Question #11
Refer to Table 13-2. At which number of workers does diminishing marginal product begin?
A. 1
B. 2
C. 3
D. 4
Question #12
Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing
A
diminishing marginal product of workers.
B
diminishing marginal cost of cookie production.
C
decreasing cost of cookie production.
D
decreasing output of cookies.
Question #13
Jessica is a junior in college. Her current cumulative grade point average (GPA) is 3.5 out of a 4.0 scale. Jesscia is hoping that by the time she graduates, she can raise her cumulative GPA to a 3.7. Which of the following statements is correct?
A
If Jessica earns between a 3.5 and a 3.7 GPA in her senior year, she will be able to raise her cumulative GPA to a 3.7.
B
If Jessica earns a 3.7 GPA in her senior year, she will be able to raise her cumulative GPA to a 3.7.
C
Jessica must earn above a 3.7 GPA in her senior year in order to raise her cumulative GPA to a 3.7.
D
Either b or c could be correct
Question #14
Scenario 13-20 Suppose that a given firm experiences decreasing marginal product of labor with the addition of each worker regardless of the current output level.
Refer to Scenario 13-20. Marginal cost will be
A
rising at all points
B
falling at all points
C
U-shaped
D
constant
Question #15
Refer to Figure 13-7. Which of the figures represents the production function for a typical firm?
A
Figure 1
B
Figure 2
C
Figure 3
D
Figure 4
