(Test Bank)Economics for Managers, 3rd Edition by Paul G. Farnham chapter 5

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1、EconomicsforManagers,3e(Farnham)Chapter5ProductionandCostAnalysisintheShortRun1)ThetextlistsallofthefollowingasoutcomesofMcDonald'sexperimentaladoptionofremoteordertakingexcept:A)adecreaseinaccuracyinfillingorders.B)increasedspeedatthedrivethroughwindow.C)anincreaseinthecos

2、tsassociatedwiththedrive-throughportionofMcDonald'sbusiness.D)employeedissatisfactionwithconstantmonitoringandthestressoftheprocess.Answer:CDiff:1Topic:Costsandproduction2)Afirm'sproductionfunctionistherelationshipbetween:A)theinputsemployedbythefirmandtheresultingcostsofpr

3、oduction.B)thefactorsofproductionandtheresultingoutputsoftheproductionprocess.C)thedemandforafirm'soutputandthequantityitisabletoproducewithavailableresources.D)thefirm'sproductioncostsandtheamountofrevenueitreceivesfromthesaleofitsoutput.Answer:BDiff:1Topic:Productionfunct

4、ion3)Inthecontextofaproductionfunction,theremoteordertakersinthefastfoodindustrywouldbeclassifiedas:A)afixedinput.B)amarginalinput.C)avariableinput.D)aninframarginalinput.Answer:CDiff:2Topic:Variableinputs4)Considertheproductionfunctionforbottledwater.Allofthefollowingwould

5、beconsideredvariableinputsexcept:A)theplasticbottles.B)thewaterthebottlesarefilledwith.C)themachineusedtofilleachbottle.D)theelectricityusedtopowerthemachineusedtofillthebottles.Answer:CDiff:2Topic:Variableinputs24Copyright©2014PearsonEducation,Inc.5)Theterm"fixedinput"refe

6、rsto:A)inputstoproductionthatdonotvarywithrespecttoquality.B)inputstoproductionthatdonotvaryinprice.C)inputstoproductionthatyieldaconstantor"fixed"marginalproduct.D)inputstoproduction,thequantityofwhichcannotbevariedintheshortrun.Answer:DDiff:1Topic:Fixedinputs6)Whichofthef

7、ollowinginputsismostlikelytobe"fixed"intheshortrun?A)Labor.B)Capital.C)Energy.D)RawMaterial.Answer:BDiff:2Topic:Fixedinputs7)Themaindifferencebetweentheshortrunandthelongrunisthat:A)intheshortrunallinputsarefixed,whileinthelongrunallinputsarevariable.B)intheshortrunthefirmv

8、ariesallofitsinputstofindtheleast-costcombinationofinputs.C)intheshortrun,atleasto