
Econ 40 Chapter 11
Quiz
•
Social Studies
•
11th Grade - University
•
Practice Problem
•
Hard
Russell Warmerdam
Used 25+ times
FREE Resource
Enhance your content in a minute
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do economists define explicit costs?
incurred costs that cannot be recovered
input costs that require a monetary payment
costs that do not require a monetary payment
costs that cannot be traced directly to a product
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlike explicit costs, implicit costs ______.
do not require a monetary payment
vary depending on production output
are tracked by a firm’s accountants
impact long-run average total costs
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the difference between the explicit costs and implicit costs of production? Explicit costs ______, whereas implicit costs ______.
are short-term expenses; are long-term expenses
relate to outputs; relate to inputs
can be measured; cannot be measured
require an outlay of money; do not require a monetary outlay
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economists assume the goal of every firm is to maximize ______.
qualities
profits
costs
incentives
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dolores is an accountant for a restaurant chain. Tracking ______ is therefore an important part of her job.
the general manager’s social media posts
trends in consumer dining habits
total receipts per day and daily averages
nutritional information for menu items
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In terms of production, what do economists mean by the long run?
a period over which all production inputs are variable
the time it takes staff to reach peak productivity
the length of time it takes to hire and train staff
manufacturing projections for the following fiscal year
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to distinguish between the short run and the long run when making production decisions?
Short-run solutions tend to have more implicit costs.
Long-run decisions cannot be changed once approved.
It takes more time to alter some inputs than others.
Accountants track short-run but not long-run costs.
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
20 questions
ΘΕΩΡΙΕΣ ΕΤΑΙΡΙΑΣ
Quiz
•
University
20 questions
Physical Resources
Quiz
•
11th - 12th Grade
15 questions
El Dorado Legend
Quiz
•
University
15 questions
Plasticity and functional recovery of the brain after trauma
Quiz
•
11th - 12th Grade
17 questions
African American Resistance Review
Quiz
•
11th Grade
15 questions
Matariki
Quiz
•
6th - 12th Grade
16 questions
Thinkers Beliefs and Buildings 1
Quiz
•
10th Grade - Professi...
16 questions
Just for Fun :)
Quiz
•
University
Popular Resources on Wayground
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
15 questions
Equivalent Fractions
Quiz
•
4th Grade
20 questions
Figurative Language Review
Quiz
•
6th Grade
Discover more resources for Social Studies
26 questions
APUSH Period 6 Review
Quiz
•
12th Grade
33 questions
PFL & Eco Unit #1 Exam Review (2024 Version)
Quiz
•
11th Grade
6 questions
Unit 8 DEUA Review
Lesson
•
11th Grade
22 questions
Benchmark 1 Review
Quiz
•
11th Grade
20 questions
WG Vocabulary List 21 2025
Quiz
•
9th - 12th Grade
73 questions
AP Psychology - Developmental Psychology
Quiz
•
10th - 12th Grade
15 questions
American and French Revolutions
Quiz
•
9th - 12th Grade
60 questions
STAR REVIEW
Quiz
•
11th Grade
