Month: October 2018

Using the data in the above table, what is the marginal product of the third employee?

Select ONE answer:

1. 2 pizzas per hour
2. 3 pizzas per hour
3. 4 pizzas per hour
4. 12 pizzas per hour

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

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Using the data in the above table, what is the total product of three employees?

Select ONE answer:

1. 2 pizzas per hour
2. 3 pizzas per hour
3. 4 pizzas per hour
4. 12 pizzas per hour

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

This work is licensed under a Creative Commons Attribution 4.0 International License.

Average product is …………?

Select ONE answer:

1. Total amount of output produced divided by price of the output.
2. Total amount of output produced divided by the quantity of labor employed.
3. The increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same.
4. Total amount of output produced.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

This work is licensed under a Creative Commons Attribution 4.0 International License.

Marginal product is …………?

Select ONE answer:

1. Total amount of output produced.
2. Total amount of output produced divided by the quantity of labor employed.
3. Total amount of output produced divided by price of the output.
4. The increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

This work is licensed under a Creative Commons Attribution 4.0 International License.

Which of the following is characteristic of the long run?

Select ONE answer:

1. The firm’s plant is fixed.
2. All resources can be varied.
3. It must exceed 12 months in length
4. All of the above answers are correct.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

This work is licensed under a Creative Commons Attribution 4.0 International License.