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Economics Fundamentals Quiz

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Questions and Answers

What are the factors of production?

Land, Technology, Capital, Innovation

Land, Skills, Equipment, Management

Land, Labour, Money, Entrepreneurship

Land, Labour, Capital, Entrepreneurship (correct)

What is the payment for the factor of Labour?

Wage (correct)

Profit

Rent

Interest

What is the formula for Average Variable Cost (AVC)?

$AVC = \frac{Total hinspace product}{Total hinspace Variable hinspace cost}$

$AVC = \frac{Total hinspace Variable hinspace cost}{Total hinspace product}$ (correct)

$AVC = Total hinspace Variable hinspace cost + Total hinspace product$

$AVC = Total hinspace Variable hinspace cost - Total hinspace product$

Which costs do not change with the level of production?

Fixed costs Signup and view all the answers

In the short run, what can be controlled?

Labour Signup and view all the answers

What does a production function define?

The technological relation between physical inputs and output Signup and view all the answers

What is the key focus of economics in relation to the production function?

Allocative efficiency Signup and view all the answers

What do researchers often use for modeling the case of many outputs and many inputs in economics?

Shephard's distance functions Signup and view all the answers

What do aggregate production functions in macroeconomics help to create?

A framework for analysis Signup and view all the answers

What is the primary purpose of the production function in economics?

Address allocative efficiency in the use of factor inputs Signup and view all the answers

Economics Fundamentals Quiz

Choose a study mode

Podcast

Questions and Answers

What are the factors of production?

What is the payment for the factor of Labour?

What is the formula for Average Variable Cost (AVC)?

Which costs do not change with the level of production?

In the short run, what can be controlled?

What does a production function define?

What is the key focus of economics in relation to the production function?

What do researchers often use for modeling the case of many outputs and many inputs in economics?

What do aggregate production functions in macroeconomics help to create?

What is the primary purpose of the production function in economics?

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