Try to answer these 40 Production and Costs MCQs and check your understanding of the Production and Costs subject.
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A. Implicit costs
B. Explicit Costs
C. None of These
D. Both of These
A. Fixed Cost
B. Variable Cost
C. Total Cost
D. Explicit Cost
A. Fixed Cost
B. Variable Cost
C. Total Cost
D. Explicit Cost
A. Fixed Cost
B. Variable Cost
C. Total Cost
D. Explicit Cost
A. SRATC
B. LRATC
C. LRAFC
D. SRAFC
A. Fixed,Increases
B. Increases,Fixed
C. Decreases,Fixed
D. Fixed,Decreases
A. SRATC
B. LRATC
C. LRAFC
D. SRAFC
A. Implicit costs
B. Explicit Costs
C. None of These
D. Both of These
A. LRATC
B. SRATC
C. LRAFC
D. SRAFC
A. Implicit costs
B. Fixed costs
C. Explicit costs
D. Variable Costs
A. Implicit costs
B. Fixed costs
C. Explicit costs
D. Variable Costs
A. Implicit costs
B. Fixed costs
C. Explicit costs
D. Variable Costs
A. Long Run
B. Short Run
C. Small Run
D. Production Run
A. Multi - Unit change
B. One - unit change
C. Two - Unit change
D. Zero - Unit change
A. Multi - Unit
B. One - unit
C. Two - Unit
D. Zero - Unit
A. Consumption
B. Production
C. Profit
D. Variable
A. Profits
B. Losses
C. Accounts
D. Assets
A. Long Run
B. Short Run
C. Small Run
D. Brief Run
A. Reproduced
B. Recovered
C. Produced
D. None of the above
A. Sum
B. Difference
C. Product
D. Division
A. True
B. False
A. True
B. False
A. Variable costs that impact long-run average total costs
B. Production costs related to equipment but not materials
C. Administration costs that do not impact production
D. Production costs that do not require an outlay of money
A. An accounting profit is less than an economic profit.
B. An economic profit is less than an accounting profit.
C. Economic profits do not consider implicit costs.
D. Accounting profits do not consider explicit costs.
A. Sunk costs
B. Marginal costs
C. Implicit costs
D. Indirect costs
A. The time from the opening of a business to its first profits
B. A period too brief for some production inputs to be varied
C. The period during which initial staff is hired and trained
D. The length original equipment is expected to last
A. Increases revenue from sales
B. Allows workers to specialize
C. Raises per-unit fixed costs
D. Lowers the output per worker
A. The per-unit cost of inputs compared to the sale price of outputs
B. The correlation between marginal product and marginal costs
C. The balance between economic profits and accounting profits
D. The relationship between quantity of inputs and quantity of outputs
A. Fixed costs and explicit costs
B. Fixed costs and variable costs
C. Variable costs and explicit costs
D. Sunk costs and implicit costs
A. A profitability measurement
B. An assessment of productivity
C. An estimate of economic profits
D. A per-unit cost of production
A. Total product
B. Marginal cost
C. Marginal product
D. Average cost
A. Total product
B. Quantity of labor
C. Marginal cost
D. Variable input
A. High average fixed costs
B. High average variable costs
C. Diminishing marginal product
D. Increasing marginal product
A. AVC
B. AFC
C. Output
D. TC
A. Their fixed costs decline over time
B. They can adjust more of their inputs in the long run
C. In the long run, their employees become more experienced
D. Constant returns to scale drive down variable costs
A. The cost of one more unit of output rises
B. Minimum efficient scale has been reached
C. Economies of scale are present
D. Marginal product is diminishing
A. Diseconomies of scale
B. Minimum efficient scales
C. Constant returns to scale
D. Economies of scale
A. Concatenation
B. Length_Of()
C. Consecutive
D. Element
A. Capital goods, consumer products.
B. Consumer products , Capital goods.
C. Both a and b
D. None of above
A. Make average total cost rise as output increases
B. Drive average total cost to zero
C. Keep average total cost constant as output increases
D. Make average total cost fall as output increases