Farm Management Exam 2 questions
well answered
An isoquant curve will usually - correct answer ✔✔slope downward
Supplementary enterprises are those where - correct answer ✔✔the output of one can be
increased with no change in the other
An isoquant curve shows - correct answer ✔✔all combinations of two inputs that will produce a
given amount of output
Assume input A and input B can be used in combination to produce a fixed amount of output. If
the price of input A increases relative to that of input B, the new least cost combination will -
correct answer ✔✔include less of A and more of B
A production possibility curve shows - correct answer ✔✔all combinations of two outputs
which can be produced from a fixed amount of input
An increase in the slope of a production possibility curve will - correct answer ✔✔cause the
substitution ratio to increase
The combination of feed ingredients in the least cost feed ration depends on all the following
except - correct answer ✔✔selling prices of the livestock
In the short run - correct answer ✔✔total variable costs are zero when there is no production
well answered
An isoquant curve will usually - correct answer ✔✔slope downward
Supplementary enterprises are those where - correct answer ✔✔the output of one can be
increased with no change in the other
An isoquant curve shows - correct answer ✔✔all combinations of two inputs that will produce a
given amount of output
Assume input A and input B can be used in combination to produce a fixed amount of output. If
the price of input A increases relative to that of input B, the new least cost combination will -
correct answer ✔✔include less of A and more of B
A production possibility curve shows - correct answer ✔✔all combinations of two outputs
which can be produced from a fixed amount of input
An increase in the slope of a production possibility curve will - correct answer ✔✔cause the
substitution ratio to increase
The combination of feed ingredients in the least cost feed ration depends on all the following
except - correct answer ✔✔selling prices of the livestock
In the short run - correct answer ✔✔total variable costs are zero when there is no production
