ECON 528 / ECON528 Final Exam. Questions And Answers (100% Correct) A+ Graded

ECON528-850-ECON528-010- Started on Monday, 8 October 2018, 10:05 PM State Finished Completed on Monday, 8 October 2018, 10:51 PM Time taken 45 mins 58 secs Marks 15.00/20.00 Grade 7.50 out of 10.00 (75%) Question 1 Incorrect Mark 0.00 out of 1.00 Question 2 Incorrect Mark 0.00 out of 1.00 The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True False The correct answer is 'False'. We should use relatively more labor if we learn that the marginal product per dollar of labor expenditures is less than a marginal product per dollar of capital expenditures. Select one: True False The correct answer is 'False'. Question 19 Correct Mark 1.00 out of 1.00 The free-rider problem often leads to market failure. Whenever this occurs, it may be possible to have government provide the public good. Government is partially able to offset the free-rider problem by Select one: a. providing a transfer payment to those otherwise unable to afford the public good. b. forcing payment through its ability to tax. c. withholding the public good from anyone not willing to pay a user charge. d. acting as the monopoly producer of the good. The correct answer is: forcing payment through its ability to tax. Question 20 Incorrect Mark 0.00 out of 1.00 Which of the following is true of a public good? Select one: a. Everyone pays some of the cost of producing the good, but relatively few derive any benefit from the good. b. It is difficult to exclude nonpayers from using the good. c. The benefits from the good are enjoyed exclusively by those who pay for the good. d. The good is consumed by a majority of the people. The correct answer is: It is difficult to exclude nonpayers from using the good. Return to: Exam 2