FREE MANAGEMENT AND STUDY GAMES ABOUT

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FREE MANAGEMENT AND STUDY GAMES ABOUT

ECONOMICS CH 5 EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -25 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: a tax on the production of a sale or good

Answer:

excise tax Question 2: a graph of the quantity supplied of a good by ALL suppliers at various prices

Answer:

market supply curve Question 3: producers offer more of a good when its price increases and less when its price falls

Answer:

law of supply

Question 4: the sum of fixed costs plus variable costs

Answer:

total cost

Question 5: a level of production in which the marginal product of labor increases as the number of workers increases

Answer:

increasing marginal returns

Question 6: the change in output from hiring one additional unit of labor

Answer:

marginal product of labor

Question 7: the cost of operating a facility, such as a factory or a store

Answer:

operating cost

Question 8: a graph of the quantity supplied of A god at various prices

Answer:

supply curve Question 9: a chart that lists how much of a good ALL suppliers will offer at various prices

Answer:

market supply schedule

Question 10: the total cost divided by the quantity produced

Answer:

average cost

Question 11: a measure of the way quantity supplied reacts to a change in price

Answer:

elasticity of supply Question 12: a level of production at which the marginal product of labor decreases as the number of workers increases

Answer:

diminishing marginal returns

Question 13: a government payment that supports a business or market

Answer:

subsidy Question 14: government intervention in a market that affects the productions of a good

Answer:

regulation Question 15: a chart that lists how much of a good A supplier will offer at various prices

Answer:

supply schedule Question 16: the additional income from selling one more unit of a good; sometimes equal to price

Answer:

marginal revenue

Question 17: a factor that can change

Answer:

variable

Question 18: a cost that rises or falls depending on the quantity produced

Answer:

variable cost

Question 19: the amount of goods available

Answer:

supply Question 20: the amount that a supplier is willing and able to supply at a specific price

Answer:

quantity supplied

Question 21: a cost that does not change, no matter how much of a good is produced

Answer:

fixed cost

Question 22: how do suppliers decide what goods and services to offer?

1.(answer) 2.(definition of answer) 3.(example)

Answer:

1.law of supply 2.producers offer more of a good when price increases, and less of a good when price falls 3.if price of pizza $3/slice, suppliers are going to sell more pizza to make more money.If pizza is $1/slice, they'll sell less so no money declin

Question 23: a condition of rising prices

Answer:

inflation

Question 24: the cost of producing one more unit of a good

Answer:

marginal cost Question 25: cost of bringing raw materials to a production facility and sending finished products to stores

Answer:

input costs