Question 1

Which of the following is the best example of an input to production that is an intermediate product?

Accepted Answer

A)  40 acres of farmland 
B)  the skills and training of a web designer 
C)  computer circuit boards 
D)  a textile factory 
E)  a sewing machine 
A)  40 acres of farmland 
B)  the skills and training of a web designer 
C)  computer circuit boards 
D)  a textile factory 
E)  a sewing machine

Question 2

The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital. When answering the questions, you are to assume that the wage per unit of labour is $25 and the cost of the capital is $100.   TABLE 7-4
-Refer to Table 7-4. The average total cost for 250 units of output is approximately

Accepted Answer

A)  33 cents. 
B)  40 cents. 
C)  63 cents. 
D)  80 cents. 
E)  $1.00. 
A)  33 cents. 
B)  40 cents. 
C)  63 cents. 
D)  80 cents. 
E)  $1.00.

Question 3

The vertical distance between the total cost curve and the total variable cost curve is

Accepted Answer

A)  marginal cost. 
B)  average fixed cost. 
C)  average total cost. 
D)  total fixed cost. 
E)  average variable cost. 
A)  marginal cost. 
B)  average fixed cost. 
C)  average total cost. 
D)  total fixed cost. 
E)  average variable cost.

Question 4

The table below shows output, marginal cost, and average variable cost for the production of pairs of shoes. All costs are in dollars.   TABLE 7-6
-Refer to Table 7-6. Suppose there are no fixed costs. The firm reaches itʹs capacity level of output when its output is equal to units.

Accepted Answer

A)  50 
B)  110 
C)  150 
D)  190 
E)  210 
A)  50 
B)  110 
C)  150 
D)  190 
E)  210

Which of the following is the best example of an input to production that is an intermediate product?

The vertical distance between the total cost curve and the total variable cost curve is

The table below shows output, marginal cost, and average variable cost for the production of pairs of shoes. All costs are in dollars. TABLE 7-6 -Refer to Table 7-6. Suppose there are no fixed costs. The firm reaches itʹs capacity level of output when its output is equal to units.

Economic Issues and Concepts

Economic Theories, Data, and Graphs

Demand, Supply, and Price

Elasticity

Price Controls and Market Efficiency

Consumer Behaviour

Producers in the Long Run

Competitive Markets

Monopoly, Cartels, and Price Discrimination

Imperfect Competition and Strategic Behaviour

Economic Efficiency and Public Policy

How Factor Markets Work

Labour Markets and Income Inequality

Market Failures and Government Intervention

The Economics of Environmental Protection

Taxation and Public Expenditure

What Macroeconomics Is All About

The Measurement of National Income

The Simplest Short-Run Macro Model

Adding Government and Trade to the Simple Macro Model

Output and Prices in the Short Run

From the Short Run to the Long Run: the Adjustment of Factor Prices

Long-Run Economic Growth

Money and Banking

Money, Interest Rates, and Economic Activity

Monetary Policy in Canada

Inflation and Disinflation

Unemployment Fluctuations and the Nairu

Government Debt and Deficits

The Gains From International Trade

Trade Policy

Exchange Rates and the Balance of Payments

Filters

Exam 7: Producers in the Short Run

Which of the following is the best example of an input to production that is an intermediate product?

The vertical distance between the total cost curve and the total variable cost curve is

The table below shows output, marginal cost, and average variable cost for the production of pairs of shoes. All costs are in dollars. TABLE 7-6 -Refer to Table 7-6. Suppose there are no fixed costs. The firm reaches itʹs capacity level of output when its output is equal to units.

Economic Issues and Concepts

Economic Theories, Data, and Graphs

Demand, Supply, and Price

Elasticity

Price Controls and Market Efficiency

Consumer Behaviour

Producers in the Long Run

Competitive Markets

Monopoly, Cartels, and Price Discrimination

Imperfect Competition and Strategic Behaviour

Economic Efficiency and Public Policy

How Factor Markets Work

Labour Markets and Income Inequality

Market Failures and Government Intervention

The Economics of Environmental Protection

Taxation and Public Expenditure

What Macroeconomics Is All About

The Measurement of National Income

The Simplest Short-Run Macro Model

Adding Government and Trade to the Simple Macro Model

Output and Prices in the Short Run

From the Short Run to the Long Run: the Adjustment of Factor Prices

Long-Run Economic Growth

Money and Banking

Money, Interest Rates, and Economic Activity

Monetary Policy in Canada

Inflation and Disinflation

Unemployment Fluctuations and the Nairu

Government Debt and Deficits

The Gains From International Trade

Trade Policy

Exchange Rates and the Balance of Payments

Filters