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Microeconomics [ch. 13]

26 Questions  I  By Emy_2
Economics Quizzes & Trivia
The Costs of Production

  
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1.  Total revenue equals the quantity of output the firm produces times the price at which it sells its output
A.
B.
2.  Wages and salaries paid to workers are an example of implicit costs of production
A.
B.
3.  If total revenue is $100, explicit costs are $50, and implicit costs are $30, then accounting profit equals $50
A.
B.
4.  If there are implicit costs of production, accounting profits will exceed economic profits
A.
B.
5.  When a production function gets flatter, the marginal product is increasing
A.
B.
6.  If a firm continues to employ more workers within the same size factory, it will eventually experience diminishing marginal product 
A.
B.
7.  If the production function for a firm exhibits diminishing marginal product, the corresponding total-cost curve for the firm will become flatter as the quantity of output expands
A.
B.
8.  Fixed cost plus variable costs equal total costs
A.
B.
9.  Average total costs are total costs divided by marginal costs
A.
B.
10.  When marginal costs are below average total costs, average total costs must be falling
A.
B.
11.  If, as the quantity produced increases, a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will be U-shaped
A.
B.
12.  The average-total-cost curve crosses the marginal-cost curve at the minimum of the marginal-cost curve
A.
B.
13.  The average-total-cost curve in the long run is flatter than the average-total-cost curve in the short run
A.
B.
14.  The efficient scale for a firm is the quantity of output the minimizes marginal cost
A.
B.
15.  In the long run, as a firm expands its production facilities, it generally first experiences diseconomies of scale then constant returns to scale, and finally economies of scale
A.
B.
16.  Accounting profit is equal to total revenue minus
A.
B.
C.
D.
E.
17.  Economic profit is equal to total revenue minus
A.
B.
C.
D.
E.
18.  If there are implicit costs of production
A.
B.
C.
D.
E.
19.  If a production function exhibits diminishing marginal product, its slope
A.
B.
C.
D.
20.  If a production function exhibits diminishing marginal product, the slope of the corresponding total-cost curve
A.
B.
C.
D.
21.  Which of the following is a variable cost in the short run?
A.
B.
C.
D.
E.
22.  When marginal costs are below average total costs
A.
B.
C.
D.
23.  If, as the quantity produced increases, a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will
A.
B.
C.
D.
24.  In the long run, if a very small factory were to expand its scale of operations, it is likely that it would initially experience
A.
B.
C.
D.
25.  The efficient scale of production is the quantity of output that minimizes
A.
B.
C.
D.
26.  Which of the following statements is true
A.
B.
C.
D.
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