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Economies of Scale in Manufacturing

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Questions and Answers

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'?

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?

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?

Economies of scale Signup and view all the answers

What trend was observed in the manufacturing industry during the second quarter of 2020 according to the information provided?

Improvement in the manufacturing industry Signup and view all the answers

How can operational efficiencies contribute to the success of a manufacturing firm?

By reducing waste and increasing productivity Signup and view all the answers

Which of the following is NOT a benefit of economies of scale for a manufacturing firm?

Higher profit margins Signup and view all the answers

What is one reason why manufacturing is considered a crucial sector for the economy?

For its role in driving innovation, industrial growth, and job creation Signup and view all the answers

How do economies of scale impact a firm's cost structure?

By decreasing average costs per unit as production quantities increase Signup and view all the answers

What aspect of the manufacturing industry contributes to its reputation as the 'engine of the economy'?

Its capability to drive job creation and economic growth Signup and view all the answers