
chapter 5
Quiz
•
Other
•
1st Grade
•
Practice Problem
•
Hard
MUHAMMAD FARIS ZIKRY BIN NARSALMI
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of production?
The process of transforming inputs into outputs
The process of storing goods and services
The process of selling goods and services
The process of consuming goods and services
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a factor of production?
Capital
Land
Machinery
Labour
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'outputs' refer to in the production process?
The finished products
The natural resources
The factors of production used
The process of transforming inputs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for the short-run production function?
Q = (K, L)
Q = (K, M)
Q = (L, M)
Q = (K, L, M)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of diminishing marginal returns?
The rate of increase in output will increase
The rate of increase in output will decrease
The rate of increase in output will fluctuate
The rate of increase in output will remain constant
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the average product (AP) measure in the production process?
The total product by the amount of input used
The amount of output produced when a given amount of input is used
The change in total product corresponding to an additional unit change in input
The maximum output that can be produced with given inputs
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the relationship between total product (TP) and marginal product (MP)?
When MP is negative, TP declines
When MP is zero, TP is at its minimum
When MP is decreasing, TP increases at an increasing rate
When MP is increasing, TP increases at a decreasing rate
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