Economics

Front

Which of the following is NOT a central problem of an economy? What to produce, How to produce, When to produce, For whom to produce

Back

When to produce

Answer explanation

When to produce

Front

What happens when the price of a product increases (assuming all else remains constant)?

Back

Demand decreases

Front

Which factor does NOT affect demand? Consumer income, Price of related goods, Consumer preferences

Back

Production costs

Front

If the price elasticity of demand for a product is greater than 1, it is considered:

Back

Elastic

Front

A leftward shift of the supply curve indicates:

Back

A decrease in supply

Front

Total cost is the sum of: Fixed cost + Variable cost, Fixed cost + Marginal cost, Variable cost + Marginal cost, Implicit cost + Explicit cost

Back

Fixed cost + Variable cost

Front

What happens at the break-even point?

Back

Total revenue = Total cost

Front

Diminishing marginal returns occur when: More inputs lead to decreasing additional output

Back

More inputs lead to decreasing additional output

Front

Which cost curve is U-shaped? Options: Total cost curve, Marginal cost curve, Average cost curve, Fixed cost curve

Back

Average cost curve

Front

In the long run, all costs are: Fixed, Variable, Constant, Independent of production

Back

Variable