1. Which of the following would be a fixed input to an automobile firm? A)Steel
ID: 1185618 • Letter: 1
Question
1. Which of the following would be a fixed input to an automobile firm? A)SteelB)A factory in Detroit
C)Car batteries
D)Engineers
2. In economics, how long is the long run? A)More than 12 months
B)24 months or longer
C)5 years or more
D)Whatever time it takes a firm to vary all inputs
3. Fred's Franks originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Fred purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been successful. When Fred's Franks expanded to two locations, which of the following did NOT occur? A)Fred's production function changed.
B)Production increased.
C)The company increased the inputs it employs.
D)The firm employed additional capital.
4. If the average product of 20 workers is 100 bushels of wheat and the average product of 21 workers of wheat is 99 bushels of wheat, then the marginal product of the 21st worker was A)-1 bushel of wheat.
B)5 bushels of wheat.
C)79 bushels of wheat.
D)99 bushels of wheat.
5. The law of diminishing marginal product is a statement A)that concerns changes in variable input and changes in output.
B)that concerns the long run.
C)that concerns changes in profits.
D)that relates to plant size.
6. If average variable costs are increasing while average total costs are decreasing, then A)marginal cost must lie between average variable and average total costs.
B)marginal cost must equal average variable cost.
C)marginal cost must equal average total cost.
D)fixed costs must be zero. 1. Which of the following would be a fixed input to an automobile firm? A)Steel
B)A factory in Detroit
C)Car batteries
D)Engineers
1. Which of the following would be a fixed input to an automobile firm? 2. In economics, how long is the long run? A)More than 12 months
B)24 months or longer
C)5 years or more
D)Whatever time it takes a firm to vary all inputs
2. In economics, how long is the long run? A)More than 12 months
B)24 months or longer
C)5 years or more
D)Whatever time it takes a firm to vary all inputs
In economics, how long is the long run? 3. Fred's Franks originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Fred purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been successful. When Fred's Franks expanded to two locations, which of the following did NOT occur? A)Fred's production function changed.
B)Production increased.
C)The company increased the inputs it employs.
D)The firm employed additional capital.
3. Fred's Franks originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Fred purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been successful. When Fred's Franks expanded to two locations, which of the following did NOT occur? A)Fred's production function changed.
B)Production increased.
C)The company increased the inputs it employs.
D)The firm employed additional capital.
Fred's Franks originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Fred purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been successful. When Fred's Franks expanded to two locations, which of the following did NOT occur? 4. If the average product of 20 workers is 100 bushels of wheat and the average product of 21 workers of wheat is 99 bushels of wheat, then the marginal product of the 21st worker was A)-1 bushel of wheat.
B)5 bushels of wheat.
C)79 bushels of wheat.
D)99 bushels of wheat.
4. If the average product of 20 workers is 100 bushels of wheat and the average product of 21 workers of wheat is 99 bushels of wheat, then the marginal product of the 21st worker was A)-1 bushel of wheat.
B)5 bushels of wheat.
C)79 bushels of wheat.
D)99 bushels of wheat.
If the average product of 20 workers is 100 bushels of wheat and the average product of 21 workers of wheat is 99 bushels of wheat, then the marginal product of the 21st worker was 5. The law of diminishing marginal product is a statement A)that concerns changes in variable input and changes in output.
B)that concerns the long run.
C)that concerns changes in profits.
D)that relates to plant size.
5. The law of diminishing marginal product is a statement A)that concerns changes in variable input and changes in output.
B)that concerns the long run.
C)that concerns changes in profits.
D)that relates to plant size.
The law of diminishing marginal product is a statement 6. If average variable costs are increasing while average total costs are decreasing, then A)marginal cost must lie between average variable and average total costs.
B)marginal cost must equal average variable cost.
C)marginal cost must equal average total cost.
D)fixed costs must be zero. 6. If average variable costs are increasing while average total costs are decreasing, then A)marginal cost must lie between average variable and average total costs.
B)marginal cost must equal average variable cost.
C)marginal cost must equal average total cost.
D)fixed costs must be zero. If average variable costs are increasing while average total costs are decreasing, then
Explanation / Answer
1. B: A factory in Detroit (will be a fixed input to an automobile firm because it will stay put no matter the production takes place)
2. D: Whatever time it takes a firm to vary all inputs (since in the long run all factors are variable)
3. B: Fred’s production function changed (increasing output and production does not change production function, it merely expands it)
4. C: 79 bushels of wheat
(MP = (21×99) – (20×100) = 79)
5. A: that concerns changes in variable input and changes in output.
(Law of diminishing marginal product states that increasing input will lead to declining increase in output over time)
6. A: marginal cost must lie between average variable and average total costs.
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