A) The maximum level of production an economy can achieve B) The average level of production in an economy C) The minimum level of production an economy can achieve D) The level of production that is most efficient
A) As more input is added to production, the output will increase at a decreasing rate B) As more input is added to production, the output will increase at a constant rate C) As more input is added to production, the output will decrease D) As more input is added to production, the output will increase at an increasing rate
A) The total output produced by a firm or an economy B) The average level of productivity in an economy C) The difference between total revenue and total cost D) The minimum level of productivity required for firms to stay in business
A) The total output divided by the total number of units of input B) The total output multiplied by the total number of units of input C) The total revenue divided by the total cost D) The difference between total revenue and total cost
A) The difference between total revenue and total cost B) The total output divided by the total number of units of input C) The total revenue divided by the total cost D) The additional output produced by adding one more unit of input
A) Technology is constant B) Production is efficient and maximized C) Resources are fixed in quantity and quality D) The economy is operating at full employment
A) The law of variable marginal returns B) The law of diminishing marginal returns C) The law of increasing marginal returns D) The law of constant marginal returns
A) The cost of materials and labor needed for production B) The cost of marketing and advertising C) All of the above D) The cost of land and capital equipment
A) The total cost divided by the total number of units produced B) The cost of producing one additional unit of output C) The cost of producing the last unit of output D) The difference between total revenue and total cost
A) The difference between total revenue and total cost B) The cost of producing one additional unit of output C) The total cost divided by the total number of units produced D) The cost of producing the last unit of output
A) The economy is operating at full employment B) Resources are fixed in quantity and quality C) The law of diminishing marginal returns applies to production D) Technology is constant
A) As more input is added to production, the output will increase at an increasing rate B) As more input is added to production, the output will remain constant C) As more input is added to production, the output will increase at a decreasing rate D) As more input is added to production, the output will increase at a constant rate
A) Money B) Labor C) Capital D) Land
A) The historical record of production in an economy B) The ratio of resources used in production C) The different combinations of goods an economy can produce with limited resources D) The trade-offs that occur when an economy produces two goods
A) The process of creating goods and services B) The process of consuming goods and services C) The process of selling goods and services D) The process of saving and investing money
A) The amount that needs to be paid to suppliers and employees. B) The expenses incurred to produce a product or service. C) The total expenses minus the revenue generated from sales. D) The monetary value of resources used in production.
A) The monetary value of resources used in production. B) The amount of money spent on advertising and marketing. C) The amount that needs to be paid to suppliers and employees. D) The total expenses incurred to produce a product or service.
A) Energy consumption B) Rent for a production facility C) Raw materials D) Wages of production workers
A) The cost of producing one unit of a product B) The cost of marketing and advertising C) The sum of fixed cost and variable cost D) The cost of raw materials only
A) Rent for a production facility B) Depreciation of machinery C) Cost of raw materials D) Salary of the production manager
A) The sum of fixed cost and variable cost B) The difference between total cost and variable cost C) The ratio of total fixed cost to the quantity of output D) The cost of producing one additional unit of a product
A) The sum of fixed cost and variable cost B) The ratio of total variable cost to the quantity of output C) The difference between total cost and variable cost D) The cost of producing one additional unit of a product
A) The ratio of total fixed cost to the quantity of output B) The sum of fixed cost and variable cost C) The difference between total cost and variable cost D) The cost of producing one additional unit of a product
A) MC and AVC are equal at all levels of output B) MC is always greater than AVC C) MC is inversely related to AVC D) MC is always lesser than AVC
A) Fixed Cost (FC) B) Marginal Cost (MC) C) Variable Cost (VC) D) Average Fixed Cost (AFC)
A) AVC remains constant B) AVC becomes zero C) AVC increases D) AVC decreases
A) Average Fixed Cost (AFC) B) Total Cost (TC) C) Marginal Cost (MC) D) Variable Cost (VC)
A) Fixed Cost (FC) B) Variable Cost (VC) C) Total Cost (TC) D) Average Fixed Cost (ACF)
A) Average Fixed Cost (AFC) B) Marginal Cost (MC) C) Total Cost (TC) D) Average Variable Revenue (AVR)
A) AFC = FC / Output B) AFC = TC / VC C) AFC = VC / Output D) AFC = TC / FC
A) The total amount of money earned from selling goods and services B) The amount of money paid to suppliers and workers C) The profit earned from a business venture D) The cost incurred to produce goods and services
A) Break-even B) Investment C) Loss D) Profit
A) Advertising expenses B) Wages for temporary workers C) Raw materials D) Rent for a factory
A) Insurance premiums B) Electricity bills C) Depreciation on machinery D) Loan repayments
A) Number of units sold multiplied by price per unit B) Number of units sold divided by price per unit C) Total cost divided by profit D) Total cost minus profit
A) The total revenue earned from all sales B) The revenue earned from each unit sold C) The revenue earned from variable costs D) The revenue earned from fixed costs only
A) Comparing total revenue to average revenue B) Multiplying total revenue by price per unit C) Subtracting total cost from total revenue D) Dividing change in total revenue by change in quantity sold
A) Increase production B) Maintain the current level of production C) Decrease production D) Raise prices
A) Incurs a loss B) Expands its product range C) Breaks even D) Makes a profit
A) The revenue earned from all sales of a product B) The revenue earned from fixed costs only C) The revenue earned from a single unit of a product D) The revenue earned from variable costs only
A) The number of workers employed B) The price of raw materials C) The number of units produced D) The amount of profit earned
A) Training programs for employees B) Research and development of new products C) Marketing and advertising campaigns D) Paying salaries to workers
A) Higher fixed costs B) Increased competition C) Decreased consumer demand D) Rising variable costs
A) The level that covers only fixed costs B) The level that covers total costs C) The level that covers only variable costs D) The most competitive price in the market
A) Interest earned from investments B) Fees charged by a law firm C) Rental income from real estate D) Sales of agricultural produce
A) The physical infrastructure of a country B) The political system of a country C) The educational system of a country D) The organization of production, distribution, and consumption of goods and services in a society
A) Traditional economy B) Command economy C) Mixed economy D) Market economy
A) Inequality B) Lack of stability C) Slow economic growth D) Overreliance on technology
A) Extensive government control over production and distribution B) Limited role of private enterprise C) Competition and consumer choice D) Price determination by central planners
A) Local communities B) International organizations C) Private individuals and businesses D) Government |