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CH5, 6 Review (Econ) Flashcards | StudBud
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CH5, 6 Review (Econ)
CH5, 6 Review (Econ)
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CH 5, 6 Quiz Review
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
The definition of supply is the amount of a product that would be produced at all possible?
Prices
Schedules
Demands
Quantities
2
Marginal revenue is the extra revenue from the production and sale of one additional unit.
True
False
3
Fixed Costs are associated with labor and raw materials.
False
True
4
A minimum wage increase would be considered what type of factor to supply?
Technology
Cost of Production
Taxes / Government Regulation
Productivity
5
What is the marginal product for hiring 10 workers?
6
9
-3
4
6
An example of a Fixed Cost would be rent?
False
True
7
Production of fertilizers and quality seeds would be considered what type of factor to supply?
Productivity
Technology
Cost of Production
Taxes / Government Regulation
8
The Law of Supply states that because as the price goes up, the supply goes down.
True
False
9
Prices are decision-making tools that affect the behavior of individuals.
True
False
10
In terms of advantages of prices, Efficiency means that?
prices able to change for natural disasters, war, etc.
no cost of administration, market sets prices
known prices all our life, $1.99 is $1.99
prices do not favor producer or consumer
11
Marginal Costs is the extra cost incurred to produce one more unit of output.
False
True
12
If the price of oil falls, the producer will offer more oil for sale.
True
False
13
Marginal revenue is the most useful measure of revenue cause it helps with profit maximization.
True
False
14
In terms of advantages of prices, Neutrality means that?
no cost of administration, market sets prices
prices able to change for natural disasters, war, etc.
known prices all our life, $1.99 is $1.99
prices do not favor producer or consumer
15
Total Cost (TC) = ?
TC = FC + MR
TC = TR + MR
TC = FC + VC
TC = TR + FC
16
This occurs when the price for a product is too low.
Shortage
Surplus
17
Variable Costs incur even when there is little or no activity.
False
True
18
Workers becoming trained to produce goods faster is considered what type of factor to supply?
Productivity
Technology
Cost of Production
Taxes / Government Regulation
19
Fixed resources change as you produce more.
True
False
20
All resources are variable in the long run.
True
False
21
A company is in the short run when they have?
1 fixed resource
2 variable resources
1 variable resource
2 fixed resources
22
Stage II is the production function of decreasing returns because marginal product is falling.
True
False
23
If a company pays higher taxes, it will produce less at each possible price.
False
True
24
A payment to protect a type of economic activity is considered what type of factor to supply?
Cost of Production
Subsidies
Productivity
Technology
25
Rationing is a system in which the market decides everyone’s “fair” share.
True
False
26
The shortage price should be _______ than the surplus and equilibrium price.
Lower
Higher
Equal
27
Equilibrium Price means that the quantity demanded equals the quantity supplied.
False
True
28
At what Stage of Production should a business find a balance between product and workers?
Stage III
Stage I
Stage II
Stage IV
29
A new pizzeria is considered to be in the short run because they have 2 ovens.
True
False
