Theory of the Firm (Economics) Terms 1 - Statistics

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General Stats

This quiz has been taken 59 times
58 since last reset
The average score is 6 of 12

Answer Stats

Hint	Answer	% Correct
Total Revenue - Total Costs =	Profit	98%
Fixed Cost + Variable Cost =	Total Cost	79%
Price x Quantity Sold =	Total Revenue	72%
Total Cost / Output =	Average Cost	60%
The factor of production that refers to the produced means of production	Capital	58%
The factor of production that refers to all natural resources	Land	53%
Change in total revenue as one more unit of output is produced	Marginal Revenue	51%
Reductions in total cost per unit as output increases	Economies of Scale	47%
As each additional unit of a variable input is added, total output increases by less than the previous unit	Diminishing Returns	37%
As each additional unit of a variable input is added, total output increases by my more than the previous unit	Increasing Returns	28%
Output / Inputs =	Productivity	28%
As each additional unit of a variable input is added, total output decreases	Negative Returns	14%

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