chap 7

Quiz
•
Others
•
1st Grade
•
Hard
Tấn Tuấn Lương Lê
Used 3+ times
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15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economists assume that the typical person who starts her own business does so with the intention of
donating the profits from her business to charity.
capturing the highest number of sales in her industry.
maximizing profits.
minimizing costs.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economists normally assume that the goal of a firm is to
maximize its total revenue.
maximize its profit.
minimize its explicit costs.
minimize its total cost.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Total revenue equals
price x quantity.
price/quantity.
(price x quantity) - total cost.
output - input.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explicit costs
require an outlay of money by the firm
include all of the firm's opportunity costs.
include the value of the business owner’s time.
Both b and c are correct.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A production function describes
how a firm maximizes profits.
how a firm turns inputs into output.
the minimal cost of producing a given level of output.
the relationship between cost and output.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The marginal product of labor can be defined as the change in
profit divided by the change in labor.
output divided by the change in labor.
labor divided by the change in output.
labor divided by the change in total cost.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a firm's only variable input is labor, then the slope of the production function measures the
quantity of labor.
quantity of output.
total cost.
marginal product of labor.
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