answer

production function.

question

The following table shows the production costs for The Flying Elvis Copter Rides.

Refer to Table 13-7. What is the value of B?

answer

100

question

If a firm uses labor to produce output, the firm's production function depicts the relationship between

answer

the number of workers and the quantity of output.

question

Refer to Table 13-1. What is total output when 1 worker is hired?

answer

question

Total revenue equals

answer

PxQ

question

The most likely explanation for economies of scale is

answer

specialization of labor

question

answer

12 units of output

question

answer

38 bouquets

question

Total cost is the

answer

market value of the inputs a firm uses in production.

question

A firm's opportunity costs of production are equal to its

answer

explicit costs + implicit costs.

question

Taylor sells 400 candy bars at $0.50 each. Her total costs are $125. Her profits are

answer

$75

question

Suppose that a "doggie day care" firm uses only two inputs: hourly workers (labor) and a building (capital). In the short run, the firm most likely considers

answer

labor to be variable and capital to be fixed.

question

When a firm experiences constant returns to scale,

answer

long-run average total cost is unchanged, even when output increases.

question

If long-run average total cost decreases as the quantity of output increases, the firm is experiencing

answer

economies of scale

question

Suppose that for a particular business there are no implicit costs. Then

answer

accounting profit will be the same as economic profit.

question

Suppose that a firm's long-run average total costs of producing smart phones increases as it produces between 50,000 and 60,000 smart phones. For this range of output, the firm is experiencing

answer

diseconomies of scale

question

When a firm experiences diseconomies of scale,

answer

long-run average total cost increases as output increases.

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Final Exam Quiz Questions

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