Economics Flashcard

Economics Flashcard

Assessment

Flashcard

Business

11th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

Which diagram correctly shows the relationship between the average product (AP) and the marginal product (MP) of labour, given that the quantities of other factor inputs remain constant? Options: Diagram A, Diagram B, Diagram C, Diagram D

Media Image

Back

Diagram D

2.

FLASHCARD QUESTION

Front

A firm operates at the maximum point on its average product curve. What necessarily follows?

Back

Average variable cost is at a minimum.

3.

FLASHCARD QUESTION

Front

What can be concluded from the demand curve diagram?

Media Image

Back

Total revenue initially increases as price falls from P₁, but at some point it will decrease.

4.

FLASHCARD QUESTION

Front

What does the firm experience as it increases output from Q1 to Q2?

Media Image

Back

diminishing returns

5.

FLASHCARD QUESTION

Front

What is the value of the price elasticity of demand for the product at outputs Q1, Q2, and Q3? Options: Q1: equal to 1, Q2: less than 1, Q3: greater than 1; Q1: greater than 1, Q2: equal to 1, Q3: less than 1; Q1: greater than 1, Q2: less than 1, Q3: equal to 1; Q1: less than 1, Q2: equal to 1, Q3: greater than 1

Media Image

Back

Q1: greater than 1, Q2: equal to 1, Q3: less than 1

6.

FLASHCARD QUESTION

Front

The diagram shows the short-run cost curves and the long-run average cost curve for a firm. What can be concluded from the diagram?

Media Image

Back

At output Q1, point E represents a productively efficient position.

7.

FLASHCARD QUESTION

Front

What is true about the average fixed costs of a firm?

Back

They fall continuously as output rises.

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