C5_Pre-Test

C5_Pre-Test - Pre-Test...

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Pre-Test (See related pages) 1 Which of the following is a factor of production? A) Land B) Labor C) Capital D) All of the above are true. 2 What is a technological relationship showing the maximum quantity of a good attainable from different combinations of factor inputs? A) A consumption function B) A production function C) A consumption possibilities curve D) None of the above is true. 3 The _____ is a period in which the quantity of some inputs cannot be changed. A) short run B) long run C) intermediate run D) None of the above is true. 4 If too much labor is added to a fixed level of capital and land, marginal physical product may eventually: A) increase. B) decrease. C) equal zero. D) become negative. 5 The goal of a firm is to maximize: A) total revenue. B) total cost. C) total utility. D) total profit. 6 Which of the following is true of fixed costs? A) They do not change with the rate of output. B)
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C5_Pre-Test - Pre-Test...

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