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 (C)</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 (B)</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 (C)</p> Signup and view all the answers

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

<p>Total Product (A)</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 (B)</p> Signup and view all the answers

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

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

How is MP calculated based on the table information?

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

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