.Variable inputs are defined as any resource that:
a. varies with the size of the firm's plant.
c. can be changed as output changes.
d. can be increased or decreased hourly.
b. cannot be changed as output changes.
During the short-run period of the production process, a firm will be:
a. unable to vary any of its factors of production.
c. able to vary all of its factors of production.
b. able to vary some of its factors of production.
d. able to vary the size of its plant.
The short run is a period of time:
a. in which a firm uses at least one fixed input.
b. that is long enough to permit changes in the firm's plant size.
c. in which production occurs within one year.
d. in which production occurs within six months.
Which of the following factors of production is not variable in the long run?
a. the size of the firm's plant.
c. highly trained labor.
d. All factors of production are variable in the long run.
b. property taxes on the assets of the firm.
The long run is a period of:
a. at least one year.
b. sufficient length to allow a firm to expand output by hiring additional workers.
c. sufficient length to allow a firm to alter its plant size and capacity and all other factors of production.
d. sufficient length to allow a firm to transform economic losses into economic profits by hiring better workers.
If two workers can produce 22 units of output, and the addition of a third worker increases output to 30 units, the marginal product of the third worker is:
a. 8 units.
b. 10 units.
c. 22 units.
d. 30 units.
Which of the following is true about average fixed cost?
a. Average fixed cost has a U-shape, and marginal cost crosses average fixed cost at its minimum point.
c. Average fixed cost is the difference between marginal cost and average total cost.
d. AFC is AFC divided by the quantity of output produced, and it declines steadily as output increases.
b. Average fixed cost does not vary as output increases.
Which of the following is most likely to be a fixed cost for a business?
a. expenditures on low-skill labor.
c. materials costs.
d. property taxes on the firm's buildings.
b. shipping charges for the delivery of products.
In the short run, if AVC equals $50, ATC equals $75, and output equals 100, the TFC must be:(不用写单位 no unit needed)
The total fixed cost remains constant as which of the following varies?
c. output in a given period of time
d. profit
b. time
a. cost of resources
The total fixed cost curve:
a. varies with the quantity of inputs used.
d. remains constant regardless of output.
c. increases with output.
b. decreases with output.
Bill is an accountant for a small machine shop. His boss has asked him to calculate the shop's total fixed cost. Which method will get Bill the correct answer?
d. subtracting the total variable cost from the total cost
b. calculating the product of average total cost and quantity
c. subtracting the average variable cost from the total cost
a. subtracting total variable costs from total revenue
Which of the following statements is true?
a. TC = TFC − TVC
d. MC equals the change in ATC divided by the change in Q.
c. TFC = TC − TVC
b. AVC = TC / Q
Which of the following is an example of a fixed cost for a fishing company?
a. The cost of hiring a fishing crew.
d. The supply of nets, hooks, and fishing lines.
c. The monthly loan payment on the boat.
b. The fuel costs of running the boat.
If average fixed costs equal $60 and average total costs equal $120 when output is 100, the total variable cost must be
Which of the following is true if the total variable cost curve is increasing at an increasing rate?
a. Average fixed cost is increasing.
d. Average fixed cost is constant.
c. Marginal cost is increasing.
b. Marginal cost is decreasing.
Which statement about the total variable cost curve is true?
d. It begins at the origin and is always increasing.
b. The total variable cost curve is the same at all levels of output.
c. The total variable cost curve is increasing but at a decreasing rate.
a. It begins at the origin and increases before decreasing again.
When costs that vary with the level of output are divided by the output, you have calculated:
a. total changing cost.
c. average fixed cost.
d. average variable cost.
b. total fixed cost.
If fixed cost is $200,000 and variable cost is $30 per unit over the relevant range of output, when 10,000 units are produced, the average total cost will be:
What is the average total cost at an output level of four units?
c. $1,500.
b. $1,400.
d. $2,000.
a. $1,200.
In the short-run of a business, as more workers are hired, beyond a point, MP(L) is decreasing with the hiring of more workers. Possible reason for is:
a. decreases in labor productivity.
c. decreases in fixed cost.
b. increases in plant size.
d. increased division of labor as additional workers are hired.
The table shows the labor, energy, and materials cost of making various quantities of pizzas. The table shows that the labor cost of making pizzas will:
a. increase at a decreasing rate.
c. decrease at an increasing rate.
d. increase at an increasing rate.
b. decrease at a decreasing rate.
For the law of diminishing returns to be present, we must have:
a. at least one factor of production to be fixed.
b. output decreasing as more laborers are hired.
d. simultaneous changes in labor and capital.
c. the price of labor increasing as more workers are hired.
As a fishing firm hires its first, second, and third workers, it could find that marginal product actually rises. The reason for this is:
a. diminishing returns have set in.
c. less qualified workers are becoming available.
b. the division of labor creates greater productivity.
d. all workers perform identical tasks.
Which of the following best describes total fixed cost?
a. Costs that do not vary as output varies.
c. Total variable cost divided by the quantity of output produced.
b. Total cost divided by the quantity of output produced.
d. Total fixed cost divided by the quantity of output produced.
Which one is considered as a "variable input & variable cost" in a pizza restaurant?
advertisement & ad fee
Labor & wages
insurance +insurance fee
Flour & electricity bill
Stove + money to buy it
Water + water usage
What is another name of inputs/factors of production? (in plural form)