AP Microeconomics- Unit 3

AP Microeconomics- Unit 3

Assessment

Flashcard

Social Studies

11th - 12th Grade

Practice Problem

Hard

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39 questions

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1.

FLASHCARD QUESTION

Front

Which of the following isn't a fixed cost? Rent, Telephone/Internet Service, Hourly workers, Insurance

Back

Hourly workers

2.

FLASHCARD QUESTION

Front

A cost that doesn't change with the firm's output is a

Back

Fixed Cost

3.

FLASHCARD QUESTION

Front

Fixed Cost + Variable Cost =

Back

Total Cost

4.

FLASHCARD QUESTION

Front

A cost that changes with the firm's production is a _____

Back

Variable Cost

5.

FLASHCARD QUESTION

Front

An example of a variable cost might be . . .

Back

all of these are variable costs

6.

FLASHCARD QUESTION

Front

The cost of producing one additional unit of a good . . .

Back

Marginal Cost

7.

FLASHCARD QUESTION

Front

Total Revenue = ? Options: Quantity Sold x Price, Price X Total Cost, Total Cost / Quantity Sold, Variable Cost / Quantity Sold

Back

Quantity Sold x Price

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