04 Jun 1. According to the principle of diminishing
Question
Microeconomics:
1. According to the principle of diminishing returns, if the number of workers is increased beyond the point of diminishing returns, then the additional worker:
a. increases total output by the same amount as previous workers
b. increases total output by more than the amount of previous workers
c. increases total output by less than the amount of previous workers
d. decreases total output
2. The marginal principle implies that an individual should produce or consume where:
a. marginal benefit exceeds marginal cost
b. marginal benefit is less than marginal cost
c. marginal benefit equals marginal cist
d. total benefit equals total cost
3. When the price of apples goes up:
a. The demand for apples will decrease, ceteris paribus
b. The demand for apples will increase, ceteris paribus
c. The quantity of apples demanded will decrease, ceteris paribus
d. The quantity of apples dem
4. The quantity supplied of hot dogs is 200 at the unit price of $3.50. Suppose the price elasticity of supply by the initial value method is 2, and you would like to induce seller to increase the quantity of hot dogs supplied to 220. The new price must be: a. $1.50 b. $2.00 c. $2.50 d. $3.00
5. The self-interest model of government: a. suggests that government officials are selfish b. explains why there are limits on government taxation and spending c. shows why some government projects take place even if the cost exceed the benefits d. all of the above
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