Site MapHelpFeedbackMultiple Choice Quiz
Multiple Choice Quiz
(See related pages)

1
The production function:
A)shows the level of utility at each level of consumption.
B)shows the quantity produced at each price.
C)shows the maximum output that can be produced with a given quantity of inputs.
D)shows the different possible bundles of two goods that can be produced when resources are fully employed.
2
The total amount of output produced is called:
A)total supply.
B)total product.
C)both a and b.
D)none of the above.
3
Q denotes the amount produced. L denotes the number of units of labor used. So, Q/L =
A)TP
B)AP
C)MP
D)total profit.
4
We get fewer and fewer additional units as we add more and more units of the inputs to production process. We call this fact the:
A)law of diminishing marginal utility.
B)law of diminishing returns.
C)law of supply.
D)law of demand.
5
In the _______ run, firms can only adjust the variable factors of production. In the _______ run, firms are able to change all of the factors of production including capital.
A)long; short
B)medium; short
C)short; long
D)none of the above.
6
_______ refers to improvements in the processes for producing goods and services, changes in old products, or introduction of new products.
A)globalization
B)technological change
C)both a and b
D)neither a nor b
7
What do we call the linking of different people through a particular medium?
A)network
B)channel
C)station
D)commune
8
The ratio of total output to a weighted average of inputs is called:
A)total product.
B)marginal product.
C)average product.
D)productivity.
9
The local grocery store owned by Mr. DeCarlos is called a:
A)partnership.
B)individual proprietorship.
C)corporation.
D)limited liability corporation.
10
Which of the following is the major disadvantage of a corporation?
A)Corporations are hard to manage because there are often many stock holders.
B)Corporations fail more often than individual proprietorships.
C)Corporations are charged an extra tax on their profits.
D)Corporations require a lot of money to get started.





To learn more about the book this website supports, please visit its Information Center.
(c)2010 McGraw-Hill Higher Education
Any use is subject to the Terms of Use and Privacy Notice.
McGraw-Hill Higher Education is one of the many fine businesses of The McGraw-Hill Companies.


EconomicsOnline Learning Center

Home > Chapter 6 > Multiple Choice Quiz