C5_Post-Test

C5_Post-Test - Post-Test

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Post-Test (See related pages) 1 Factors of production: A) are needed to produce a good or service. B) are also called resource inputs. C) include land, labor, and capital. D) All of the above are true. 2 Which of the following is true of efficiency? A) It means that every point on the production function represents the most output that can be produced with a given number of workers. B) Producing any less than this amount means that production is inefficient. C) It is one of the goals in production. D) All of the above are true. 3 Marginal physical product (MPP) is: A) the change in total output associated with one additional unit of input. B) the extra or additional output from adding another resource. C) the extra or additional satisfaction from consuming another good. D) Both A and B are true. 4 The law of diminishing returns states that as additional units of a resource are added, eventually the _____ will _____. A)
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C5_Post-Test - Post-Test

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