Unit 3 Micro

Unit 3 Micro

12th Grade

30 Qs

quiz-placeholder

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Unit 3 Micro

Unit 3 Micro

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Ryan Fleming

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal product:

diminishes at all levels of production

may initially increase, then diminish, but never become negative

may initially increase, then diminish, and ultimately become negative

is always less than average product

is the number of additional inputs it takes to produce one output

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal product is:

total product divided by the number of workers employed

the increase in total revenue attributable to the employment of one more worker

the increase in total cost from producing one additional output

the increase in total output attributable to the employment of one more worker

the percent change in quantity divided by the percent change in price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Figure A shows the number of workers and quantity of burgers produced in one hour. The marginal product of the sixth worker is:

180 units of output

30 units of output

15 units of output

negative

cannot be calculated

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Refer to Figure A. With which worker does the Law of Diminishing Marginal Returns first set in?

1st

2nd

3rd

4th

5th

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fixed costs are:

the costs of producing one more unit of capital (ex: machinery, tools, etc.)

usually zero when a firm produces nothing

average cost multiplied by the firm's output

any cost which does not change when the firm changes its output

the traditional out of pocket costs of doing business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The vertical distance between ATC and AVC reflects:

the law of diminishing returns

total fixed costs

the average fixed cost at each level of output

marginal cost at each level of output

the presence of specialization

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Refer to Figure B. The marginal cost of producing the 4th output is:

$1.50

$6

$13.50

$54

$216

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