
Chapter 14 Part 2
Authored by Cayden Aures
Financial Education
University

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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Total cost includes
the cost of variable resources only.
the cost of fixed resources only.
the cost of both variable and fixed resources.
the cost of neither variable nor fixed resources.
all explicit costs and all the implicit costs that actually must be paid using money.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Chuck owns a factory that produces leather footballs. His total fixed cost equaled $86,000 last year. Hence Chuck's total cost equaled $286,000 last year. Hence Chuck's
incurred an economic loss.
total variable cost was zero.
total variable cost equaled $200,000.
total variable cost equaled $372,000.
None of the above answers is correct.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The cost that does not change as output changes is
total variable cost.
total fixed cost.
average fixed cost.
marginal cost.
average variable cost.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Marginal cost equals
total variable cost divided by total output.
the change in fixed cost that results from a one-unit increase in output.
total cost minus total variable cost.
the change in total cost that results from a one-unit increase in output.
total fixed cost divided by total output.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total cost of producing 50 bikes?
$500
$300
$400
$100
$200
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total fixed cost of producing 64 bikes?
$200
$600
$400
$500
$300
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total variable cost of producing 60 bikes?
$200
$500
$400
$300
None of the above answers are correct.
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