Search Header Logo

Organizing Production

Authored by Auttapol Suebpongsakorn

Social Studies

12th Grade - University

Used 17+ times

Organizing Production
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

If instead of working on his own as a consultant making $25,000, Joe takes a job at a bank, the $25,000 is

An opportunity cost.

A depreciation.

A loss.

An accounting profit

2.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

The implicit rental rate for capital includes the.....

Total value of a piece of capital equipment.

Interest income forgone by purchasing the piece of capital equipment

Firm’s normal profit.

Amount paid for the use of a piece of capital equipment owned by someone else.

3.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Tudor's Deli and Catering could have sold their delivery van on December 31, 2010 for $16,000. If they could sell the same van on December 31, 2011, for $13,000, then the economic depreciation in 2011 for this van.....

is $13,000.

is $16,000.

is $29,000.

is $3,000.

4.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Lucinda starts a business consulting company. She makes all the business decisions and bears the risk of running the business. The typical payment for Lucinda's work is ________.

all the revenue greater than her opportunity cost.

all the revenue greater than the capital investment.

a normal profit.

an economic profit.

5.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year, Heidi's restaurant earned $100,000 in revenue. Heidi pays $50,000 per year in wages to the waitresses and hostess and $20,000 per year to buy food. What is Heidi's profit as measured by an accountant for the year?

$80,000

$50,000

$30,000

-$10,000

6.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

A firm has achieved technological efficiency whenever it has....

fully depreciated all its assets.

produced the given output using the fewest inputs.

produced the given output at the lowest cost.

All of the above.

7.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Firm A can produce a unit of output with 10 hours of labor and 5 units of material. Firm B can produce a unit of output with 5 hours of labor and 10 units of material. Firm C can produce a unit of output with 10 hours of labor and 10 units of material. If the prices of labor and material are $10 per hour and $5 per unit, respectively, which of these firms is the most technologically efficient?

firm A only

firm B only

firm C only

firm A and B could both be technologically efficient

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?