Welcome to your Grade 9 Economics chapter 5
After carefully reading the following 30 questions, choose the correct answer.
1.
What is the process of converting inputs into outputs called?
2.
Which of the following are the "values" or goods and services resulting from the production process?
3.
What is an input whose quantity cannot be changed during the period under consideration?
4.
In production, which input's quantity CAN be changed during the period under consideration?
5.
What is a short-run period of production?
6.
In the long-run period of production:
7.
What is "Total Product" (TP)?
8.
How is "Average Product" (AP) calculated?
9.
What is "Marginal Product" (MP)?
10.
What are monetary outlays associated with production activity called?
11.
Which costs are actual monetary payments made to outsiders who supply inputs?
12.
What are "Implicit Costs"?
13.
Which cost does NOT change with the level of output?
14.
Total Variable Cost (TVC) is:
15.
How is Total Cost (TC) determined?
16.
What is Average Total Cost (ATC)?
17.
What is "Marginal Cost" (MC)?
18.
Which curve is parallel to the quantity axis?
19.
In the short run, if TFC is 60 and TVC is 0 at zero output, what is the TC?
20.
The production function indicates the _____ amount of output produced with each combination of inputs.
21.
Which of the following is true for Average Fixed Cost (AFC)?
22.
If a firm employs more and more variable inputs with fixed inputs, the cost of the firm tends to rise at an:
23.
What is the mathematical relationship for ATC in terms of AVC and AFC?
24.
Which of the following is considered a fixed input in the short run?
25.
MP = ∆TC/∆Q is a formula for:
26.
Which input category includes raw materials and labor whose quantity can be changed?
27.
The TVC curve initially rises at a _____ rate.
28.
TC curve has the same shape as:
29.
In the formula MC = ∆TVC/∆Q, what does "∆" represent?
30.
Which cost is the sum of AVC and AFC at every output level?
