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University of Louisiana, Lafayette - ECON 528 Final Exam Latest 2021/2022 Rated A $14.49   Add to cart
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University of Louisiana, Lafayette - ECON 528 Final Exam Latest 2021/2022 Rated A
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  • Course
  • Economics
  • Institution
  • Economics

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 marg...

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Document information

  • March 15, 2022
  • 15
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

Subjects

  • economics
  • law
  • diminishing
  • returns

Written for

  • Economics
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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
The law of diminishing marginal returns
Incorrect states that increases in the variable input
Mark 0.00 out of reduce the total product.
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
labor expenditures is less than a marginal
Mark 0.00 out of
product per dollar of capital expenditures.
1.00

Select one:
True
False



The correct answer is 'False'.

, Question 3 If a firm has increasing returns to scale,
Correct then increasing all inputs by 1% will
increase output by more than 1%.
Mark 1.00 out of
1.00
Select one:
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
Select one or more:
1.00
a. downward-sloping.

b. below the long-run marginal cost curve.

c. upward sloping.

d. above the short-run average total cost
curve.



Your answer is correct.
The correct answer is: downward-sloping.

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