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ECO.7
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Questions in this quiz (15)
11. Industrial organization is the study of
- A• How industries organize for political advantage
- B• Now firms’ decisions regarding prices and quantities depend on the market conditions they face
- C• How labor unions organize workers in industries
- D• How profitable firms are in organized industries
22. The amount of money that firms receives from the sale of its outputs is called
- A• Total revenue
- B• Total gross profit
- C• Total net profit
- D• Net revenue
33. The amount of money that a firm pays to buy inputs is called
- A• Total cost
- B• Variable cost
- C• Marginal cost
- D• Fixed cost
44. Profit defined as
- A• Net revenue minus depreciation
- B• Average revenue minus average total cost
- C• Marginal revenue minus marginal cost
- D• Total revenue minus total cost
55. Profit plus total cost equals
- A• Total revenue
- B• Not profit
- C• Capital profit
- D• Operational profit
66. Total revenue equals
- A• Total output multiplied by sales price of output
- B• Total output multiplied by the profit
- C• (total output multiplied by sales price) – inventory surplus
- D• (total output multiplied by sales price) – inventory shortage
77. Those things that must be forgone to acquire a good are called
- A• competitors
- B• substitutes
- C• opportunity cost
- D• explicit costs
88. XYZ corporation produced 300 units of output but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100. Each of the 275 units sold were sold for a price of $95. Total revenue for the XYZ corporations would be
- A• $30,000.
- B• $28,500.
- C• $26,125.
- D• -$3,875.
99. Opportunity costs are comprised of
- A• Explicit costs
- B• Implicit costs
- C• Forgone income.
- D• all of the above
1010. Which of the following would be categorized as an opportunity cost?
(i) Wages of workers
(ii) Raw materials costs
(iii) Forgone investment opportunities- A• (i) and (iii)
- B• (iii) only
- C• (ii) and (iii)
- D• All the above
1111. Which of the following is an implicit cost?
(i) A business owner forgoing an opportunity to earn a large salary working for a wall street brokerage firm
(ii) Interest on debt
(iii) Uncollected revenue- A• (ii) and (iii)
- B• (i) only
- C• (i) and (iii)
- D• All the above
1212. An example of an implicit cost of production would be
- A• The cost of raw materials for producing bread in a bakery.
- B• The cost of a delivery truck in a business that rarely makes deliveries.
- C• The income an entrepreneur could have earned working for someone else.
- D• All of the above
1313. To an economist, the field of industrial organization answers which of the following questions?
- A• How does the difference in the number of firms affect prices and efficiency of market outcomes?
- B• Why are consumers subject to the law of demand?
- C• Why do firms experience falling marginal product of labor?
- D• Why do firms consider production costs when determining product supply?
1414. Assuming John owns a shoe-shine business, his accountant most likely includes which of the following costs on his financial statements?
- A• Cost of shoe polish
- B• Dividends John’s money was earning in the stock market before John sold his stock and bought a shoe-shine booth
- C• Wages John could earn washing windows
- D• All of the above
1515. An important implicit cost of almost every business is
- A• The opportunity cost of financial capital that has been invested in the business
- B• The cost of accounting services
- C• The cost of compliance with government regulation
- D• The cost of debt
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- Description
- Economics Quiz on ECO.7, created by хомяк убийца on 27/05/2017.
- Author
- хомяк убийца
- Language
- English
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