Marginal returns - Study guides, Class notes & Summaries

what is economics? - - the study of how people choose to allocate their scare resources - what and how choices are made - how the market system functions inflation - all costs of goods and services increase demand-pull inflation - incomes increase but supply remains constant cost-push inflation - production costs increase therefore costs increase recession - - slowdown in economic activity - 2 consecutive quarters of negative economic growth as measured by a country's GDP economies of s...

If, when a firm doubles all its inputs, its average cost of production decreases, then production displays A) diminishing returns. B) economies of scale. C) diseconomies of scale. D) declining fixed costs. correct answers B) economies of scale. The long-run average cost curve shows A) the lowest average cost of producing every level of output in the long run. B) where the most profitable level of output occurs. C) the average cost of producing where diminishing returns are not present....

Law of diminishing returns correct answersLaw of diminishing returns - used to refer to a point at which the level of profits or benefits gained is less than the amount of money or energy invested. Fixed costs correct answersbusiness expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such as interest or rents being paid per month, and are often referred to as overhead costs. Variable costs correct answerscorporate expen...

supply and demand correct answersthe amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price. High supply and low demand correct answerslower prices Low supply and high demand correct answershigher prices law of diminishing returns correct answersrefers to a point at which the level of profits or benefits gained is less than the amount of money or energy invested. fixed costs correct answersCosts that do not var...

PUBH 3130 Final Test Questions with Correct Answers what are the various combination of health inputs that produce health status (at both individual and population levels) - Answer-- medical services - lifestyle (personal behaviors that affect health) - environment (ex: air, soil, water pollution) - biological makeup (age, sex, genetic predisposition) - income - education - housing - gov't programs (insurance & others) diminishing marginal returns - Answer-- a curve of health inputs...

characteristics of monopolistic competition include all of the following except correct answers identical products As the manager of a waterpark, you want to increase the number of tickets sold by 6%. Your staff economist has determined that the price elasticity of demand for waterpark tickets is 2. To increase sales by the desired amount, you should decrease price by correct answers 3% A production possibilities frontier shows correct answers all of the possible combinations of goods & se...

CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ Larger ratio is better If (Rt) is higher than RFR, then it becomes Safety First Ratio Centra...

the major functions of the heart: -generation of blood pressure -routing of the blood -ensuring one-way blood flow -regulation of the blood supply The adult heart is roughly the size of clenched fist an average mass of 250g in females, 300 g in males the rounded point of the heart is called the apex the larger, flat part of the heart is called the base The heart is located in the Mediastinum of the thoracic cavity Effective cardiopulmonary resuscitatio...

If, when a firm double all its inputs, its average cost of production decreases, then production displays correct answers economies of scale The long-run average cost curve shows correct answers the lowest average cost of producing every level of output in the long run All of the following statements are true of the minimum efficient scale except one. Which one? correct answers an increase in the output level will increase profit At the minimum efficient scale correct answers the firm h...

TEST BANK CHAPTER 3 The U.S. Economic System EXAMINATION QUESTIONS Multiple Choice d 1. Every society faces some basic economic choices such as b. private property rights interfere with the operation of the market system c. the market system functions best when the rights of private property are protected d. none of the above a. b. c. d. c 2. a. b. c. d. what to produce which resources to use who gets to have what share of the output all of the above An economic system is said to be ...