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ECON 130 Midterm 3 || with 100% Errorless Solutions.
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  • ECON 130
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  • ECON 130

The total product of labor is... A. The change in total output when an additional worker is hired. B. The total output produced by a given number of workers. C. The labor required to make a single good. D. The labor required to make one more good. correct answers B. The total output produced ...

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  • August 18, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
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  • the total product of labor is a the change in

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  • ECON 130
  • ECON 130

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ECON 130 Midterm 3 || with 100% Errorless Solutions.
The total product of labor is...

A. The change in total output when an additional worker is hired.
B. The total output produced by a given number of workers.
C. The labor required to make a single good.
D. The labor required to make one more good. correct answers B. The total output produced by a
given number of workers.

The marginal product of labor is...

A. The change in total output when an additional worker is hired.
B. The total output produced by a given number of workers.
C. The labor required to make a single good.
D. The labor required to make one more good. correct answers A. The change in total output
when an additional worker is hired.

Comparative advantage is the...

A. Ability to produce all goods at a lower opportunity cost.
B. Ability to produce a good at a lower opportunity cost than someone else.
C. Comparing trade patterns.
D. Advantage a country gets from its location. correct answers B. Ability to produce a good at a
lower opportunity cost than someone else.

Canada and Mexico can both produce wood and cement. If in one year Canada can produce 400
tons of wood, and 200 tons of cement, and in the same time Mexico can produce 300 tons of
wood, and 300 tons of cement, which is true about absolute advantage?

A. Canada has an absolute advantage in wood.
B. Mexico has an absolute advantage in wood.
C. Mexico has an absolute advantage in cement
D. Both A and C are true. correct answers D. Both A and C are true.

Canada and Mexico can both produce wood and cement. If in one year Canada can produce 400
tons of wood, and 200 tons of cement, and in the same time Mexico can produce 250 tons of
wood, and 500 tons of cement, what goods should Canada and Mexico trade?

A. Canada should trade wood, and Mexico should trade cement.
B. Canada should trade cement, and Mexico should trade wood.
C. Canada should trade both wood and cement.
D. Neither country would be made better off from trade. correct answers A. Canada should trade
wood, and Mexico should trade cement.

Absolute advantage is the...

, A. Ability to produce a good at a lower cost than your trading partners.
B. Ability to produce a good at a higher cost than your trading partners.
C. Advantage a country has in resources.
D. Ability to produce many goods. correct answers A. Ability to produce a good at a lower cost
than your trading partners.

When two countries trade, which of the following is true?

A. Each country must buy more of all products.
B. Each country will be able to specialize in one good.
C. Each country will have an absolute advantage in the good they trade.
D. Specialization leads to less goods and services. correct answers B. Each country will be able
to specialize in one good.

Suppose the total cost of producing 2 chairs is $10. The total cost of producing 3 chairs is $16.
What is the marginal cost of the 3rd chair?

A. $4
B. $6
C. $8
D. $16 correct answers B. $6

Total cost is equal to

A. (Total Fixed Cost) + (Total Variable Cost)
B. (Total Fixed Cost)/ (Total Variable Cost)
C. (Average Fixed Cost) x (Total Variable Cost)
D. (Average Fixed Cost) x (Average Variable Cost) correct answers A. (Total Fixed Cost) +
(Total Variable Cost)

According to the marginal-average rule,

A. marginal cost is greater than average cost at the minimum of average cost.
B. marginal cost is smaller than average cost at the minimum of average cost.
C. marginal cost is equal to average cost at the minimum of average cost.
D. marginal cost is always equal to average cost. correct answers C. marginal cost is equal to
average cost at the minimum of average cost.

Firm's profits are maximized when the marginal revenue (MR) equals which of the following?

A. TC
B. MC
C. ATR
D. ATC correct answers B. MC

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