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True or False Quiz
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1
Marginal cost equals average variable cost when the latter is at a minimum.
A)True
B)False
2
Depreciation is the annual cost of any asset that is expected to be in use for more than one year.
A)True
B)False
3
Implicit costs are the amounts actually paid out in money.
A)True
B)False
4
Sunk costs are the historical costs of an asset that has no current resale value.
A)True
B)False
5
If a firm is making economic profits, then it must also be making normal profits.
A)True
B)False
6
The short run is any period of time in which at least two inputs are fixed.
A)True
B)False
7
Marginal product is the increase in total product as a result of adding one more unit of output.
A)True
B)False
8
Total product and total output are the same thing.
A)True
B)False
9
The division of labour is the dividing of the production process into a series of specialized tasks, each done by a different worker.
A)True
B)False
10
The short run is a period in which the output is fixed.
A)True
B)False





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