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Mid Term 2 Economics Practice Flashcard Questions

Mid Term 2 Economics Practice Flashcard Questions

Assessment

Flashcard

Financial Education

University

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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30 questions

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1.

FLASHCARD QUESTION

Front

Which of the following is considered a variable input in the short run?
Factory building, Machinery, Raw materials, Land

Back

Raw materials

2.

FLASHCARD QUESTION

Front

The law of diminishing marginal returns states that:

Back

Adding more of a variable input to a fixed input will eventually decrease marginal product

3.

FLASHCARD QUESTION

Front

Marginal Product (MP) is defined as:

Back

Change in total output divided by change in input

4.

FLASHCARD QUESTION

Front

If total product is increasing at an increasing rate, then marginal product is:

Back

Increasing

5.

FLASHCARD QUESTION

Front

Which of the following will cause the production function to shift upward? A decrease in labor, Better technology, Higher wages, Increase in fixed costs

Back

Better technology

6.

FLASHCARD QUESTION

Front

The average product of labor is calculated by:

Back

Total product divided by total labor

7.

FLASHCARD QUESTION

Front

Which is true in the short run? Options: All inputs are fixed, Only labor is variable, At least one input is fixed, All inputs are variable

Back

At least one input is fixed

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