Chapter 5 Review by Luis Elías Ortiz Mejía https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd IIndividually, make five multiple choice questions, highlight your answers. Download file as pdf and upload to classroom. en-us 2022-07-08 15:49:37 UTC 2022-07-09 04:44:41 UTC hello@padlet.com 5CCLL Chapter 5 lesson 1 What is supply? luis_ortiz4 https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239838592 2022-07-08 15:53:11 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239838592 5Design The theory of production luis_ortiz4 https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239840478 2022-07-08 15:58:22 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239840478 5 Computer Cost, revenue, and profit maximization luis_ortiz4 https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239841022 2022-07-08 15:59:55 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239841022 Camila https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239855957 1. is the amount of a product that would be produced, grown or acquired and offered for sale at all possible prices that could prevail in the market.

a) Subcity
b) Law of supply
c) Supply
d) Quantity suplied

2. Is a listing of the various quantities of a particular product that a producer would supply at all possible prices in the market.

a) Supply schedule
b) Supply elasticity
c) Subcity
d) Supply curve

3. principle that more will be offered for
sale at higher prices than at lower prices

a) Supply curve
b) Supply
c) Market supply curve
d) Law of supply

4. supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market

a) Supply curve
b) Market supply curve
c) Law of supply
d) Change in quantity supplied

5. a situation where suppliers offer different amounts of a product for sale at all possible prices in the market.

a) Change in supply
b) Quantity supplied
c) Law of supply
d) Subcity
]]> 2022-07-08 16:36:07 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239855957 Andrés l0407a https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239862988 1. Is the cost of production that do not change when output changes?

a) Subcity
b) Supply
c) Fixed costs
d) Total


2. Is the sum of variable costs plus fixed cost; all costs associated with production?

a)Total cost
b) Fixed costs
c) Law of supply
d) Change in supply


3. Is the average price that every unit of output sells for?

a) Average revenue
b) Supply curve
c) Fixed costs
d) Costs

4. Is the level of production where marginal cost is equal to marginal revenue?

a) Maximization profit
b) Law profit
c) Profit
d) Profit maximization quantity of output

5. Is the electronic business or exchange conducted over the internet?

a) Profit
b) e-commerce
c) Supply
d) Marketing






]]> 2022-07-08 16:55:34 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239862988 The theory of production - Gaby l0244c https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239863974 1.  Is the production period
so short that only variable
inputs (usually labor) can be
changed

a) short run
b) total product
c) long run
d) marginal product

2. Is the stage
of production where output
increases at a decreasing rate

a) production function
b) marginal product
c) diminishing returns
d) long run

3. Production is usually illustrated with a __________________

a) marginal product
b) total product
c) production function
d) long run

4.  The measure is _______________ the extra
output or change in total product caused caused by adding one more unit of variable
input.

a) production function
d) long run
C) marginal product
c) total product

5. They are the production phases that
consists of increasing
decreasing and negative
returns

a) production function
b) long run
c) stages of production
d) total product




]]> 2022-07-08 16:58:28 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239863974 Samuel B https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239867580 1. is a measure of the degree to which the quantity supplied responds to a change in price.

a) Supply elasticity
b) Subsidy
c) Change in supply
d) Quantity supplied

2. a graph that shows the quantities supplied at each and every possible price in the market

a) Supply
b) Law of supply
c) Supply curve
d) Supply schedule

3. specific amount offered for sale at a given price.

a) Subsidy
b) Quantity supplied
c) Supply curve
d) Market supply curve

4. change in the amount offered for sale in response to a price change.

a) Change in quantity supplied
b) Change in supply
c) Law of supply
d) Supply elasticity

5. responsiveness of quantity
supplied to a change in price.

a) Change in supply
b) Subcity
c) Supply elasticity
d) Supply]]> 2022-07-08 17:08:42 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239867580 Juan Carlos Aldana https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239870369 1)   The __________is that period in which at least one factor of production is fixed.
A)  short run
B)  total product
C)  marginal product
D)  long run
 
2)   What happen If the firm hires too many workers?
a) Decreasing Marginal Returns 
b) Increasing Marginal Returns
c) Negative Marginal Returns
d)other_________
 
3)   Who was one of the greatest turnarounds in American business history? 
a) Abigail Adams
b) Daniel Akerson
c) Davy Crockett
d)Crispus Attucks
 
4)   The first stage results from increasing average product.
a) total product
b) stages of production
c) diminishing returns
d) production function
 
5)   ______________ is simply the output that is produced by all of the employed workers.
A) diminishing returns
B) production function
C) long run
D) total product
 
 
 
 
 
]]> 2022-07-08 17:17:07 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239870369 Juan de Dios Lavarreda https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239891051 2022-07-08 18:13:34 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239891051 Fatima l0826a https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239891551 1. What is the amount that a single producer or all producers bring to market at any given price? 
  • change in supply
  • quantity supplied
  • supply curve
  • quantity demanded

2. What is a government payment used to protect a certain economic activity?
  • supply
  • subsidy
  • government regulations
  • taxes

3. On which factor does the elasticity of the producer's supply curve depend?
  • on the nature of its production
  • on the law of supply and demand
  • on its production flexibility
  • on the quantity demanded

4. When does productivity increase?
  • when more input is produced with the same amount of output
  • when more products are demanded
  • when fewer products are demanded
  • when more output is produced with the same amount of inputs

5. Which type of elasticity is the one given by a change in price that causes a proportionally larger change in quantity supplied?
  • inelastic supply
  • unit elastic supply
  • elastic supply
  • normal supply


]]> 2022-07-08 18:15:10 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239891551 Alessandra l0127c https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239891969 1. The measure is ______ the extra
output or change in total product caused by adding one more unit of variable
input.

a) Long run
b) Short run
c) Total product
d) Marginal product

2. Daniel Akerson had worked in?

a) engineering
b) administration
c) telecommunications
d) arquitecture

3. The stage of production where output increases at a diminishing rate as more variable inputs are added.

a) Diminushing returns
b) Stage II
c) Stage III
d) Stages of production

4. Phases of production that consist of increasing,decreasing, and negative
returns.

a) Long run
b) Short run
c) stages of production
d) Total product

5. A production period long enough for the firm to adjust the quantities of all its productive resources, including capital.

a) Marginal product
b) Long run
c) Short run
d) other]]> 2022-07-08 18:16:10 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239891969 Helen Juárez The theory of production https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239892912 1. When an economist analyze production what do they focus on?
a) short run
b) long run
c) production function
d) marginal product

2. How many stages of production are?
a) 1
b) 5
c) 7
d) 3

3. This stage is where the output increases at a diminishing rate as more variable inputs are added.
a) stage II
b) stage III
c) stage I
d) stage V

4. Is a production period long enough to change amount of variable and fixed inputs used in production.
a) short run
b) total product
c) long run
d) production function

5. Is the extra output due to the addition of
one more unit of input.
a) product
b) total product
c) diminishing returns
d) marginal product]]> 2022-07-08 18:18:53 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239892912 Luis González https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239893083
Which of the following statements about opportunity cost is TRUE?

I. Opportunity cost is equal to implicit costs plus explicit costs.
II. Opportunity cost only measures direct monetary costs.
III. Opportunity cost accounts for alternative uses of resources such as time and money.

a) I, II and III.
b) I
c) III only.
d) I and III only.

The Five Year Plans of India intend to develop the country industrially through: 

(a) the public sector
(b) the private sector
(c) the public, private, joint and Cooperative sectors
(d) increasing collaboration with non-resident Indians

The strategy of Rolling plan was adopted during the Prime Ministership of

(a) Lal Bahadur Shastri
(b) Indira Gandhi
(c) Morarji Desai
(d) Rajiv Gandhi


Who is called the ‘Father of Economics’ ?

(a) Max Muller
(b) Karl Marx
(c) Adam Smith
(d) None of these

70% of working population of India is engaged in:

(a) public sector
(b) primary sector
(c) secondary sector 
(d) tertiary sector














]]> 2022-07-08 18:19:26 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239893083 What is supply? https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239893626
A) Is the amount of a product that would be produced
B)is a listing of the various quantities of a particular
product.
C)principle
that more will be offered for
sale at higher prices than at
lower prices
D)a graph that
shows the quantities supplied at
each and every posible price in
the market

What is Change in Quantity Supplied?

A) situation where liars offer different amounts of a product for sale at all posible prices in the product

B)is the amount that a single producer or all producers bring to market at any given price.

C)different amounts offered for sale at each
and every posible price in the
market; shift of the supply curve

D) supply


What Is subsidy?

A)different
amounts offered for sale at each
and every posible price in the
market; shift of the supply curve

B)change in quantity supplied can be an increase or a decrease

C)A measure of the degree to which the quantity supplied responds to a change in price.

D)government payment to encourage or protect a certain economic activity



The introduction of a new machine or industrial process can lower the cost of production, which increases productivity.

A) technology
B)taxes
C) subsidy
D)government regulations

Measure of the degree to which the quantity supplied responds to a change in price

A)market supply curve
B)quantity supplied
C)cost of resources
D)Supply elasticity



Jose Cáceres




]]> 2022-07-08 18:21:12 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239893626 Ignacio Fagioli l0798a https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239894019 1.the cost that changes when the business rate of operation or output
a. variable cost
b. fixed cots
c. overhead
d. marginal cost

2. Production level where total cost equals total revenue; production needed if the firm is to recover its costs
a. e-commerce
b. break-even point
c. marginal revenue
d. marginal cost

3. broad category of fixed costs that incluides interest, rent, taxes, and executive salaries
a. overhead
b. total cost
c. marginal cost
d. fixed cost

4. Extra cost of produciong one additional unit of production
a. total cost
b. variable cost
c. overhead
d. marginal cost

5. Total amount earned by a firm from the sale of its products; average price of a good sold times quantity sold
a. total revenue
b. average revenue 
c. marginal cost 
d. marginal revenue]]> 2022-07-08 18:22:32 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239894019 Alex Sierra l0590a https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239894711 1. Which of the following is an example of a variable cost?

A. Direct Labor Cost
B. Electricity Expense
C. Sales Commission
D. A and C

2. what producing one additional unit of production?

A. marginal cost
B. total cost
C. variable cost
D. all are correct

3.is all the revenue thta a business receives.?

A. marginal revenue
B. total revenue
C. Sales Commission
D. a and b

4. true or false, the marginal revenue is simply the average price that every unit
of output sells for?

A. true
B.false

5. true or false, e-commerce is the commercial transactions conducted electronically on the internet?

A.true
B.false]]> 2022-07-08 18:24:48 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239894711 Paulina https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239897068 1.Supply elasticity  is responsiveness of quantity supplied to a change in Price
a. True 
b.  False 
c.   Is Supply curve
d.  Is Law of Supply
2. ¿How many cases of elasticity does supply and demand have?
a.  Two 
b. Three
c.  One 
d.  Five
3. Technology, Government Regulations and Taxes are factors that can cause a change in supply
a. True 
b. False 
c.  Only Number of Sellers is a factor 
d. Productivity is the only fator
4. Subsidy government payment
to encourage or protect a certain economic activity
a. True
b. False
c. No it is supply
d. No it is Law of Supply
5.  Law of Supply a table showing the quantities that would be produced or offered for sale at each and every possible price in the market at a given point in time.
a. True
b. False
c. No it is supply curve
d. No it is market supply curve

]]> 2022-07-08 18:32:05 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239897068 Megan Mayorga https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239898363 1. ______ amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time.
A. Supply Curve
B. Law of Supply
C. Supply
D. Market supply curve

2. ______ different amounts offered for sale at each and every possible price in the market; shift of the supply curve.
A. Subsidy
B. Quantity supplied
C. Change in quantity supplied
D. Change in supply

3. ___________government payment
to encourage or protect a certain economic activity.
A.Short run
B. Quantity supplied
C. Subsidy
D. Supply

4.________ responsiveness of quantity
supplied to a change in price.
A. Supply elasticity
B. Supply curve
C. Market supply curve
D. Quantity supplied

5. A_______ change in the amount offered for sale in response to a price change;
movement along the supply curve.
A. Quantity supplied
B. Law of Supply
C. Change in quantity supplied
D. Market supply curve]]> 2022-07-08 18:36:06 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239898363 Johan Pérez https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239898663 1)what is the  cost of the production that do not change when output changes??
 a. supply
 b. total cost
 c. fixed cost
 d. public sector

2) _____ is the extra cost of producing one additional unit of production
 a. Magrinal cost
b. Total cost
c. Variable Cost
d. Overhead

3)  The _________ is simply the average price that every unit of output sells for.
a. Average reneuve
b. total reneuve
c. Marginal reneuve
d. Profit maximization

4) People engaded in ____________  an electronic business conducted over the internet
a. Conducted
b. Costs
 c. e-commerce
 d. Break Even Point

5) Broad category of fixed costs that includes interested , rent , taxes and executive salaries
  a. Costs
  b. Break Event
  c. Overhead
  d. Total Reneuve



]]> 2022-07-08 18:37:06 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239898663 Questions https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239898665
1. Is the amount of a product that would be produced, grown, or acquired and offer to sale.

A) subsidy
B) Suply
C) quantity suplied
D) supply schedule

2. Is how much buyers want an item or services

A) suply
B) costumers
C) law of suply
D) Demand 

3. A graph showing the various quantities supplied at all posible prices is a?

A) market
B) laws
C) suply schedule
D) suply schedule

4. Suply curves that shows the quantities offered at various prices by all firms.

A) architecture
B) economy
C) Market suply schedule
D) investments

5. A situation where
suppliers offer different amounts of a product for sale at all possible prices

A)retirement
B)supply
C)enterprenuer
D)change in supply
 




]]> 2022-07-08 18:37:06 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239898665 Mario urquizu https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239902229 1) -What is the amount of product that would be produced?
A) supply schedule
B)supply
C)Law of Supply
D)supply curve

2) -principle that more will be offered for sale at higher prices?

A)varius
B)supply curve
C)market supply curve
D)Law of Supply

3) -graph that shows the quantities supplied?


A)supply schedule
B)supplycurve
C)market supply
D)supply

4) -is the change of the amount offered for sale in response to a change in price?

A)change in quantity supplied
B) quantity supplied
C)supply
D) demand

5) -a situation where
suppliers offer different amounts of a product for sale at all possible price?
A)demand
B)value
C)change in demand
D)service 





]]> 2022-07-08 18:49:35 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239902229 Kim Jiatz https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239984251 1._______specific amount offered for sale at a
given price; point on the supply
curve
a)Supplied
b)Quantity supplied
c)Supplied curve

2.what is change in quantity
supplied?
a)change in the amount offered for sale in
response to a price change;
movement along the supply
curve
b)The market supply curve sh
supp_lied by all firms that off:;: the quantities sale ma market It . .
c)respo_nsiveness of quantity
supplied to a change in price

3.what is Elasticity of Supply?
a)Elastic Supply The supply curve in Panel A is elastic because the change in
price causes a proportionally larger change in quantity supplied.
b)The elasticity of a producer's supply curve depends on the nature of its production.
c)Just as demand has elasticity, so does supply. Supply elasticity is a measure of
the degree to which the quantity supplied responds to a change in price.

4.________phases of production that
consist of increasing,
decreasing, and negative
returns
a)stages of production
b)contributes
c)Stages of Production

5.________stage of production where output
increases at a decreasing rate
as more units of variable input
are added
a)Total Product
b)Marginal Product
c)Diminishing returns]]> 2022-07-09 00:09:07 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239984251 Christian https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239994800 1.________ a graph that
shows the quantities supplied at
each and every possible price in
the market

A. Market supply curve
B. Curve
C. Supply curve
D. Quantity supplied

2. The quantity supplied is ________

A. The change in the amount offered for sale
B. The amount that a single producer
C.  The main difference
D.  A listing of the quantities

3.  Daniel Akerson is a?

A. General motor's CEO
B. Construction worker
C. DOCTOR
D.  Lawyer

4.  If a firm's total output increases, will the fixed costs increase?

A. Yes
B. No
C. Maybe
D. Don't know

5.  E-commerce is?

A. Electronic business
B. Basic business
C. Store
D. School
 
]]> 2022-07-09 00:59:05 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2239994800 Javier Ruiz javielkrack203 https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2240008442 This image is?

Supplied
Supply curve
Market supply curve
Law of supply



The amount of a product of a product tthat would be produced, grown, or acquired and offered for sale at all possible prices that could prevail in the market.

Supplied
Quantity supplied
supply
Subsidy

Is a measure of the degree to which the quantity supplied responds to a change in price.

Subsidy
Market supply curve
supplied
Supply elasticity


Long run is the production period longo enough for the firm to adjust the quantities fo all its productive resources, including capital?

True
false




]]> 2022-07-09 01:53:57 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2240008442 Letizia Garcia https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2240017781
  • Is the phase in which the marginal product of each additional worker increases
    • a) Stage 1
    b)Stage 2
    c) tage 3
    d) Production
    e) Long run

    2. Is where the marginal product of each additional worker is negative
    a) Stage 1
    b) Stage 2
    c) Stage 3
    d) Short-run
    e) Long run

    3. Illustrates the principle of decreasing or diminishing returns-the stage of production where output increases at a diminishing rate as more variable inputs
    are added.

    a) Stage 1
    b)Stage 2
    c) Stage 3
    d) Production
    e) Stage 4

    4. Total Product is:

    a) The total of input
    b) The Total of output
    c) The quality of output
    d) The quantity of input
    The quantity of production

    5. The stage of production is used for?

    a)to change the amount of variable and fixed inputs used in production
    b)extra output due to the addition of one more unit of input
    c)graphic portrayal showing how a change in the amount of a single variable 
    d)short-run
    e). An economy can be divided into three main stages: primary, secondary, and tertiary. theory of production. deal with the relationship between the factors of production and the output of goods and services.










    ]]>     2022-07-09 02:28:13 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2240017781     Diego Catalán https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2240049544 2022-07-09 04:44:41 UTC https://padlet.com/luis_ortiz4/2gq6l1hsqhcc9ldd/wish/2240049544