University of Louisiana, Lafayette - ECON 528 Final Exam

University of Louisiana, Lafayette - ECON 528 Final Exam

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'.

, University of Louisiana, Lafayette - ECON 528 Final Exam
If a firm has increasing returns to scale, then increasing all inputs by 1% w
increase output by more than 1%.


Question 3
Correct Select one: True
False
Mark 1.00 out of
1.00




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.

, University of Louisiana, Lafayette - ECON 528 Final Exam

Over time, more experienced workers will demand higher wage and therefo
production for the producers.




Question 5
Incorrect Select one: True
False
Mark 0.00 out of 1.00




The correct answer is 'False'.