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Economics Study Set 4
Quiz 11: Technology,production,and Costs
Refer to Table 11-1
Question 60
Multiple Choice
Refer to Table 11-1.What is the marginal product of the 4th worker? A) 137 pounds B) 50 pounds C) 12.5 pounds D) 5 pounds
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Related questions
Q 61
Refer to Table 11-1.What is the average product of labor when the farm hires 5 workers? A) 4 pounds B) 10.8 bushels C) 38.2 pounds D) 54 pounds
Q 62
Refer to Table 11-1.Diminishing marginal returns sets in when the ________ worker is hired. A) 2nd B) 3rd C) 4th D) None of the above; the production function displays increasing marginal returns.
Q 63
Who was the economist who first analyzed the advantages of specialization and the division of labor? A) David Ricardo B) Arthur C. Pigou C) Ronald Coase D) Adam Smith
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