What is considered the primary goal of a firm according to economists?

Economic Concepts and Firm Structures

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Business
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11th - 12th Grade
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Hard

Patricia Brown
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Employee satisfaction
Corporate social responsibility
Profit maximization
Environmental sustainability
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does profit mean in economic terms?
Total revenue plus total cost
Total cost divided by total revenue
Total revenue minus total cost
Total cost minus total revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an explicit cost?
The cost of missed opportunities
The cost of resources leaving the firm
The cost of future investments
The cost of employee training
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of an implicit cost?
Hiring a new employee
Renting a building
Paying for raw materials
The potential income from an alternative business
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between explicit and implicit costs?
Explicit costs are future costs, implicit costs are past costs
Explicit costs are internal, implicit costs are external
Explicit costs are variable, implicit costs are fixed
Explicit costs are seen, implicit costs are unseen
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Ronald Coase, what is a firm in a capitalist sea?
A hierarchical structure
A market structure
An island of socialism
An island of capitalism
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does Ronald Coase describe the internal structure of a firm?
As a market with prices
As a free market
As a hierarchical structure
As a democratic system
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