Question
1. Explicit and implicit costs Juan and Julia contributed $ 50,000 of their own money to the company They bought equipment for $ 3,000 They
1. Explicit and implicit costs
Juan and Julia contributed $ 50,000 of their own money to the company
They bought equipment for $ 3,000
They hired an employee with a salary of $ 20,000
Juan quit his job where he made $ 30,000
Julia quit part of her job where she made $ 15,000
Purchases of materials for the business were $ 10,000
At the end of the year the value of the equipment is $ 28,000
A $ 100,000 business loan pays 6% annual interest
The normal profit according to the above data from running the business is $ 30,000
True or false? ________________
2. When decisions are passed down in that administrative hierarchy, there is a system of ________________.
a. Orders
b. Incentive
c. Free market
d. Of consumerism
3. Which of the following statements is false?
a. The long-term cost of the company is the cost of when it uses the quantity of economically efficient production.
b. In the long run, the average cost curve slopes downward.
c. In the long run, all are variable costs.
d. In the long run, the quantities of all the factors of production can be varied.
4. Working Capital Product
According to the previous data, if the capital is $ 200 and the salary is $ 50, what is the total cost of producing 60 units _______________________.
5. Working Capital Product
According to the previous data, what is the marginal product of the 4th worker?
________________________.
6. Marginal cost curve passes through _______________ points of the ________________ cost curve and the ____________________ cost curve.
a. Minima; average total; average fixed
b. Minima; average variable; average fixed
c. Minima; average total; average variable
d. Maximum; total; total variable
7. The production function of the firm is the relationship between __________________ and
__________________.
a. The product obtained; the quantities of all factors of production.
b. The maximum possible product; the quantities of all factors of production.
c. The maximum possible product range; the number of variable factors of production.
d. The maximum possible product; the quantity of the variable factors of production.
8. With given prices of factors of production, constant returns to scale occur when the percentage increase in output__________________.
a. It is equal to the percentage increase of all factors of production
b. It is equal to the percentage increase of all fixed factors of production.
c. It is zero.
d. Is positive.
9. Some of the alternative ways to wash 100 shirts are:
If the salary is $ 5 / hour and the capital is $ 50 machine, what is the total cost of the most inefficient method?
10.Which of the following statements is false?
a. As the product increases, the total cost and the total variable cost increase together.
b. The total fixed cost plus the total variable cost equals the total cost.
c. As the product increases, the total cost and the total fixed cost increase together.
d. Total cost minus total fixed cost equals total variable cost.
11. Lola starts a consulting business for companies. She makes all business decisions and takes the risk of running the business. Lola hopes to receive __________________.
a. An income greater than your opportunity cost
b. A utility or economic benefit
c. A normal profit or profit
d. An income greater than capital investment
12. Based on the data above, if the cost of capital is $ 200 and the cost of wages is $ 50, what is the fixed cost of producing 45 units?
_____________________________.
13. When a company experiences diseconomies of scale, its __________________________ curve slopes _____________________________.
a. Long-term average cost; positive.
b. Long-term average cost; negative.
c. Short-term marginal cost; negative.
d. Short-term average total cost; negative.
14. A company experiences _______________ when its __________________ down to larger products.
a. Scale economics; average total cost curve slopes.
b. Scale economics; long-run average cost curve slopes.
c. Decreasing marginal returns; average total cost curve shifts
d. Decreasing marginal returns; long-run average cost curve slopes.
15.capital Labor product
Based on the data above, if the cost of capital is $ 200 and the cost of wages is $ 50, what is the average variable cost of producing 60 units?
_____________________________.
16. As more and more is used the factor of production ______________. The total product curve increases rapidly at first because product_______________ increases and then more slowly because __________________.
a.Permanent; average; average product decreases
b.Variable; average; average product reaches a maximum
c.Permanent; marginal; marginal product reaches a maximum.
d.Variable, marginal; marginal product decreases.
17. The concentration ratio of four companies is the percentage of ______ represented by ______________________ in an industry.
a.The profit or economic benefit: the 4 largest companies.
b.The value of sales, the 4 largest companies.
c.The normal profit or profit, any four companies.
d.The profit or economic benefit, any 4 companies.
18. Some of the alternative ways to wash 100 shirts are:
If the wage is $ 1 / hour and the capital is $ 100 machine, what is the total cost of the most inefficient method?
____________________________.
19. explicit cost (bought in the market) and implicit (owned by the company and the owner)
Juan and Julia contributed $ 50,000 of their own money to the company
They bought equipment for $ 3,000
They hired an employee with a salary of $ 20,000
Juan quit his job where he made $ 30,000
Julia quit part of her job where she made $ 15,000
Purchases of materials for the business were $ 10,000
At the end of the year the value of the equipment is $ 28,000
A $ 100,000 business loan pays 6% annual interest
According to the data, what is the explicit limit or purchased in the market?
_______________________________.
20. Some of the alternative ways to wash 100 shirts are:
If the wage is $ 1 / hour and the capital is $ 100 machine, what is the total cost of the most efficient method?
____________________________.
21. The law of diminishing marginal returns says that according to the company uses more than __________________ with a given amount of _____________________ the product_________________ finally decreases
a.An input or factor of production, a variable input or factor of production: marginal.
b.A variable input or factor of production, a fixed input or factors of production: average.
c.All inputs or factors of production, capital, average
d.A variable input or factor of production, of inputs or fixed, marginal factors of production.
22. The average product is the product obtained per unit of __________________; and the marginal product is the product that an increase of one unit ___________________.
a.Variable input or factor of production; of the input or fixed factor of production.
b.Variable input or factor of production; input or variable production factor.
c.All inputs or factors of production; of all inputs or factors of production.
d.Fixed input or factor of production; of all inputs or factors of production.
23. Total income minus the sum of implicit and explicit costs equals profit or profit ________________.
a.Of opportunity
b.Business
c.Economic
d.normal
24. Some of the alternative ways to wash 100 shirts are:
If the wage is $ 5 / hour and the capital is $ 50 machine, what is the total cost of the most efficient method?
_________________________.
25. The owners of _________________ have limited responsibilities.
a.Companies, properties and corporations or joint-stock companies.
b.Corporations or joint stock companies
c.Properties and companies
d.Societies and corporations or joint-stock companies.
26. All decisions made by a company have one overriding objective, which is ____________________.
a.Maximize your total income.
b.Obtain the maximum profit or profit achievable
c.Maximize the amount you sell
d.Maximize your market share.
27. In the long run, the average cost curve ________________________.
a.It is below the total average cost curves
b.It is formed from the lowest parts of the total average cost curves.
c.It is the same as the short-run total average cost curves.
d.It is horizontal.
28. In economics, the short term is the period during which ________________ and the long term is the period during which __________________.
a.Some resources are variable, all resources are fixed.
b.All resources are fixed, all resources are variable.
c.All resources are variable, but technology is fixed, technology is variable.
d.Some resources are fixed all resources are variable.
29. An institution that hires productive resources and then organizes those resources to produce and sell goods and services is ______________________.
a.A retail company
b.A wholesale company
c.A profitable company
d.A company
30. Carmen's keyboard company buys a new computer that Carmen uses for word processing. Carmen pays ______________ for its use.
a.An amount equal to the present value
b.An implicit rent
c.An amount equal to your purchase price
d.An explicit rental
31. Any method of production of a good or service is ________________, _______________ the maximum profit or profit that the company can obtain.
a.a limited information restriction.
b.An information restriction always increases.
c.A technology, limits.
d.One technology: always increasing
32. Explicit and implicit costs:
Juan and Julia contributed $ 50,000 of their own money to the company
They bought equipment for $ 3,000
They hired an employee with a salary of $ 20,000
Juan quit his job where he made $ 30,000
Julia quit part of her job where she made $ 15,000
Purchases of materials for the business were $ 10,000
At the end of the year the value of the equipment is $ 28,000
A $ 100,000 business loan pays 6% annual interest
According to the data, what is the implicit cost?
___________________________.
33. The Herfindahl-Hirschman index is smaller in a _____________ market than in a ____________________ market.
a.Oligopolistic; perfectly competitive.
b.Monopolistic; competitive monopolistic.
c.Perfectly competitive; monopolistic.
d.Monopolistic; perfectly competitive.
34. Marginal cost is the increase in ___________ that results from an increase of one _____________ unit.
a.Fixed cost: of product
b.Cost; product
c.Variable cost; variable factor of production
d.Fixed cost; of the fixed factor of production.
35. According to the previous data, what is the marginal product of the 2 workers?
_______________________________.
36. Explicit and implicit costs:
Juan and Julia contributed $ 50,000 of their own money to the company
They bought equipment for $ 3,000
They hired an employee with a salary of $ 20,000
Juan quit his job where he made $ 30,000
Julia quit part of her job where she made $ 15,000
Purchases of materials for the business were $ 10,000
At the end of the year the value of the equipment is $ 28,000
A $ 100,000 business loan pays 6% annual interest
If the income of the above company is $ 200,000, what is the economic benefit?
________________________________.
37. which of the following statements is true?
a.Average fixed cost equals fixed cost per unit of product.
b.Average fixed cost equals total cost per unit of fixed factor of production.
c.The total average cost equals the average fixed cost minus the average variable cost.
d.Average variable cost equals total variable cost per unit of variable production factor.
38. According to the previous data, if the cost of capital is $ 200 and the salary is $ 50, what is the marginal cost of producing 60 units?
_________________________________.
39. An employee who does not work diligently unless he is constantly supervised and thinks he is underpaid is an example of __________________.
a.Diminishing returns from work.
b.The main-subordinate problem.
c.Inefficient hiring practices.
d.The law of diminishing returns.
40. The opportunity cost of a business _________________.
a.Include explicit costs and implicit costs
b.They are equal to your explicit costs
c.They do not include implicit costs because the implicit costs have no monetary value.
d.They increase when there are economies of breadth.
41. Elena owns a company that makes raincoats. Elena currently produces 25 raincoats a day. Elena cannot produce more daily raincoats unless she purchases another sewing machine. Elena is efficient _____________________.
a.Economically
b.Business
c.Of the consumer
d.Technologically
42. explicit cost (bought in the market) and implicit (owned by the company and the owner)
Juan and Julia contributed $ 50,000 of their own money to the company
They bought equipment for $ 3,000
They hired an employee with a salary of $ 20,000
Juan quit his job where he made $ 30,000
Julia quit part of her job where she made $ 15,000
Purchases of materials for the business were $ 10,000
At the end of the year the value of the equipment is $ 28,000
A $ 100,000 business loan pays 6% annual interest
Based on the above data, what value is recognized as economic depreciation?
_____________________________________
43. An organization that has a large sales force will most likely organize its product with ________________________.
a.Threat of unemployment if quotas are not met
b.A market system
c.An incentive system
d.An order or command system.
44. In perfect competition there are ___________________________.
a.Many companies and each one sells an identical product.
b.A small number of companies and each one sells an identical product.
c.Many companies that sell products for which there are no complementary goods
d.Many companies that sell slightly different similar products.
45. In perfect competition there are_________________.
a.In many companies and each one sells an identical product
b.A small number of companies and each one sells an identical product
c.Many companies that sell products for which there are no complementary goods.
d.Many companies that sell slightly different similar products.
46. Economies of scale exist when the ___________________ of a unit of a good ____________________.
a.Price; goes up when your output rate increases
b.Cost; rises when your input rate increases
c.Price; falls when your input rate decreases
d.Cost; goes down when your output rate increases
This table is for questions: 9, 18, 20 and 24:
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Democracy And Public Administration
Authors: Richard C Box
1st Edition
1317473213, 9781317473213
