Economics Quiz on Repurchase Agreements and Trade Concepts
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Questions and Answers

What does marginal product measure in economics?

  • The average output produced per unit of a fixed input
  • The total output produced per unit of a variable input (correct)
  • The average output produced when all inputs are used effectively
  • The total output produced when all inputs are used efficiently
  • Which term describes the total output produced by a firm with a given quantity of inputs?

  • Total product (correct)
  • Average product
  • Marginal product
  • Diminishing returns
  • In the context of production, what does average product refer to?

  • The output at which marginal product equals zero
  • The additional output produced from one more unit of a variable input
  • The highest level of output attainable with existing resources
  • The total output divided by the number of units of the variable input (correct)
  • In the context of total product (TP), average product (AP), and marginal product (MP), what does the shutdown point refer to?

    <p>The point where TP starts decreasing</p> Signup and view all the answers

    How are average product (AP) and marginal product (MP) related in a production process?

    <p>AP starts decreasing when MP exceeds AP</p> Signup and view all the answers

    What happens to total product (TP) when marginal product (MP) reaches its maximum value?

    <p>TP starts decreasing after reaching its maximum point</p> Signup and view all the answers

    What does TP stand for in the context of the table?

    <p>Total Product</p> Signup and view all the answers

    If the MPL column is decreasing, what does this indicate about the production process?

    <p>Each additional worker adds less to total output</p> Signup and view all the answers

    What does AP stand for in the context of the table?

    <p>Average Product</p> Signup and view all the answers

    How is MP calculated based on the table information?

    <p>$MP = rac{Change hinspace in hinspace TP}{Change hinspace in hinspace L}$</p> Signup and view all the answers

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