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CH 6 - The Costs of Production

CH 6 - The Costs of Production - ch6 Student 1 Which of the...

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ch6 Student: _______________________________________________________________________________________ 1. Which of the following are factors of production? A. Output in a production function. B. Productivity. C. Land, labor, capital, and entrepreneurship. D. Implicit and explicit costs. 2. Which of the following is a factor of production for the Little Biscuit Bread Company? 3. Which of the following are factors of production for Claudia's Taco Stand? 4. A production function: 5. A production function matches a given combination of factor inputs with the: A. Lowest average cost of producing the output. B. Maximum-cost method for combining the inputs. C. Least cost of producing output. D. Maximum output that can be technologically produced from the inputs. 6. A production function shows the: 7. Which of the following statements is true about the production function?
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8. Suppose we can describe the production function for the Quality Lawnmower Co. with the equation, TP = 6L (where L = the number of workers). Based on this information, which of the following statements is true?
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