chap6中级宏观经济学答案华中科技大学docx.docx
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chap6中级宏观经济学答案华中科技大学docx.docx
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chap6中级宏观经济学答案华中科技大学docx
Microeconomics,4e(Perloff)
Chapter6FirmsandProduction
6.1TheOwnershipandManagementofFirms
1)Economiststypicallyassumethattheownersoffirmswishto
A)produceefficiently・
B)maximizesalesrevenues・
C)maximizeprofits・
D)Alloftheabove.
Answer:
C
Topic:
TheOwnershipandManagementofFirms
2)Anorganizationthatconvertsinputs(likeLabor,Capitaletc.)intooutputiscalleda
A)firm.
B)soleproprietorship.
C)corporation.
D)Alloftheabove.
Answer:
D
Topic:
TheOwnershipandManagementofFirms
3)Efficientproductionoccursifafirm
A)cannotproduceitscurrentlevelofoutputwithfewerinputs.
B)giventhequantityofinputs,cannotproducemoreoutput.
C)maximizesprofit.
D)Alloftheabove.
Answer:
D
Topic:
TheOwnershipandManagementofFirms
4)Limitedliabilityisabenefitto
A)soleproprietorships.
B)partnerships.
C)corporations.
D)Alloftheabove.
Answer:
C
Topic:
TheOwnershipandManagementofFirms
Forthefollowing,pleaseanswernTruenorFalse"andexplainwhy.
5)Onlycorporationsbenefitfromlimitedliability.
Answer:
True・Individualsinsoleproprietorshipsandpartnershipsarepersonallyresponsiblefordebt.Topic:
TheOwnershipandManagementofFirms
6)Whendowemeanbyefficientproduction?
Answer:
Efficientproductionimpliesthatnoinputsarewasted.Ifagivennumberofoutputisefficientlyproduceditisnotpossibletoproducethesameamountwithlessinputs.
Topic:
TheOwnershipandManagementofFirms
6.2Production
1)Whichofthefollowingstatementsbestdescribesaproductionfunction?
A)themaximumprofitgeneratedfromgivenlevelsofinputs
B)themaximumlevelofoutputgeneratedfromgivenlevelsofinputs
C)alllevelsofoutputthatcanbegeneratedfromgivenlevelsofinputs
D)alllevelsofinputsthatcouldproduceagivenlevelofoutput
Answer:
B
Topic:
Production
2)Withrespecttoproduction,theshortrunisbestdefinedasalimeperiod
A)lastingaboutsixmonths.
B)lastingabouttwoyears.
C)inwhichallinputsarefixed・
D)inwhichatleastoneinputisfixed・
Answer:
D
Topic:
Production
3)Inthelongrun,allfactorsofproductionare
A)variable.
B)fixed.
C)materials.
D)rented.
Answer:
A
Topic:
Production
4)Joeycutsgrassduringthesuinmer.Heownsonelawnmower.Forhim,theshortrunisequalto
A)theamountoftimeittakestoacquiremorecustomers.
B)theamountoftimeittakestohireanadditionalemployee・
C)theamountoftimeittakestohireanadditionalemployeeandbuyanotherlawnmower.
D)theamountoftimeittakestomowonelawn.
Answer:
C
Topic:
Production
5)Joeycutsgrassduringthesummer.Herentsalawnmowerfromhisdad.WhichofthefollowingstatementsbestillustratesthedifferencebetweentheshortrunandthelongrunforJoey?
A)Joey'sfriendssaytheywillhelphim,butwhenhecallsthem,theysaytheyhaveotherthingstodo.
B)WhenJoeyacquiresmorecustomers,herespondsbyworkingmorehours・Nextyear,hewillbuyalawnmowerandsplittheworkwithhisbrother.
C)SomecustomerspayJoeyimmediately;otherswaittillthefollowingweek.
D)Joeyhashadtoturnawaysomecustomersbecauseheisalreadytoobusy・
Answer:
B
Topic:
Production
Forthefollowing,pleaseanswernTruenor"False"andexplainwhy.
6)Thelengthoftheshort-runisthesameforallfirms.
Answer:
False•Firmsdifferintheirabilitytochangetheamountofcapitaltheyemploy.Therefore,theshort-runperiodislikelydifferentforfirmsindifferentindustries.
Topic:
Production
7)Explainwhylabormightnotalwaysbeavariableinput.
Answer:
Intherealworldunitsoflaborarenotidentical.Manyfirmsemployhighlyspecializedunitsoflabor.Theirsupplymightbeveryinelasticsothatthefirmcannoteasilyincreasetheamountofthistypeoflabor.Topic:
Production
6.3Short-RunProduction:
OneVariableandOneFixedInput
Labor
Output
1
10
2
18
3
24
4
28
5
30
1)Theabovefigureshowstheshort-runproductionfunctionforAlbert'sPretzels,Themarginalproductivityoflabor
A)risesthenfallsastheamountofcapitalincreases.
B)fallsthenrisesastheamountoflaborincreases・
C)isgreaterthanorequaltotheaverageproductivityoflaborforallamountsoflabor.
D)islessthanorequaltotheaverageproductivityoflaborforallamountsoflabor.
Answer:
D
Topic:
Shorl-runProduction
2)Theabovefigureshowstheshort-runproductionfunctionforAlbert'sPretzels.Themarginalproductivityoflaborforthethirdworkeris
A)6.
B)&
C)24.
D)notknownfromtheinformationprovided・
Answer:
A
Topic:
Short-runProduction
3)Theabovefigureshowstheshort-runproductionfunctionforAlbert'sPretzels,Themarginalproductivityoflaborequalstheaverageproductivityoflabor
A)foralllevelsoflabor.
B)atnoneofthelevelsoflabor.
C)onlyforthefirstworker.
D)onlyforthefifthworker.
Answer:
C
Topic:
Short-runProduction
4)Theabovefigureshowstheshort-runproductionfunctionforAlbert'sPretzels.Thelawofdiminishingmarginalproductivity
A)appearswiththesecondworker.
B)hasnotyetappearedforanyofthelevelsoflabor.
C)firstappearswiththefifthworker.
D)isrefutedbythisevidence.
Answer:
A
Topic:
Short-runProduction
5)Theabovefigureshowstheshort-runproductionfunctionforAlbeifsPretzels.Theaverageproductoflabor
A)increasesfirstandthendecreases・
B)decreasesfirstandthenincreases・
C)decreasesthroughout.
D)increasesthroughout.
Answer:
C
Topic:
Short-runProduction
6)Iftheaverageproductivityoflaborequalsthemarginalproductivityoflabor,then
A)theaverageproductivityoflaborisatamaximum.
B)themarginalproductivityoflaborisatamaximum.
C)BothAandBabove.
D)NeitherAnorBabove.
Answer:
A
Topic:
Short-runProduction
7)TheAverageProductofLaboris
A)thechangeintotalproductresultingfromanextraunitoflabor,holdingotherfactorsconstant•
B)theratioofoutputtothenumberofworkersusedtoproducethatoutput.
C)theamountofoutputthatcanbeproducedbyagivenamountoflabor.
D)equaltothemarginalproductoflaborwhentheaverageproductisincreasing・
Answer:
B
Topic:
Short-runProduction
8)TotalProductis
A)thechangeintotalproductresultingfromanextraunitoflabor,holdingotherfactorsconstant.
B)theratioofoutputtothenumberofworkersusedtoproducethatoutput.
C)theamountofoutputthatcanbeproducedbyagivenamountoflabor.
D)equaltothemarginalproductoflaborwhentheaverageproductisincreasing・
Answer:
C
Topic:
Short-runProduction
9)TheMarginalProductofLaboris
A)thechangeintotalproductresultingfromanextraunitoflabor,holdingotherfactorsconstant.
B)theratioofoutputtothenumberofworkersusedtoproducethatoutput.
C)theamountofoutputthatcanbeproducedbyagivenamountoflabor.
D)equaltothemarginalproductoflaborwhentheaverageproductisincreasing.
Answer:
A
Topic:
Short-runProduction
10)Averageproductivitywillfallaslongas
A)marginalproductivityisfalling.
B)itexceedsmarginalproductivity.
C)itislessthanmarginalproductivity・
D)thenumberofworkersisincreasing.
Answer:
B
Topic:
Short-runProduction
11)Ifthemarginalproductivityoflaborisconstantforalllevelsofoutput,thentheaverageproductivityoflabor
A)isconstant・
B)equalsthemarginalproductivityoflabor.
C)BothAandBabove.
D)EitherAorBabovebutnotboth.
Answer:
C
Topic:
Short-runProduction
12)Joeycutslawnsduringthesummer.Letqequalthenumberofacresmowedperday,andletLequalthenumberofhoursworkedperday.Joeyneverworksmorethaneighthoursperday,andduringthattimehisshort-runproductionfunctionisq=0.2*L.WhichofthefollowingstatementsisFALSE?
A)Joey'smarginalproductivityequalshisaverageproductivity・
B)Joey'smarginalproductivitydiminishesby0.2foreachadditionalhourworked・
C)Joey'saverageproductivityisconstant.
D)Joey'smarginalproductivityisconstant.
Answer:
B
Topic:
Short-runProduction
13)Atanygivenpointonthecurve,theslopeofthetotalproductcurvealwaysequals
A)theratioofthemarginalproductandtheaverageproduct.
B)thechangeininputdividedbythechangeinoutput.
C)theaverageproductoftheinput.
D)themarginalproductoftheinput.
Answer:
D
Topic:
Short-runProduction
14)Whichofthefollowingstatementsbestsummarizesthelawofdiminishingmarginalreturns?
A)Intheshortrun,asmorelaborishired,outputdiminishes.
B)Intheshortrun,asmorelaborishired,outputincreasesatadiminishingrate.
C)Intheshortrun,theamountoflaborafirmwillhirediminishesasoutputincreases.
D)Asmorelaborishired,thelengthoftimethatdefinestheshortrundiminishes.
Answer:
B
Topic:
Short-runProduction
15)Whichsituationismostlikelytoexhibitdiminishingmarginalreturnstolabor?
A)afactorythatobtainsanewmachineforeverynewworkerhired
B)afactorythathiresmoreworkersandneverincreasestheamountofmachinery
C)afactorythatincreasestheamountofmachineryandholdsthenumberofworkerconstant
D)Noneofthesesituationswillresultindiminishingmarginalreturnstolabor.
Answer:
B
Topic:
Shorl-runProduction
16)ThomasMalthus1predictionofmassstarvationresultingfromdiminishingmarginalreturnshasnotbeenfulfilledbecause
A)thelawofdiminishingmarginalreturnsdidnotholdinthiscase.
B)Malthusignoredotherfactorsliketechnologicalchange.
C)relativetoMalthus'day,largerpercentageoftoda/slaborworksintheagriculturalsector.
D)Alloftheabove.
Answer:
B
Topic:
Short-runProduction
Forthefollowing,pleaseanswernTrueuor91False"andexplainwhy.
17)Wereitno
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