Question

23. The short run is a period of time in which a) the amount of output produced is fixed b) there is a shortage of most inputs c) the quantities of some inputs are fixed and others can be varied d) there is not enough time to make all of the decisions 24. The marginal product of labour is the change in total product caused by a) a one-unit increase in the quantity of labour employed, holding the quantity of capital constant. b) a one-unit increase in the quantity of capital employed, holding the quantity of labour constant. c) a one-unit increase in both the quantity of labour and capital employed d) a change in the cost of labour 25. Output will increase by less than 10 percent when all inputs are increased by 10 percent if a) marginal cost is decreasing b) the long-run average cost curve is negatively sloped c) increasing returns to scale are present d) decreasing returns to scale are present 26. A choice by an individual which is intended to make him or her as well-off as possible is called a(n) a. Economic choice b. Normative choice c. Rational choice d. Positive choice 27. An economist's generic name for a business organization is a. A multinational b. A firm A corporation d. A partnership e. An organization 28. Which of the following concepts is not illustrated by a production possibility frontier a. Scarcity b. Monetary exchange C. d. Opportunity cost Attainable and unattainable points e. The tradeoff between producing one good versus another 29. In order to optimize, people must a. be able to carry out complex mathematical calculations b. Have unlimited resources с. Be free from government constraints d. Evaluate the cost of alternative actions 30. When economists say that people are rational, they mean that people a. Do not make errors of judgment b. с. Make the best decision from their perspective Act on complete information d. Will not later regret any decision made now 31. Changes in which of the following variables will not shift the demand curve? a. Income b. Price of other goods c. The price of the good itself d. Population size

23. The short run is a period of time in which
a) the amount of output produced is fixed
b) there is a shortage of most inputs
c) the quantities of some inputs are fixed and others can be varied
d) there is not enough time to make all of the decisions
24. The marginal product of labour is the change in total product caused by
a) a one-unit increase in the quantity of labour employed, holding the quantity of capital constant.
b) a one-unit increase in the quantity of capital employed, holding the quantity of labour constant.
c) a one-unit increase in both the quantity of labour and capital employed
d) a change in the cost of labour
25. Output will increase by less than 10 percent when all inputs are increased by 10 percent if a)
marginal cost is decreasing
b) the long-run average cost curve is negatively sloped c)
increasing returns to scale are present
d)
decreasing returns to scale are present
26. A choice by an individual which is intended to make him or her as well-off as possible is called a(n)
a.
Economic choice
b. Normative choice c.
Rational choice
d.
Positive choice
27. An economist's generic name for a business organization is a.
A multinational
b.
A firm
A corporation
d.
A partnership
e.
An organization
28. Which of the following concepts is not illustrated by a production possibility frontier a.
Scarcity
b. Monetary exchange
C.
d.
Opportunity cost
Attainable and unattainable points
e. The tradeoff between producing one good versus another
29. In order to optimize, people must
a.
be able to carry out complex mathematical calculations
b.
Have unlimited resources
с.
Be free from government constraints
d.
Evaluate the cost of alternative actions
30. When economists say that people are rational, they mean that people a.
Do not make errors of judgment
b.
с.
Make the best decision from their perspective
Act on complete information
d.
Will not later regret any decision made now
31. Changes in which of the following variables will not shift the demand curve? a.
Income b.
Price of other goods
c.
The price of the good itself
d. Population size

Added by Kingsley O.

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