Midway Through a Unit on How Mountains Are Formed, Mr

question 75

Multiple Choice

Midway through a unit on how mountains are formed, Mr.McDonald gives a brief quiz to find out what students do and do not understand.He plans to focus the next few classes on the things about which students are most confused.Mr.McDonald's quiz exemplifies:

• A)a norm-referenced test.
• B)authentic assessment.
• C)a performance assessment.
• D)formative evaluation.

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Definitions:

Marginal Revenue Product

This is the additional revenue generated from employing one more unit of a factor of production, such as labor.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

Average Revenue Product

The increase in total revenue resulting from employing one more unit of a resource, holding all other factors constant.

Substitution Effect

The alteration in the consumption of goods as a result of changes in their relative prices, leading consumers to substitute more expensive items with cheaper alternatives.