Essay on Eco 365 Final Exam

1362 Words Oct 8th, 2015 6 Pages
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Essay Sample: Page 2
the average product

B. the marginal product

C. the total product

D. value added

9) Which of the following is the best example of a long-run decision?

10) Other things being equal, when average productivity falls,

A. average fixed cost must rise

B. marginal cost must rise

C. average total cost must rise

D. average variable cost must rise



According to economist Colin Camerer of the California Institute of Technology, many New York taxi drivers decide when to finish work by setting an income goal for themselves. If this is true, then on busy days when the effective hourly wage is higher, taxi drivers will

A. work the same number of hours as they will on slower days

B. work fewer hours than they will on slower days

C. work more hours than they will on slower days

D. not work any hours



12) A firm’s demand for labor is derived from the

A. opportunity costs associated with labor and leisure

B. desires and needs of the entrepreneur

C. cost of labor inputs

D. demand for its output



13) Owen runs a delivery business and currently employs three drivers. He owns three vans that employees use to make deliveries, but he is considering
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