Podcast
Questions and Answers
What does the term 'economies of scale' refer to?
What does the term 'economies of scale' refer to?
- Efficiencies achieved by a firm as it increases in size or scale of operation (correct)
- A decrease in the number of manufacturing establishments
- Government policies related to manufacturing
- Factors affecting the manufacturing industry
Why is manufacturing often referred to as the 'engine of the economy'?
Why is manufacturing often referred to as the 'engine of the economy'?
- As a result of strict government regulations on the manufacturing sector
- Due to the high number of job opportunities it provides
- Because manufacturing drives economic growth by producing goods and creating value (correct)
- Because of the decrease in manufacturing establishments
What stage of the production process can implement economies of scale according to the text?
What stage of the production process can implement economies of scale according to the text?
- Only in small-scale production
- Only in the final production stage
- Only during product design
- At any stage of the production process (correct)
Which economic principle allows firms to enjoy lower average costs per unit as they produce more?
Which economic principle allows firms to enjoy lower average costs per unit as they produce more?
What trend was observed in the manufacturing industry during the second quarter of 2020 according to the information provided?
What trend was observed in the manufacturing industry during the second quarter of 2020 according to the information provided?
How can operational efficiencies contribute to the success of a manufacturing firm?
How can operational efficiencies contribute to the success of a manufacturing firm?
Which of the following is NOT a benefit of economies of scale for a manufacturing firm?
Which of the following is NOT a benefit of economies of scale for a manufacturing firm?
What is one reason why manufacturing is considered a crucial sector for the economy?
What is one reason why manufacturing is considered a crucial sector for the economy?
How do economies of scale impact a firm's cost structure?
How do economies of scale impact a firm's cost structure?
What aspect of the manufacturing industry contributes to its reputation as the 'engine of the economy'?
What aspect of the manufacturing industry contributes to its reputation as the 'engine of the economy'?
