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Which option is correct?

Cartilage, muscle, vessels of lung develop from splanchnic mesoderm

Each lung is covered directly with parietal pleura except at the hilum

The embryonic lungs grow into a cavity called the pericardium

All respiratory passages are lined internally by a columnar epithelium

The lungs develop as primitive buds from the endoderm of midgut

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If the marginal rate of technical substitution of labour for capital is 6, the price of labour is $18, and the price of capital is $9, then the firm

should use more labour and less capital.

100%

should use more capital and less labour.

both a and c

both a and b

can substitute one unit of capital for six units of labour and keep output unchanged.

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A sofa manufacturer currently is using 50 workers and 30 machines to produce 5,000 sofas a day. The wage rate is $200 and the rental rate for a machine is $1,000. At these input levels, another worker adds 200 sofas, while another machine adds 500 sofas. If the firm uses 45 workers and 31 machines instead, then its

cost will be unchanged, and its output will increase by 500 units.

output will be unchanged, and its cost will decrease by $800.

cost will be unchanged, and its output will decrease by 500 units.

100%

none of the above

cost will be unchanged, and its output will increase by 300 units.

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A firm is using 500 units of labour and 100 units of capital to produce 100 units of output. Labour costs $5 per unit and capital $20 per unit. At these input levels, another unit of labour adds 50 units of output, while another unit of capital adds 400 units of output. The firm could increase output by

10 units by spending $1 more on capital and $1 less on labour.

100%

350 units by spending $1 more on labour and $1 less on capital.

none of the above

350 units by spending $1 more on capital and $1 less on labour.

10 units by spending $1 more on labour and $1 less on capital.

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Suppose that capital costs $10 per unit and labour costs $4 per unit. If the marginal product of capital is 50 and the marginal product of labour is 50, the firm should ________ in order to minimize its costs of producing its output.

employ less capital and more labour

100%

employ less capital and labour

NOT change its current factor use

employ more capital and labour

employ more capital and less labour

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In the long run, what happens to inputs?

None of the above.

Inputs that were fixed in the short run become variable.

100%

Inputs that were fixed in the short run remain fixed.

Inputs that were variable in the short run will increase.

Inputs that were variable in the short run will decrease.

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Suppose a firm experiences decreasing returns to scale. This is shown graphically by

an increasing marginal product curve.

a downward-sloping long-run average cost curve.

a horizontal long-run average cost curve.

an upward-sloping long-run average cost curve.

100%

a downward-sloping long-run marginal-cost curve.

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Suppose the long-run average cost curve is U-shaped. When LRAC is in the increasing stage, there exist

diseconomies of scope.

None of the above.

economies of scope.

economies of scale.

diseconomies of scale.

100%

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Constant returns to scale exist when long-run average costs

fluctuates as output increases.

decrease as output is increased.

None of the above.

increase as output is increased.

remain constant as output is increased.

100%

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When do economies of scale occur?

None of the above.

when average fixed costs are falling

when long-run average costs fall as output increases

100%

when long-run average costs rise as output increases

when average fixed costs are constant

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