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