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T-IEET222 IEE21 PRINCIPLES OF ECONOMICS 2nd Sem ( 2022-2023 )

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Question 1
The long run is a time period in which

Response: all inputs are variable

Question 2
If you know that with 8 units of output, average fixed cost is P12.50 and average variable cost is P81.25, then total cost at this output
level is

Response: P750

Question 3
If a more efficient technology was discovered by a firm, there would be:

Response: a downward shift in the MC curve

Question 4
Which would be an implicit cost for a firm? The cost:

Response: of wages foregone by the owner of the firm.

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Question 5
Which is not a fixed cost?

Response: a worker's wage of P15 per hour

Question 6
The short run is a time period in which

Response: some resources are fixed and others are variable

Question 7
The marginal product of labor curve shows the change in total product resulting from a:

Response: one-unit increase in the quantity of a particular resource used, holding constant other resources

Question 8
Total Production will be maximum when

Response: marginal production is zero

Question 9
A firm encountering economies of scale over some range of output will have a:

Response: falling long-run average cost curve

Question 10
Variable costs are

Response: costs that change with the level of production

Question 11
The law of diminishing returns only applies in cases where

Response: there is at least one fixed factor of production

Question 12
The reason the marginal cost curve eventually increases as output increases for the typical firm is because

Response: of the law of diminishing returns

Question 13
When marginal product reaches its maximum, what can be said of total product?

Response: total product is increasing if marginal product is still positive

Question 14
If all resources used in the production of a product are increased by 20 percent and output increases by 20 percent, then there must be

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Response: constant returns to scale

Question 15
The law of diminishing returns states that:

Response: as a firm uses more of a variable resource, given the quantity of fixed resources, marginal product of the firm will eventually
decrease

Question 16
When a firm doubles its inputs and finds that its output has more than doubled, this is known as

Response: economies of scale

Question 17
The firm's short-run marginal-cost curve is increasing when

Response: marginal product is decreasing

Question 18
Suppose that a firm produces 200,000 units a year and sells them all for $10 each. The
explicit costs of production are P1,500,000 and the implicit costs of production are
$300,000. The firm has an accounting profit of

Response: P500,000 and an economic profit of P200,000

Question 19
When the total product curve is falling, the

Response: marginal product of labor is negative

Question 20
Which cost always increases as output increases?

Response: total cost

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