9. According to the USDA, the 40-year trend in the percentage of per capita disp

Question

9. According to the USDA, the 40-year trend in the percentage of per capita disposal income spent on food in the U.S has been for food prepared and consumed at home and for food consumed away from home a. increasing, inceasing c. decreasing, increasing b. increasing, decreasing d. decreasing, decreasing 10. According to the USDA, which State has the highest level of Gross Farm Sales? a. California c. lowa b. Texas d. Kansas 11. Productivity is a term economist use when evaluating the of a production system. a. technology C. responsiveness b. efficiency d. profitability 12. Multi- Factor Productivity is measured using the following formula: a. b. C. d. 13. Marginal Product of Labor is defined as; a. The change in total output that results from a one unit change in labor, b. Dividing total output by total labor used in the production process c. Summing up total labor productivity d. All of the above. 14. For a simple production model Q-RL), were Q is output and L is labor input, what economic condition will result in Q being at its max value? a. Marginal product of labor being greater than average product of labor b. Marginal product of labor being less than the average product of labor c. Marginal product of labor is equal to the average product of labor d. Marginal product of labor is equal to zero. 15. In the Food and Beverage Manufacturing sector, which subsector accounts for the largest S value of product shipments (total sales revenue)? a, meat sector vegetables c. fruit and b. dairy sector d. seafood

Explanation / Answer

11. A. Efficiency. Productivity measures how productive or efficient is our production system. Like how many mash units a machine can produce in an hour, how many units of labor will maximize profits etc.

13. A. MPl = dQ/ dL. Marginal productivity of labor is the net addition to total output products by an additional unit of labor.

14. D. MPl = 0. When mp = ap, output starts increasing at a diminishing rate and when mp=0, tp is maximum. When mp is negative, tp starts declining.

15. B. Dairy sector. Dairy sector is the most important industry. Its products ranges from milk, cheese, condensed milk, butter, etc.

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