Theory of Production

Theory of Production

Assessment

Assessment

Created by

Erina Stanley

Social Studies

10th - 12th Grade

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10 questions

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1.

Multiple Choice

20 sec

1 pt

The relationship between the factors of production and the output of goods and services.

Marginal Product

Law of Variable Proportions

Production Function

Stages of Production

2.

Multiple Choice

30 sec

1 pt

An increase in total production due to an increase of one unit of variable input is known as ______________________.

Marginal cost

Average cost

Marginal product

Average product

3.

Multiple Choice

30 sec

1 pt

When the total product is maximum, the marginal product is _________________.

positive.

zero.

negative.

maximum.

4.

Multiple Choice

30 sec

1 pt

Marginal product curve and the average product curve intersect _______________.

at the maximum point of the marginal product curve.

where total product is at a maximum.

where marginal product equals zero.

at the maximum point of the average product curve.

5.

Multiple Choice

20 sec

1 pt

A production function shows about the relationship between

Input and cost

Outputs and cost

Products and cost

Input and Output

6.

Multiple Choice

20 sec

1 pt

The average amount of output produced by each labor employed is

Total Product

Marginal Product

Average product

Production function

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