Unit 7 Econ Vocabulary

Unit 7 Econ Vocabulary

9th - 12th Grade

19 Qs

quiz-placeholder

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Unit 7 Econ Vocabulary

Unit 7 Econ Vocabulary

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Brady Harpenau

Used 8+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total revenues minus explicit costs, including depreciation

Accounting Profit

Average Profit

Average Total Cost

Economic Profit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Profit divided by the quantity of output produced; also known as profit margin

Accounting Profit

Average Profit

Diminishing Marginal Productivity

Economic Profit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

​​General rule that as a firm employs more labor, eventually the amount of additional output produced declines

Explicit Costs

Law of Diminishing Marginal Utility

Long Run

Diminishing Marginal Productivity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total revenues minus total costs (explicit plus implicit costs)

Economic Profit

Average Profit

Accounting Profit

Production

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials

Implicit Costs

Marginal Costs

Explicit Costs

Total Costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Resources that firms use to produce their products, for example, labor and capital

Diminishing Marginal Productivity

Factors of Production

Fixed Costs

Firm

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An organization that combines inputs of labor, capital, land, and raw or finished component materials to produce outputs.

Private Enterprise

Production

Revenue

Firm

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