Econ practice final part

Econ practice final part

University

29 Qs

quiz-placeholder

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Econ practice final part

Econ practice final part

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Trevor Turner

Used 2+ times

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The _____ of a good or service is the additional benefit derived from producing one more unit of that good or service.

net benefit

marginal benefit

marginal cost

utility

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount by which an additional unit of an activity increases total cost is the:

net benefit.

marginal benefit.

negative benefit.

marginal cost.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The profit-maximizing principle of marginal analysis refers to:

subdividing larger problems into smaller, more manageable ones.

the notion that a group's problems can be effectively analyzed by focusing on only a small subsample of the group.

the result that the optimal quantity of a good or activity is the largest quantity at which the marginal benefit is greater than or equal to the marginal cost.

the result that the optimal quantity is such that the net benefit to an individual is maximized.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The optimal solution to a “how much” decision is usually found where the _____ of an action is equal to the _____ of that action.

explicit cost; implicit cos

accounting profit; economic profit

marginal benefit; marginal cost

present value; net present value

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gino's Pizza has a special offer: one slice for $2, two slices for $3.50, three slices for $4.50, and four slices for $5.00. The marginal cost of the second slice is:

$4.50.

$10.

$1.50.

$2.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Constant marginal costs occur when the production of each additional unit costs:

less than the previous one.

more than the previous one.

the same as the previous one.

more than the next one.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An upward sloping marginal cost curve indicates that marginal costs are:

decreasing.

increasing.

constant.

equal to marginal benefit.

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