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WorksheetsProduction
Total questions: 20
Worksheet time: 15mins
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
the sum of fixed and variable costs
total revenue
marginal revenue
marginal costs
total costs
costs that business owners incur no matter how much they produce
variable
fixed
total
marginal
costs that depend on the level of production output
total
fixed
variable
marginal
the extra cost of producing one more unit
variable costs
total costs
marginal revenue
marginal cost
Which of the following is a variable cost in the short run?
rent of the factory
wages paid to factory workers
interest payments on borrowed financial capital
salaries paid to upper management
It is a period of time in which the the quantity of at least one input is fixed and the quantities of the other inputs can be varied.
Long run
Short run
Long term
Short term
The marginal cost of production from 3 to 4 labors is _________.
2
7
4
8
Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket. For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth. This month she made and sold 15 blankets. What is Kelly's total cost?
$25
$225
$375
$750
Which curve is represented by A
Marginal cost curve
Average total cost curve
Average fixed cost curve
Average variable cost curve
