theory of production

theory of production

University

15 Qs

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theory of production

theory of production

Assessment

Quiz

Social Studies

University

Practice Problem

Medium

Created by

NOR KAMSI

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The conversion of factors of production into goods and services

Productivity

Outputting

Specialization

Production

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Period of time when it is possible to vary the quantities of all the factors of production used in the production process

Long-run 

Short-run 

Average-run

 Past-continuous

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Factors that can be altered or changed in the short run or relatively short space of time

Productive capacity 

Variable factors 

Fixed factors 

Immobile factors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the marginal product is negative, the total product is ______________.

decreasing

positive

negative

maximum

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If marginal product is equal to average product, then total product is increasing.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The change in the total product resulting from a change in a variable input is marginal product.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Production function shows the relationship between input and output.

TRUE

FALSE

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