ECO 232 (CBT 1)

Within the relevant range, isoquants __________

Are negatively sloped

Are convex to the origin

Cannot cross

Are all of the options

In relationship to the total cost of a good, the average cost is equal to ________

The slope of the total cost curve

The marginal cost

The slope of ray to the total cost

The area under the total cost curve

A shortrun in the production is referred to a time when __________

Both fixed and variable factor vary

Only fixed factor exist

Only variable factor varies

Both fixed and variable factor remain constant

For goods that are substitutes in consumption, the cross elasticity will have a value ________

Equal to 1

Greater than 0

Equal to 0

Less than 0

Which of the following is not classified as a barrier to entry?

The negative economic

Government granted-franchise

Significant economies of scale

The control of special resources

Which of the following is not a property of a production function?

Diminishing marginal products

Fixed inputs

Constant average product

Technical efficient input combinations

________ are technological and organizational advantages that accrue to the firm as output is expanded in the long run.

Economies of scale

Internal economies

External economies

All of the options

Which of the following is a function performed by producer?

Organizing production

Choosing technology

Choosing quantities of inputs

All of the options

Implicit costs are __________

The self-owned, self-employed factor of production

The value of resources purchases for production

The identical to social costs

Irrelevant since they are not to be paid

Increase by more than 10%

If we have constant returns to scale and we increase the quantity of labor used per unit of time by 10%, but keep the amount of capital constant, output will __________

Increase by 10%

Decrease by 10%

Increase by more than 10%

Increase by less than 10%

ECO 232 (CBT 1)

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