Podcast
Questions and Answers
Which of the following is a benefit of increased productivity mentioned in the text?
Which of the following is a benefit of increased productivity mentioned in the text?
- Lower business costs (correct)
- Decreased worker rewards
- Decreased market value of equity
- Decreased profitability
What is the key factor for economic survival according to the text?
What is the key factor for economic survival according to the text?
- Equity
- Productivity (correct)
- Worker rewards
- Profitability
What is the most identifiable and calculable input factor for measuring productivity?
What is the most identifiable and calculable input factor for measuring productivity?
- Production facility
- Labor (correct)
- Physical capital
- Hand tools
In the example provided, why is labor the most appropriate input factor for determining productivity?
In the example provided, why is labor the most appropriate input factor for determining productivity?
What concept is used to measure a firm's operating efficiency?
What concept is used to measure a firm's operating efficiency?
What does total product measure?
What does total product measure?
What does average product measure?
What does average product measure?
What does marginal product measure?
What does marginal product measure?
What is the relationship between productivity and the competitive position of a firm?
What is the relationship between productivity and the competitive position of a firm?
What should a fundamental analysis of a company examine?
What should a fundamental analysis of a company examine?
Which of the following is true about the relationship between labor and capital?
Which of the following is true about the relationship between labor and capital?
What are the two inputs that economists typically focus on?
What are the two inputs that economists typically focus on?
How is the labor input measured?
How is the labor input measured?
How is the capital input measured?
How is the capital input measured?
What is the formula for total cost of production?
What is the formula for total cost of production?
What is a cost function?
What is a cost function?
What could cause the cost of producing any given level of output to fall?
What could cause the cost of producing any given level of output to fall?
What does a firm strive to maximize?
What does a firm strive to maximize?
What happens when a firm lags behind the industry in productivity?
What happens when a firm lags behind the industry in productivity?
What are the benefits of increased productivity?
What are the benefits of increased productivity?
Which of the following is true about a firm's marginal cost?
Which of the following is true about a firm's marginal cost?
What are the three types of cost curves described in the text?
What are the three types of cost curves described in the text?
What does the law of diminishing marginal returns state?
What does the law of diminishing marginal returns state?
What is the initial effect of adding more labor to the production process?
What is the initial effect of adding more labor to the production process?
What happens to marginal productivity as more workers are added?
What happens to marginal productivity as more workers are added?
In the context of economies and diseconomies of scale, what happens to long-run costs?
In the context of economies and diseconomies of scale, what happens to long-run costs?
What is the shutdown point of a firm?
What is the shutdown point of a firm?
What is the breakeven point of a firm?
What is the breakeven point of a firm?
What is the relationship between marginal cost and average cost?
What is the relationship between marginal cost and average cost?
What is the relationship between marginal product and marginal cost?
What is the relationship between marginal product and marginal cost?
