麦圭根《管理经济学》英文版题库Chapter7ProductionEconomics.docx

麦圭根《管理经济学》英文版题库Chapter7ProductionEconomics.docx

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麦圭根《管理经济学》英文版题库Chapter7ProductionEconomics

True/False

1. Themarginalproductistheincrementalchangeintotaloutputthatcanbeobtainedfromtheuseofonemoreunitofaninputintheproductionprocess,whilevaryingallotherinputs.

a. 

True

b. 

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy

QUESTION TYPE:

True/False

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

Analytic

TOPICS:

ProductionFunctionswithOneVariableInput

KEYWORDS:

Knowledge

DATE CREATED:

8/18/20161:

41PM

DATE MODIFIED:

8/18/20161:

59PM

2. Themarginalproductistheincrementalchangeintotaloutputthatcanbeobtainedfromtheuseofonemoreunitofaninputintheproductionprocess,whileholdingconstantallotherinputs.

​

a. 

True

b. 

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy

QUESTION TYPE:

True/False

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

Analytic

TOPICS:

ProductionFunctionswithOneVariableInput

KEYWORDS:

BLOOM’S:

Knowledge

DATE CREATED:

8/18/20161:

41PM

DATE MODIFIED:

8/18/20162:

00PM

MultipleChoice

3. What’strueaboutboththeshort-runandlong-runintermsofproductionandcostanalysis?

a. 

Intheshort-run,oneormoreoftheresourcesarefixed

b. 

Inthelong-run,allthefactorsarevariable

c. 

Thetimehorizondetermineswhetherornotaninputvariableisfixedornot

d. 

Thelawofdiminishingreturnsisbasedinpartonsomefactorsofproductionbeingfixed,astheyareintheshortrun.

e. 

Alloftheabove

ANSWER:

e

POINTS:

1

DIFFICULTY:

Moderate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

ReflectiveThinking-BPROG:

Analysis

TOPICS:

TheProductionFunction

KEYWORDS:

BLOOM’S:

Comprehension

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

4. Themarginalproductisdefinedas:

a. 

Theratiooftotaloutputtotheamountofthevariableinputusedinproducingtheoutput

b. 

Theincrementalchangeintotaloutputthatcanbeproducedbytheuseofonemoreunitofthevariableinputintheproductionprocess

c. 

Thepercentagechangeinoutputresultingfromagivenpercentagechangeintheamount

d. 

Theamountoffixedcostinvolved.

e. 

Noneoftheabove

ANSWER:

b

POINTS:

1

DIFFICULTY:

Moderate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

Analytic

TOPICS:

ProductionFunctionswithOneVariableInput

KEYWORDS:

BLOOM’S:

Comprehension

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

5. Fillinthemissingdatatosolvethisproblem.

VariableTotalAverageMarginal

InputProductProductProduct

4    ?

    70    ----

5    ?

    ?

    40

6    350    ?

      ?

Whatisthetotalproductfor5unitsofinput,andwhatisthemarginalproductfor6unitsofinput?

a. 

320and30

b. 

350and20

c. 

360and15

d. 

400and10

e. 

430and8

ANSWER:

a

POINTS:

1

DIFFICULTY:

Moderate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPRPOG:

Analysis

TOPICS:

ProductionFunctionswithOneVariableInput

KEYWORDS:

BLOOM’S:

Analysis

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

6. ThefollowingisaCobb-Douglasproductionfunction:

  Q=1.75K0.5·L0.5.  Whatiscorrecthere?

a. 

Aone-percentchangeinLwillcauseQtochangebyonepercent

b. 

Aone-percentchangeinKwillcauseQtochangebytwopercent

c. 

Thisproductionfunctiondisplaysincreasingreturnstoscale

d. 

Thisproductionfunctiondisplaysconstantreturnstoscale

e. 

Thisproductionfunctiondisplaysdecreasingreturnstoscale

ANSWER:

d

POINTS:

1

DIFFICULTY:

Mdoerate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

ReflectiveThinking-BPROG:

Analysis

TOPICS:

ReturnstoScale

KEYWORDS:

BLOOM’S:

Comprehension

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

7. SupposeyouhaveaCobb-Douglasfunctionwithacapitalelasticityofoutput（á）of0.28andalaborelasticityofoutput（â）of0.84.  Whatstatementiscorrect?

a. 

Thereareincreasingreturnstoscale

b. 

Iftheamountoflaborinput（L）isincreasedby1%,theoutputwillincreaseby0.84%

c. 

Iftheamountofcapitalinput（K）isdecreasedby1%,theoutputwilldecreaseby0.28%

d. 

ThesumoftheexponentsintheCobb-Douglasfunctionis1.12.

e. 

Alloftheabove

ANSWER:

e

POINTS:

1

DIFFICULTY:

Moderate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

ReflectiveThinking-BPROG:

Analysis

TOPICS:

TheProductionFunction

KEYWORDS:

BLOOM’S:

Comprehension

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

8. TheCobb-Douglasproductionfunctionis:

  Q=1.4*L0.6*K0.5.  Whatwouldbethepercentagechangeinoutput（%?

Q）iflaborgrowsby3.0%andcapitaliscutby5.0%?

[HINT:

%?

Q=（EL*%?

L）+（EK*%?

K）]

a. 

%?

Q=+3.0%

b. 

%?

Q=+5.0%

c. 

%?

Q=-0.70%

d. 

%?

Q=-2.50%

e. 

%?

Q=-5.0%

ANSWER:

c

POINTS:

1

DIFFICULTY:

Challenging

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPRPOG:

Analysis

TOPICS:

TheProductionFunction

KEYWORDS:

BLOOM’S:

Analysis

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

9. Ifthemarginalproductoflaboris100andthepriceoflaboris10,whilethemarginalproductofcapitalis200andthepriceofcapitalis$30,thenwhatshouldthefirm?

a. 

Thefirmshoulduserelativelymorecapital

b. 

Thefirmshoulduserelativelymorelabor

c. 

Thefirmshouldnotmakeanychanges–theyarecurrentlyefficient

d. 

UsingtheEquimarginalCriterion,wecan’tdeterminethefirm’sefficiencylevel

e. 

Bothcandd

ANSWER:

b

POINTS:

1

DIFFICULTY:

Moderate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

ReflectiveThinking-BPROG:

Analysis

TOPICS:

ProductionFunctionswithOneVariableInput

KEYWORDS:

BLOOM’S:

Analysis

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

10. Themarginalrateoftechnicalsubstitutionmaybedefinedasallofthefollowingexcept:

a. 

therateatwhichoneinputmaybesubstitutedforanotherinputintheproductionprocess,whiletotaloutputremainsconstant

b. 

equaltothenegativeslopeoftheisoquantatanypointontheisoquant

c. 

therateatwhichallcombinationsofinputshaveequaltotalcosts

d. 

equaltotheratioofthemarginalproductsofXandY

e. 

bandc

ANSWER:

c

POINTS:

1

DIFFICULTY:

Moderate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

ReflectiveThinking-BPROG:

Analysis

TOPICS:

ProductionwithMultipleVariableInputs

KEYWORDS:

BLOOM’S:

Comprehension

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

11. Thelawofdiminishingmarginalreturns:

a. 

statesthateachandeveryincreaseintheamountofthevariablefactoremployedintheproductionprocesswillyielddiminishingmarginalreturns

b. 

isamathematicaltheoremthatcanbelogicallyprovedordisproved

c. 

istherateatwhichoneinputmaybesubstitutedforanotherinputintheproductionprocess

d. 

noneoftheabove

ANSWER:

d

POINTS:

1

DIFFICULTY:

Moderate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

ReflectiveThinking-BPROG:

Analysis

TOPICS:

ProductionFunctionswithOneVariableInput

KEYWORDS:

BLOOM’S:

Comprehension

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

12. ThecombinationsofinputscostingaconstantCdollarsiscalled:

a. 

anisocostline

b. 

anisoquantcurve

c. 

theMRTS

d. 

anisorevenueline

e. 

noneoftheabove

ANSWER:

a

POINTS:

1

DIFFICULTY:

Easy

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

Analytic

TOPICS:

DeterminingtheOptimalCombinationofInputs

KEYWORDS:

BLOOM’S:

Knowledge

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

13. Inarelationshipamongtotal,averageandmarginalproducts,whereTPismaximized:

a. 

APismaximized

b. 

APisequaltozero

c. 

MPismaximized

d. 

MPisequaltozero

e. 

noneoftheabove

ANSWER:

d

POINTS:

1

DIFFICULTY:

Moderate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NATIONAL STANDARDS:

UnitedStates-BPROG:

ReflectiveThinking-BPROG:

Analysis

TOPICS:

ProductionFunctionswithOneVariableInput

KEYWORDS:

BLOOM’S:

Comprehension

DATE CREATED:

6/21/20168:

44AM

DATE MODIFIED:

6/21/20168:

44AM

14. Holdingthetotaloutputconstant,therateatwhichoneinputXmaybesubstitutedforanotherinputYinaproductionprocessis:

a. 

theslopeoftheisoquantcurve

b. 

themarginalrateoftechnicalsubstitution（MRTS）

c. 

equaltoMPx/MPy

d. 

alloftheabove

e. 

noneoftheabove

ANSWER:

d

POINTS:

1

DIFFICULTY:

Moderate

QUESTION TYPE:

MultipleChoice

HAS VARIABLES:

False

NA