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