ECON528 Final Exam. Questions And Answers

1 ECON 528 / ECON528 Final Exam. Questions And Answers (100% Correct) A+ Graded ECON528-850-ECON528-010- 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 Incorrect Mark 0.00 out of 1.00 Question 2 Incorrect Mark 0.00 out of 1.00 The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True False The correct answer is 'False'. We should use relatively more labor if we learn that the marginal product per dollar of labor expenditures is less than a marginal product per dollar of capital expenditures. Select one: True False The correct answer is 'False'. 2 Question 3 Correct Mark 1.00 out of 1.00 If a firm has increasing returns to scale, then increasing all inputs by 1% will increase output by more than 1%. Select one: True False The correct answer is 'True'. Question 4 Correct Mark 1.00 out of 1.00 If production displays economies of scale, the long-run average cost curve is 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. ECON 528 / ECON528 Final Exam. Questions And Answers (100% Correct) A+ Graded