Question 4516:

If a firm doubles its output and its costs increase by 60%, the firm is experiencing ____________

A. Increasing costs
B. Economies of scale
C. Decreasing returns
D. Decreasing costs
E. None of the above

Question 4517:

In economics, production is complete when ____________

A. Goods are produced in the factories
B. E Goods are sold to the wholesaler
C. Goods and services are produced by the government
D. Prices are fixed for goods and services
E. Goods and services finally reach the consumer

Question 4518:

In the study of economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are ____________

A. Profitable to the production process
B. Purchased for the purpose of production
C. Combined in the production process
D. Produced adequately for the production process
E. Brought into factory

Question 4519:

Production that takes place within the production possibility curve is said to be ____________

A. Inefficient
B. Possible
C. With increased output
D. X-efficient
E. Pareto-compliant

Question 4520:

The act of combining factor inputs in order to obtain specific output is known as ____________

A. Factor procurement
B. Manufacturing
C. Investment
D. Industrialisation
E. Production