ECO204 Principles of Microeconomics
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Week 3 Quiz
Question 1The addition to total product resulting from employing one more unit of a productive resource is the __________.
marginal input
marginal product
average product
total product
Question 2An example of a horizontally integrated firm is one that __________.
owns several plants, each manufacturing the same product
owns several plants, each handling a different stage of production
has several factories making different products within the same region
produces a variety of goods and sells them in widely disparate markets
Question 3A description of the amounts of output expected from various combinations of inputs is called __________.
technical efficiency
a production function
economic efficiency
an economic forecast
Question 4In a production function, in the short run, some inputs are fixed. In the long run, all inputs are __________.
fixed
variable
increasing
decreasing
Question 5If Geeta buys wood and piano wire every month to manufacture pianos in the plant she has leased for 4 years, she is operating __________.
without a production function
in the short run
in the long run
a vertically integrated firm
Question 6A firm should leave production unchanged when __________.
marginal cost = marginal revenue
marginal cost > marginal revenue
marginal cost = marginal revenue
marginal cost < marginal revenue Question 7A companys profits are greatest when __________ by the largest possible amount. marginal revenue exceeds total revenue explicit costs exceed opportunity costs short-run profits exceed long-run profits total revenue exceeds total cost Question 8Economic profit is calculated as __________. total revenue opportunity costs total revenue implicit costs total revenue (explicit costs + implicit costs) total revenue explicit costs Question 9The rate of return that is necessary to keep capital and enterprise in an industry is known as __________ profit. accounting opportunity economic normal Question 10The long-run decision regarding the size of a firms physical operations is determined by the selection of the desired __________. short-run AC curve long-run AC curve plant size that matches the fixed quantity of labor quantity of labor supported by the fixed capital Explanation & Answer Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click and we will direct you to our Order Page at Litessays. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline. Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax. Order Plagiarism Free Answer Here Post Tags: #General Education
