Statistics for AQA Economics AS #3

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General Stats
Answer Stats
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General Stats

This quiz has been taken 36 times
The average score is 12 of 24

Answer Stats

Hint	Answer	% Correct
LRAC curves and SRAC curves are shaped like which letter of the alphabet?	U	91%
(Fixed cost)+(Variable cost) of producing at a particular level of output is '_____' cost	Total	82%
Total sales revenue minus total costs of production equals	Profit	77%
A cost changes with the amount produced, even in the short run, is a '______' cost	Variable	73%
Ouput per unit of input is...	Productivity	68%
A cost of production that, in the short run, does not change with output is a '______' cost	Fixed	64%
What is the term for converting inputs or factor services into outputs of goods and services?	Production	64%
Money is a medium of '__________'	Exchange	59%
The buying and selling of goods and services is called...	Trade	55%
In an '_______ __ _____' as output increases, long run average cost falls	Economy of scale	50%
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	50%
Output per worker is...	Labour productivity	45%
The time in which no factors of production are fixed and in which all factors can be varied...	Long run	45%
'____ ___' production is when a firm changes the scale of all the factors of production....	Long-run	45%
'_____ ___' production is when a firms adds variable factors of production to fixed factors of production...	Short-run	45%
The time period in which at least one factor of production is fixed and cannot be varied is the '______ ___'	Short run	45%
Output per unit of capital is...	Capital productivity	41%
Different workers being split into each performing different tasks is the '______' of '______'	Division of labour	41%
In a '________ __ _____' as output increases, long run average cost rises	Diseconomy of scale	36%
All the money received by a firm from selling its total output is	Total revenue	36%
Cost saving resulting from industry growth or the market of which a firm is part of is an '______' economy of scale.	External	27%
Cost saving from growth of a firm itself is an '_______' economy of scale	Internal	27%
Total revenue divided by output is	Average revenue	23%
The difference between labour productivity in the UK and other developed economies is the '________ ___'	Productivity gap	5%