Economics 12E - Arnold - TB_166

Economics 12E - Arnold - TB_166 - LOCAL STANDARDS United...

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LOCAL STANDARDS: United States - OH - Default City - DISC: Costs of production KEYWORDS: Bloom's: Comprehension 182. Suppose that unit costs are the same at both 100 units of output and 150 units of output. Unit costs are higher at output levels less than 100 units and at output levels greater than 150 units. It follows that minimum efficient scale exists a. somewhere between 100 and 150 units. b. at 100 units. c. at 150 units. d. at less than 100 units. e. at greater than 150 units. ANSWER: b POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Costs of production KEYWORDS: Bloom's: Application 183. __________ scale exist when inputs are increased by some percentage and output increases by a smaller percentage, whereas __________ scale exist when inputs are increased by some percentage and output increases by the same percentage. POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Costs of production KEYWORDS: Bloom's: Comprehension 184. Economies of scale are relevant to the __________, whereas the law of diminishing marginal returns is relevant to the __________.
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POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Costs of production KEYWORDS: Bloom's: Comprehension
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  • Spring '11
  • Lee
  • Economics, Economics of production

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