Chapter 3 Microeconomics Definitions Turbo Quiz

Chapter 3 Microeconomics Definitions Turbo Quiz

12th Grade

65 Qs

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Chapter 3 Microeconomics Definitions Turbo Quiz

Chapter 3 Microeconomics Definitions Turbo Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Steve Russell

Used 25+ times

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65 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A payment over and above normal profit. I.e. Profit earned where average revenue exceeds average cost

Abnormal profit

Supernormal profit

Economic profit

All answers

2.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Total cost divided by ??? (also known as cost per unit)

3.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Total fixed cost divided by output

4.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Output per factor (usually labour) over a period of time

5.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Revenue divided by output (revenue per unit)

6.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Total variable cost divided by output (variable cost by unit)

7.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Barriers to entry: ??? that prevent new competitors from easily entering an industry or area of business

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