
Microeconomics Units 3-5
Authored by Julie Walker
Social Studies
10th - 12th Grade
Used 6+ times

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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The relationship in the graph above best illustrates the economic concept of
opportunity cost
diminishing marginal utility in consumption
diminishing marginal returns in production
production possibilities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Locotek produces toy trains and pays each worker $350 per week. Five workers can produce 40 trains per week and six workers can produce 45 trains per week. The marginal product per week of the sixth worker is
5 trains
7 trains
42.5 trains
$70
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the graph, the vertical distance CF represents the
total cost of producing Q1 units of output
average total cost of producing Q1 units of output
average variable cost of producing Q1 units of output
amount of the firm's loss resulting from producing Q1 units of output
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The table above shows the amount of labor inputs necessary to produce given levels of output. If the cost of a unit of labor is $20 and total fixed cost is $100, the average total cost of producing 20 units of output is
$2
$7
$40
$120
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the firm produces Q1 units of output with two inputs, the firm will be experiencing which of the following in the long run?
Increasing marginal returns
Decreasing marginal returns
Economies of scale
Diseconomies of scale
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At the current output level, a firm finds that it has the potential to increase its profit by expanding output. If P = price, MR = marginal revenue, and MC = marginal cost, which of the following must hold at the current output for this firm?
P = MR = MC
MR = MC
MR > MC
MC > MR
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short run, the firm will stop production when the price falls below
0A
0B
0C
0D
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