Download 1. Question : When the marginal product curve is declining because

1. Question :
Student Answer:
When the marginal product curve is declining because of
increasing returns, the marginal cost curve is rising.
diminishing returns, the marginal cost curve is rising.
diminishing returns, the marginal cost curve is falling.
diminishing returns, the marginal cost curve is constant.
Points Received:
increasing returns, the marginal cost curve is falling.
1 of 1
Comments:
2. Question :
Student Answer:
A firm that owns a wheat farm, a grain elevator, a flour mill, a
commercial bakery, and a grocery store chain is
horizontally integrated.
vertically integrated.
a monopoly.
an imperfect competitor.
Points Received:
a conglomerate.
1 of 1
Comments:
3. Question :
Student Answer:
Nonprofit firms, both private and governmental, may differ in
behavior from profit-seeking private firms because
there is no residual claimant.
the demand for the products is inherently different.
government managers seek more capital-intensive means of
production.
government firms are more difficult to manage.
Points Received:
private firms do not compete with government firms.
1 of 1
Comments:
4. Question :
Student Answer:
In the short run,
all inputs are variable.
some inputs are variable and some are fixed.
all inputs are fixed.
Points Received:
the time period cannot exceed one year.
1 of 1
Comments:
5. Question :
Which of the following always decreases as output increases?
Student Answer:
Fixed cost
Average cost
Average fixed cost
Marginal cost
Points Received:
Total cost
1 of 1
Comments:
6. Question :
Student Answer:
An example of a horizontally integrated firm is one that
owns several plants, each handling a different stage of
production.
produces a variety of goods and sells them in widely disparate
markets.
owns several plants, each manufacturing the same product.
owns several plants in the same state.
Points Received:
uses highly automated assembly line techniques.
1 of 1
Comments:
7. Question :
Student Answer:
Accounting profit is defined as
total simplicit costs.
total monetary costs.
total opportunity costs.
total sales(implicit costs + explicit costs).
Points Received:
total sales(explicit costs – implicit costs).
0 of 1
Comments:
8. Question :
Student Answer:
What is one thing that entrepreneurs do NOT do?
They identify consumer demands.
They establish supply and demand.
They organize production.
They allocate resources.
Points Received:
They acquire assets.
1 of 1
Comments:
9. Question :
When inputs are combined so that total production has the lowest
possible cost, we are observing
Student Answer:
technical efficiency.
optimal engineering.
economic efficiency.
Points Received:
average-cost production.
1 of 1
Comments:
10. Question :
Student Answer:
Economic profit is defined as
total implicit costs.
total monetary costs.
total explicit costs.
total sales(implicit costs + explicit costs)
Points Received:
total sales(explicit costs – implicit costs)
1 of 1