ECO 204 Week 3 Quiz

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Ashford University - California *

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204

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Economics

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Jan 9, 2024

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docx

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8

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ECO204 Week 3 - Quiz Week 3 - Quiz Due Aug 13 at 11:59pm Points 10 Questions 10 Time Limit 720 Minutes Instructions Firms and Profit [WLOs: 1, 2, 3, 4] [CLOs: 1, 2, 3, 4, 6, 7] Prior to taking the quiz, read Chapters 7 and 8 in your textbook. Then, complete the quiz. The quiz contains 10 multiple-choice questions and is worth 5% of your course grade. You will have 12 hours to complete the quiz, and it must be taken in one sitting. You will have one attempt to take this quiz. Attempt History Attempt Time Score LATEST Attempt 1 54 minutes 9 out of 10 Score for this quiz: 9 out of 10
Submitted Aug 13 at 6:13pm This attempt took 54 minutes. Question 1 1 / 1 pts Whereas governments can be seen as extremely large, multipurpose firms, at the other extreme, __________ sometimes behave like very small firms. conglomerates counties manufacturing plants Correct! households Question 2 1 / 1 pts What is the marginal product of labor ? the change in total output divided by the total number of workers. Correct! the change in the output produced by the addition of one more worker.
the difference between the average output of labor and the average output of capital. the total output divided by the quantity of labor. Question 3 1 / 1 pts Firms exist for all but which one of the following reasons? to produce things to organize teams to reduce transaction costs Correct! to reduce buyers’ costs Question 4 1 / 1 pts If Geeta buys wood and piano wire every month to manufacture pianos in the plant she has leased for 4 years, she is operating __________.
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