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University

54 Qs

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Class Assignment 1

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University

Practice Problem

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Created by

Freya Taiko

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54 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

is an entity that employs resources, or
factors of production, to produce goods and services to be
sold to consumers, other firms, or the government.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the process in which individuals perform tasks, such
as producing certain quantities of goods, based on changes in market forces
such as supply, demand, and price

Managerial coordination

Market coordination

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the process in which managers direct employees
to perform certain tasks.

Market coordination

Managerial coordination

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

occurs when workers put forth less than the agreed-to
effort.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

plays an important role in the firm.
The monitor reduces the amount of shirking by firing shirkers
and rewarding productive members.

residual claimant

monitor

operator

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

is a person who shares in the profits
of a business firm.


monitor

residual claimant

operator

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

cost incurred when an actual (Monetary)
payment is made, such as payment for resources bought and
rented

Explicit Cost

Implicit Cost

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