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35 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Total revenue minus total cost is equal to
the rate of return
marginal revenue
profit
net cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Figure, This corn producer produces 100 bushels of corn and sells each bushel at $5. The cost of producing each bushel is $2. This corn producer's total revenue is ________ and profit is ______
$200; $300
$300; $200
$500; $200
$500; $300
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Figure, This corn producer earns a total revenue of $900. Each bushel of corn is sold for $5. This corn producer must be selling ________ bushels of corn.
180
450
900
4500
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Figure, A corn producer's profit is $200 and is producing 100 bushels of corn. Then he must have a cost per bushel of
$1
$2
$3
$4
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Figure, A corn producer produces 80 bushels of corn and sells each bushel at $5. The cost of producing each unit bushel is $2. This corn producer's total revenue is ________ and profit if ________.
$160; $0
$240; $80
$400; $240
$400; $160
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Figure, A corn producer's total revenue is $1,000. If she sells each bushel of corn for $5, she must be selling ________ bushels of corn
200
450
900
4500
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Wax Works sells 400 candles at a price of $10 per candle. The Wax Works' total costs for producing 400 candles are $500. The Wax Works' economic profit is
-$100
$3,500
$4,500
indeterminate from this information
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