ECON 528 / ECON528 Final Exam. Questions And Answers
(100% Correct) A+ Graded
ECON528-850-ECON528-010-
201920
Started onMonday, 8 October 2018, 10:05 PM
StateFinished
Completed onMonday, 8 October 2018, 10:51 PM
Time taken45 mins 58 secs
Marks15.00/20.00
Grade 7.50 out of 10.00 (75%)
Question 1
In correct The law of diminishing marginal returns
states that increases in the variable input
Mark 0 .0 0 ou t
reduce the total product.
of 1 .0 0
Select
one: True
False
The correct answer is 'False'.
Question 2
We should use relatively more labor if we
In correct
learn that the marginal product per dollar of
Mark 0 .0 0 ou t labor expenditures is less than a marginal
of 1 .0 0 product per dollar of capital expenditures.
Select
one: True
False
The correct answer is 'False'.
1
,ECON 528 / ECON528 Final Exam. Questions And Answers
(100% Correct) A+ Graded
If a firm has increasing returns to scale,
then increasing all inputs by 1% will
increase output by more than 1%.
Question 3
Correct Select one:
Mark 1.00 out of 1.00
True
False
The correct answer is 'True'.
Question 4 If production displays economies of scale,
Correct the long-run average cost curve is
Mark 1.00 out of 1.00
Select one or more:
downward-sloping.
below the long-run marginal cost curve.
upward sloping.
above the short-run average total cost curve.
Your answer is correct.
The correct answer is: downward-sloping.
2
, ECON 528 / ECON528 Final Exam. Questions And Answers
(100% Correct) A+ Graded
Over time, more experienced workers will
demand higher wage and therefore, will
lead to an increased in the cost of
production for the producers.
Question 5
Incorrect Select one:
Mark 0.00 out of 1.00
True
False
The correct answer is 'False'.
3
(100% Correct) A+ Graded
ECON528-850-ECON528-010-
201920
Started onMonday, 8 October 2018, 10:05 PM
StateFinished
Completed onMonday, 8 October 2018, 10:51 PM
Time taken45 mins 58 secs
Marks15.00/20.00
Grade 7.50 out of 10.00 (75%)
Question 1
In correct The law of diminishing marginal returns
states that increases in the variable input
Mark 0 .0 0 ou t
reduce the total product.
of 1 .0 0
Select
one: True
False
The correct answer is 'False'.
Question 2
We should use relatively more labor if we
In correct
learn that the marginal product per dollar of
Mark 0 .0 0 ou t labor expenditures is less than a marginal
of 1 .0 0 product per dollar of capital expenditures.
Select
one: True
False
The correct answer is 'False'.
1
,ECON 528 / ECON528 Final Exam. Questions And Answers
(100% Correct) A+ Graded
If a firm has increasing returns to scale,
then increasing all inputs by 1% will
increase output by more than 1%.
Question 3
Correct Select one:
Mark 1.00 out of 1.00
True
False
The correct answer is 'True'.
Question 4 If production displays economies of scale,
Correct the long-run average cost curve is
Mark 1.00 out of 1.00
Select one or more:
downward-sloping.
below the long-run marginal cost curve.
upward sloping.
above the short-run average total cost curve.
Your answer is correct.
The correct answer is: downward-sloping.
2
, ECON 528 / ECON528 Final Exam. Questions And Answers
(100% Correct) A+ Graded
Over time, more experienced workers will
demand higher wage and therefore, will
lead to an increased in the cost of
production for the producers.
Question 5
Incorrect Select one:
Mark 0.00 out of 1.00
True
False
The correct answer is 'False'.
3
