Principles of Economics International Edition 15th Edition – Test Bank

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Edition: 15th Edition

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Principles of Economics International Edition 15th Edition – Test Bank

Chapter 5—Production, Cost, and Profit

MULTIPLE CHOICE

1.A production function is

a.	a technique for determining the most profitable rate of output
b.	the relationship between a combination of inputs and a quantity of output
c.	an important factor in determining the shape of the long-run supply curve
d.	all of these

ANS: B PTS: 1

2.The marginal product refers to the impact of which unit of a productive resource?

a.	first
b.	middle
c.	last
d.	average

ANS: C PTS: 1

3.The addition to total output resulting from using one more unit of a productive resource is the

a.	average product
b.	marginal input
c.	total product
d.	marginal product

ANS: D PTS: 1

4.As units of input are added to the production process, the marginal product

a.	increases throughout
b.	at first increases, then eventually decreases
c.	remains the same
d.	declines then rises

ANS: B PTS: 1

5.As units of input are added to the production process, the average product

a.	rises and then declines
b.	declines and then rises
c.	remains the same
d.	is always greater than the marginal product

ANS: A PTS: 1

6.When marginal product is less than average product,

a.	average product falls
b.	average product is zero
c.	average product increases
d.	average product is unaffected

ANS: A PTS: 1

7.If you are a sole proprietor of a firm, the value of the wage you could have earned elsewhere is

a.	an explicit cost
b.	an accounting cost
c.	an implicit cost
d.	not a cost

ANS: C PTS: 1

8.The amount of payment necessary to attract a given productive resource away from its best alternative use is the

a.	resource cost
b.	opportunity cost
c.	overhead cost
d.	variable cost

ANS: B PTS: 1

9.Those costs implied by alternatives given up are

a.	explicit costs
b.	historical costs
c.	outlay costs
d.	implicit or opportunity costs

ANS: D PTS: 1

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