This Economics Test assesses understanding of key microeconomic concepts such as government influence on savings, marginal returns, cost structures, and long-term planning in production. It's designed to enhance learners' grasp of economic principles and their application in real-world scenarios.
Long run average cost curve.
Short run average cost curve.
Average variable cost curve.
Average total cost curve.
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The services of a doctor are considered production
Man can create matter.
The services of a housewife are considered production
When a man creates a table, he creates matter
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ATC = AFC – AVC
AVC = AFC + ATC
AFC = ATC + AVC
AFC = ATC – AVC
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Average fixed costs are rising
Average total costs are falling
Average total costs are rising.
Average total costs are minimized
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Average cost curve.
Marginal cost curve.
Average variable cost curve.
Average fixed cost curve.
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Variable cost.
Fixed cost
Opportunity cost.
Economic cost
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Returns to scale
Law of diminishing returns to a factor
Law of variable proportions.
Least cost combination of factors.
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Accumulation of capital depends solely on income of individuals.
Savings can be influenced by government policies.
External economies go with size and internal economies with location.
The supply curve of labour is an upward slopping curve.
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Average cost.
Marginal cost
Fixed cost.
Variable cost.
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Output will also decrease by 10%.
Output will increase by 10%.
Output will increase by less than 10%.
Output will increase by more than 10%.
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Innovate
Bear the sense of responsibility
Finance
Earn profi
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The production function
The price of labour.
Taxes
The price of the firm’s output
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Equals zero.
Equals the average product of labour.
Is maximized
None of the above
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An increase in pollution level.
Diseconomies of scale.
Economies of scale.
Constant returns to scale.
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Average fixed cost
Average total cost.
Average variable cost.
Marginal cost
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Decreasing average variable costs.
Decreasing marginal costs.
Increasing marginal costs.
Decreasing average fixed costs.
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Total product curve
Average product curve.
Marginal product curve
Implicit product curve
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Diseconomies of scale.
Increasing returns.
The firm being able to take advantage of large-scale production techniques as it expands its output
The increase in productivity that results from specialization
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200
50
100
300
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