
Profit and Max
Authored by Craig Burt
Social Studies
12th Grade
Used 11+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose the Chicago Cubs could rent out Wrigley Field (the field the players play on) to local youth leagues for $11,000 per month. The $11,000 per month reflects the ________ of capital.
a. implicit cost
b. explicit cost
c. direct cost
d. total cost
e. average fixed cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sarah's accountant tells her that she made a profit of $43,002 running a pottery studio in Orlando. Sarah's husband-an economist-claims Sarah lost $43,002 running her pottery studio. This means her husband is claiming that she incurred ________ in ________ costs.
a. $86,004; implicit
b. $43,002; implicit
c. $43,002; explicit
d. $86,004; explicit
e. $0; explicit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting profit differs from economic profit because:
a. of differences in the manner in which revenue is calculated.
b. economic costs include depreciation, while accounting costs do not.
c. accounting costs are generally higher than economic costs because accounting costs include explicit and implicit costs, while economic costs include only explicit costs.
d. economic costs are generally higher than accounting costs because economic costs include all opportunity costs, while accounting costs include only explicit costs.
e. economic profit subtracts the explicit costs from total revenue, while accounting profit subtracts the implicit costs from total revenue.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If economic profit for a firm is negative:
a. the firm should exit the industry in the long run.
b. accounting profit must also be negative.
c. the firm should stay in business so long as accounting profit is positive.
d. the firm will not owe any taxes to the government.
e. the firm is earning a normal profit.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Charges that must be paid for the use of factors of production such as labor and capital are:
a. explicit costs.
b. accounting profits.
c. implicit costs.
d. economic profits
e. normal profits.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For most firms, economic profit is:
a. less than accounting profit.
b. equal to accounting profit.
c. greater than accounting profit.
d. negative in the short run.
e. positive in the short run but negative in the long run.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Bessie wants to calculate the accounting and economic profits on her cattle farm in Nebraska. She pays $30,000 per year for the cost of raising cattle, $80,000 in wages, $20,000 in insurance, and she forgoes $30,000 per year that she could make as a teacher. If her total revenue equals $140,000, that means her accounting profit is ________ and her economic profit is ________.
a. $10,000; -$20,000
b. $30,000; -$30,000
c. -$10,000; -$10,000
d. $60,000; $30,000
e. $10,000; - $30,000
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
13 questions
KD 3.12 KAS BANK
Quiz
•
12th Grade
10 questions
World War II
Quiz
•
12th Grade
11 questions
3/25 Mon Social Problems Quizizz
Quiz
•
12th Grade
15 questions
Population and its impact
Quiz
•
7th Grade - University
15 questions
Age of Jackson
Quiz
•
7th - 12th Grade
13 questions
March on Washington
Quiz
•
3rd - 12th Grade
10 questions
H10 Quiz 24-25
Quiz
•
8th Grade - University
10 questions
New Centers of Power: BRICS
Quiz
•
12th Grade
Popular Resources on Wayground
7 questions
History of Valentine's Day
Interactive video
•
4th Grade
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
15 questions
Valentine's Day Trivia
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
Discover more resources for Social Studies
16 questions
USHC 4.8 Immigration and Urbanization
Quiz
•
9th - 12th Grade
15 questions
Renaissance & Reformation Benchmark
Quiz
•
9th - 12th Grade
18 questions
French Revolution
Quiz
•
8th - 12th Grade
64 questions
USHC 4 Key Terms 22-23
Quiz
•
11th Grade - University
25 questions
Enlightenment and Revolution review
Quiz
•
9th - 12th Grade
7 questions
World Civ Unit 5 Vocab
Quiz
•
12th Grade
60 questions
Unit 11 Imperialism
Quiz
•
8th - 12th Grade
20 questions
USHC 4.3 Labor Unions to Populist Movement
Quiz
•
9th - 12th Grade