An Exposing Discussion And Synopsis Regarding » Labor And Employment Law Quiz Coupled With Other Analyses
[mage lang="" source="flickr"]labor and employment law quiz[/mage]
Quiz of Economics?
7. A function that indicates the maximum output per unit of time that a firm
can produce, for every combination of inputs with a given technology, is
called:
a. An isoquant.
b. A production possibility curve.
c. A production function.
d. An isocost function
8. Writing total output as Q, change in output as dQ, total labor
employment as L, and change in labor employment as dL, the marginal
product of labor can be written algebraically as:
a. dQ d L.
b. Q / L.
c. dL / dQ.
d. dQ / dL.
9. The law of diminishing returns applies to:
a. The short run only.
b. The long run only.
c. Both the short and the long run.
d. Neither the short nor the long run.
10. Which of the following costs always declines as output increases?
a. Average cost
b. Marginal cost
c. Fixed cost
d. Average fixed cost
7-c
8-c
9-c
10-d
Tags: bookmarks, flickr, photo, photography, sharing