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WorksheetsECON 5.2
Total questions: 10
Worksheet time: 8mins
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
