Which of the following would be an example of a fixed cost on a farm?
Costs of Production

Quiz
•
Social Studies
•
12th Grade
•
Medium
Gilbert Velasquez
Used 294+ times
FREE Resource
8 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mortgage on the land
Cost of seed
Fuel to operate machinery
Fertilizer
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To increase marginal return, a company might consider
stopping production
purchasing more machinery
increasing output
reducing output
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In general, it is a bad move for a company to produce more of a good or service if, by doing so
marginal cost exceeds marginal revenue
variable costs exceed fixed costs
demand exceeds supply
fixed costs exceed marginal revenue
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In determining the optimal level of output, a firm should aim for the
point where decreasing returns become negative returns
output level where fixed costs exceed variable costs
point of maximum profitability for the company
output level where marginal returns are still increasing
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which of the following situations would a business be wise to shut its factory?
When revenue exceeds variable costs
When marginal costs exceed fixed costs
When fixed costs exceed revenue
When total costs exceed marginal costs
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If a firm does not produce any output, its total cost is equal to
Zero
Its fixed costs
Its variable costs
Its marginal cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following describes an eventual decline in the productivity of factor inputs as additional units of variable factors are added to fixed resources?
Law of diminishing marginal utility
Law of diminishing marginal returns
Laffer curve
Law of diminishing total product
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Concentration of economic activity on the production of a few particular goods or services is
diminishing returns
specialization
comparative advantage
utility
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