ECON 5.2

The stages of production are distinguished by their marginal product.

• True

• False

The stages of production measure the effects of workforce size on marginal products.

• True

• False

The third stage of production is distinguished by an increase in output.

• True

• False

Changes to variable and fixed input are easiest during a long-run production period.

• True

• False

A producer's "marginal product" and "total product" are generally the same amount.

• True

• False

Labor in a factory is an example of which of these?

• a marginal product

• a diminishing return

• a fixed factor product

• a variable factor product

In the short run, the amount of capital available for manufacturing is an example of which of these?

• a marginal product

• a diminishing return

• a fixed factor product

• a variable factor product

Which of these could a firm accomplish during a short run production period?

• relocation of factories

• hiring and firing workers

• purchase and development of land

• development of new manufacturing technology

Which of these can be illustrated with a production function?

• the effects of consumer demand on total output

• the effect of factory reorganization on total output

• the effect of an increase in work hours on total output

• the effect of capital and wage adjustments on total output

When a firm's rate of hiring likely to highest?

• during a phase of negative marginal returns

• during a phase of uncertain marginal returns

• during a phase of increasing marginal returns

• during a phase of decreasing marginal returns