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AQA Economics AS #3

AQA economics AS level. Chapter 3.
Quiz by EvanRoberts
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Last updated: November 26, 2016
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First submittedNovember 26, 2016
Times taken36
Average score50.0%
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Hint
Answer
What is the term for converting inputs or factor services into outputs of goods and services?
Production
Ouput per unit of input is...
Productivity
'____ ___' production is when a firm changes the scale of all the factors of production....
Long-run
Output per worker is...
Labour productivity
Output per unit of capital is...
Capital productivity
The buying and selling of goods and services is called...
Trade
'_____ ___' production is when a firms adds variable factors of production to fixed factors of production...
Short-run
Total sales revenue minus total costs of production equals
Profit
The time period in which at least one factor of production is fixed and cannot be varied is the '______ ___'
Short run
A worker only performing one task or a narrow range of tasks or a firm choosing to produce a particular good or type of good is called '_________'
Specialisation
The time in which no factors of production are fixed and in which all factors can be varied...
Long run
A cost changes with the amount produced, even in the short run, is a '______' cost
Variable
Hint
Answer
(Fixed cost)+(Variable cost) of producing at a particular level of output is '_____' cost
Total
LRAC curves and SRAC curves are shaped like which letter of the alphabet?
U
In an '_______ __ _____' as output increases, long run average cost falls
Economy of scale
Money is a medium of '__________'
Exchange
In a '________ __ _____' as output increases, long run average cost rises
Diseconomy of scale
Cost saving from growth of a firm itself is an '_______' economy of scale
Internal
A cost of production that, in the short run, does not change with output is a '______' cost
Fixed
Cost saving resulting from industry growth or the market of which a firm is part of is an '______' economy of scale.
External
All the money received by a firm from selling its total output is
Total revenue
Different workers being split into each performing different tasks is the '______' of '______'
Division of labour
Total revenue divided by output is
Average revenue
The difference between labour productivity in the UK and other developed economies is the '________ ___'
Productivity gap
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