ass econ ex3

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Assessment for Learning Course for PSHE Teachers
(Part 2) Workshop for Economics Teachers Assessment for Learning
True-False Questions
Whether the following statements are true or not? Justify your answer.
Statement
1
If there is at least one variable factor, it is a long-run period.
Explain:
2
Variable factors are the factors of production whose output level
increases when input increases.
Explain:
3
Machinery must be a fixed factor.
Explain:
4
In long run, all factors are variable factors.
Explain:
5
When marginal product decreases, total product must decrease.
Explain:
6
Marginal product will only decrease when more variable factors are
employed
Explain:
7
The law of diminishing marginal returns implies that firms will suffer loss.
Explain:
8
The scale of production may change in short run.
Explain:
9
Economies of scale explain why marginal product decreases in long run.
Explain:
10
Optimal scale means long run total cost is at its minimum.
Explain:
T/F
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