Some examples from this set of practice questions
1.
Describe the process of production in terms of economics.
Answer: Converting inputs into outputs
2.
What is an input, also known as a factor?
Answer: A resource used to make outputs
3.
What is total physical product?
Answer: The total output or quantity produced
4.
What is marginal product?
Answer: The additional output generated by additional inputs (workers)
5.
Write the formula for marginal product.
Answer: [change in total product]/[change in inputs]
6.
What is average product?
Answer: The output per unit of input
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