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Econ Chapter 5 Test Flashcards | StudBud
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Econ Chapter 5 Test
Econ Chapter 5 Test
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Review of Chapter 5
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which would an item’s producer most likely do if total revenue on that item began to drop?
produce less of that item
raise the price of that item
produce more of that item
lower the price of that item
2
principle that more will be offered for sale at higher prices than at lower prices
total product
quantity supplied
subsidy
Law of Supply
3
amount offered for sale at a given price; point on the supply curve
supply
marginal cost
quantity supplied
average revenue
4
entirety of output or production by a firm
total product
e-commerce
average revenue
marginal cost
5
the different amounts offered for sale at each possible price in the market
subsidy
marginal cost
supply schedule
supply
6
Which term denotes the change in total income when one additional unit of output is added?
marginal revenue
change in supply
supply schedule
total product
7
which point in the stages of production does the max profitable # of workers become apparent?
the end of Stage I
the end of Stage III
the beginning of Stage III
the beginning of Stage I
8
Which of these best describes the influence of high prices on the behavior of producers?
High prices are an incentive for producers to produce more
High prices are an incentive for producers to produce less.
High prices have no influence on the behavior of producers.
High prices tell producers to use fewer materials and labor.
9
Which two terms are the most similar in meaning?
variable costs and overhead
marginal costs and fixed costs
marginal costs and variable costs
fixed costs and overhead
10
extra expense created by producing one additional unit of production
total product
marginal cost
production function
subsidy
11
a chart showing the quantities offered for sale at each possible price in the market
e-commerce
total product
supply schedule
supply
12
government payment to encourage or protect a certain economic activity
e-commerce
subsidy
production function
average revenue
13
Which of these do producers of an item hope to achieve when adopting new technologies?
a repeal of subsidies for production of that item
inelasticity of supply of that item
a shift of the supply curve for that item to the left
a shift of the supply curve for that item to the right
14
mean price of a unit of output
quantity supplied
marginal cost
average revenue
total product
15
Which of these best enables a firm to establish its profit-maximizing quantity of output?
a periodic marginal analysis
a periodic determination of its overhead
a periodic analysis of total revenue
a periodic determination of its break-even point
16
Which term is generally associated with machines and other capital goods?
variable cost
fixed cost
total cost
marginal cost
17
At which stage of production does the concept of “diminishing returns” first become significant
Stage I
Stage III
It is significant throughout the production process.
Stage II
18
graph showing how a change in the amount of a single variable input affects total output
supply schedule
production function
Law of Supply
total product
19
business conducted over the Internet
Law of Supply
supply
supply schedule
e-commerce
20
Which of these industries has the least elastic supply curve?
the automobile industry
the nuclear industry
the entertainment industry
the toy industry
