TEST-5

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The formula to calculate Marginal 1 point

Product is:

a) MP = TP/L

(b) MP = ΔAP/L

(c) MP = ΔTP/L

(d) MP = AP/L

Clear selection

Long Run refers to the time period 1 point

during which all Factors of production

are _______

(a) 6xed

(b) Constant

(c) variable

(d) none of the above

Clear selection

When MP > AP 1 point

(a) AP is falling

(b) AP is constant

(c) AP is max

(d) None of the above

Clear selection

If TP is 360 and workers employed for 1 point

production are 3. Calculate AP.

(a) 100

(b) 120

(c) 140

(d) 160

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The law of variable proportions states 1 point

that as more and more units of a

variable factor are applied to a given
quantity of fixed factor, total product
may increase at an increasing rate
initially but eventually it will _____

(a)become negative

(b)increase at a diminishing rate

(c) Increase at an increasing rate

(d) none of the above

Clear selection

Diminishing marginal returns implies: 1 point

A) Decreasing average variable costs

B) Decreasing marginal cost

C) Increasing marginal cost

D) Decreasing average 6xed cost

Clear selection

When TP starts to decline, MP 1 point

becomes

(a) positive

(b) 0

(c) max

(d) Negative

Clear selection

If 2 workers produce 300 pens and 3 1 point

workers produce 450 pens, the

marginal product of the third worker is:

(a) 100

(b) 150

(c) 200

(d) 250

Clear selection

In production function Qx is 1 point

(a) Independent Variable

(b) Dependent Variable

(c) Constant Variable

(d) All of these

Clear selection

When the MP curve lies below the AP 1 point

curve, AP

(a) Increases

(b) reaches 0

(c) declines

(d) None of the above

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