Exam (elaborations)
ECON 528 Final Exam-University of Louisiana, Lafayette
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ECON 528 Final Exam-University of Louisiana, Lafayette
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ECON528-850-ECON528-010-201920
Started on Monday, 8 October 2018, 10:05 PM
State Finished
Completed on Monday, 8 October 2018, 10:51 PM
Time taken 45 mins 58 secs
Marks 15.00/20.00
Grade 7.50 out of 10.00 (75%)
Question 1
Incorrect The law of diminishing marginal returns
states that increases in the variable input
Mark 0.00 out
reduce the total product.
of 1.00
Select
one: True
False
The correct answer is 'False'.
Question 2
We should use relatively more labor if we
Incorrect
learn that the marginal product per dollar of
Mark 0.00 out labor expenditures is less than a marginal
of 1.00 product per dollar of capital expenditures.
Select
one: True
False
The correct answer is 'False'.
, 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.
, 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'.
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