Economic Costs

Economic Costs

University

10 Qs

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Economic Costs

Economic Costs

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Prenzis Oclida

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A type of economic cost that involves actual monetary transactions for goods, and services.

Explicit Cost
Accounting Cost
Opportunity Cost
Implicit Cost

2.

MULTIPLE SELECT QUESTION

45 sec • 5 pts

What are the 3 components of economic costs?

Fixed Cost

Variable Cost

Monetary Cost

Total Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

It represents the total opportunity cost of choices made.

Opportunity Cost

Economic Cost

Explicit Cost

Marginal Cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

What is the formula to get the total costs?

Total Cost = Fixed Cost - Variable Cost

Total Cost = Fixed Cost x Variable Cost

Total Cost = Fixed Cost + Variable Cost

Total Cost = Fixed Cost / Variable Cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

These costs change as the quantity of goods or services produced changes.

Variable costs
Total costs
Fixed costs
Average costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

These factors directly impact the cost of materials, transportation, and distribution.

Labor Market Conditions

Environmental Factors

Market Conditions

Total Costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

These serve as a comprehensive lens through which decisions are evaluated and acted upon.

Opportunity Cost

Economic Cost

Fixed Cost

Econimic Cost

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