6.1 Production Function Basics

6.1 Production Function Basics

12th Grade

8 Qs

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6.1 Production Function Basics

6.1 Production Function Basics

Assessment

Quiz

History

12th Grade

Practice Problem

Medium

Created by

Kathryn Beechinor

Used 2+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of opportunity cost?

The explicit outlay of cash for something

A part of decision making

All that you give up when you make a decision

Your second best choice.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the BEST example of an implicit cost?

The cost of your gas driving to work

The cost of working if you decide to go to college

The cost of maintaining your lifestyle

The cost associated with outlays of cash

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What best describes the production function

Relationship between inputs and quantity of outputs

Relationship between costs and inputs

Relationship between marginal analysis and total production

Relationship between variable and fixed inputs

4.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following would best describe a FIXED input

The number of workers a firm hires

The number of pizzas they are able to produce each day

The rent the pay each month which stays the same

The two ovens they have to cook the pieces

5.

FILL IN THE BLANK QUESTION

1 min • 5 pts

What is the vocab term that describes each additional work hired will be less productive than the worker before them?

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the slope of the total product curve?

Marginal product

Average product

Marginal utility

Aaverage utility

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What happens to the average product when the marginal product is rising?

AP also rises

AP falls

8.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

True or false: a production function illustrates a short-run situation for a producer.

True

False