Total Product, Average Product & Marginal Product in Economics - Quiz & Worksheet

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

_____ is the total amount produced per a set of resources.

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1. Which factor is most important for expressing total product, but is not needed for working out the average product?

2. _____ is the amount of resources needed to make just one more of a given product.

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About This Quiz & Worksheet

Businesses must measure the resources necessary to produce their product. To do so, economists enlist the use of total, average, and marginal product as metrics to effectively determine the associated costs of production. To be successful on this quiz, you will need a good understanding of basic microeconomics.

Quiz & Worksheet Goals

To test your knowledge on this topic, you will be quizzed on the following:

  • Which metric measures the total amount of resources used
  • Which metric measures the average amount of resources used
  • Which metric measures the resources used on make one more of a given product

Skills Practiced

  • Distinguishing differences - compare and contrast the difference between the various measurements of total, average, and marginal product
  • Critical thinking - apply relevant concepts to examine information about these metrics and how they apply to business decisions
  • Information recall - access the knowledge you've gained regarding the theory of production

Additional Learning

To learn more about this subject, please review the accompanying lesson entitled Total Product, Average Product & Marginal Product in Economics. The lesson covers:

  • The definitions and differences of the three listed economic metrics
  • How these different metrics provide varying but relevant information for businesses
  • The theory of production and how it is applied to microeconomics
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