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When inputs are combined so that total production has the lowest possible cost, we are observing (Points : 1) technical efficiency.
optimal engineering.
economic efficiency.
average-cost production.
| 2. Accounting profit is defined as (Points : 1) |
total simplicit costs.
total monetary costs.
total opportunity costs.
total sales(implicit costs + explicit costs).
total sales(explicit costs – implicit costs). |
| 3. Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that (Points : 1) |
marginal costs are less than average variable cost but greater than average cost.
fixed costs have increased.
output is declining.
marginal costs have increased. |
| 4. The change in total cost due to producing one more unit of output is called the (Points : 1) |
long-run average cost.
short-run average cost.
marginal product.
average variable cost.
marginal cost. |
| 5. Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms because (Points : 1) |
there is no residual claimant.
the demand for the products is inherently different.
government managers seek more capital-intensive means of production.
government firms are more difficult to manage.
private firms do not compete with government firms. |
| 6. A firm exists to (Points : 1) |
make money.
organize information.
make resources.
transform inputs into marketable outputs.
transform products into commodities. |
| 7. A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store is (Points : 1) |
horizontally integrated.
vertically integrated.
inefficient.
a perfect competitor.
a conglomerate. |
| 8. Because of diminishing marginal product in the short run, a tripling of the total product (assuming input prices are constant) requires (Points : 1) |
a tripling of marginal cost.
a tripling of total cost.
less than a tripling of total variable cost.
increased average fixed cost.
more than a tripling of total variable cost. |
| 9. Firms exist for all but which one of the following reasons? (Points : 1) |
To reduce transactions costs
To produce things
To organize teams
To monitor shirking
To reduce the costs of buying |
| 10. Which of the following is most likely to be an implicit cost of production? (Points : 1) |
Wages paid to skilled workers
Payments for inputs purchased from other companies
Interest paid on a loan
Rental income from real property
Rental income not received from use of a self-owned piece of land |
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