
AP MICRO UNIT 3
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Other
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12th Grade
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Practice Problem
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Hard
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1.
FLASHCARD QUESTION
Front
What is the marginal product per week of the sixth worker at Locotek, which produces toy trains and pays each worker $350 per week?
Back
5 trains
2.
FLASHCARD QUESTION
Front
If the marginal product of an input is positive and increasing, total product is
Back
increasing at an increasing rate
3.
FLASHCARD QUESTION
Front
Which of the following is true of production in the long run?
At least one factor of production is fixed.
Only one factor of production is fixed.
Some factors of production are fixed while others are variable.
All factors of production are variable.
All factors of production, except technology, are fixed.
Back
All factors of production are variable.
4.
FLASHCARD QUESTION
Front
A short-run production function shows the relationship between a firm’s inputs and the output it produces when the firm
Back
has at least one fixed input
5.
FLASHCARD QUESTION
Front
When marginal product exceeds average product, which of the following must be true? Average product is increasing, Average product is decreasing, Marginal product is increasing, Total product is decreasing, Total product is at its maximum.
Back
Average product is increasing.
6.
FLASHCARD QUESTION
Front
If the firm produces Q1 units of output with two inputs, the firm will be experiencing which of the following in the short run and in the long run? Short run- Diminishing marginal returns Long run- economies of scale
Back
Short run- Diminishing marginal returns; Long run- economies of scale
7.
FLASHCARD QUESTION
Front
With capital held constant, when Zane employs one additional worker, the marginal product of labor decreases by 5 units. Which economic concept best characterizes Zane’s production process?
Back
Diminishing marginal returns
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