
MUFY REVISION QUIZ
Authored by Hazwani Razin
Social Studies
University
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economic profit is
total revenue - implicit cost
total revenue - explicit cost
total revenue - implicit cost - explicit cost
total revenue + explicit - implicit cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ariel's apartment previously rented out for $900 is now being used for her homebased business. The rental is an
implicit cost
explicit cost
external cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short-run, a production has
only variable inputs
only fixed inputs
variable and fixed inputs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When additional labour is added into a production with fixed capital input, the additional output produced declines. This refers to
the law of demand
the law of diminishing return
the economies of scale
the law of diminishing cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short-run, marginal cost decreases initially due to
division of labour
overcrowding
labour inefficiency
economies of scale
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Productive efficiency occurs at the
lowest average cost
highest marginal product
price equivalent to marginal cost
lowest marginal cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When marginal cost curve is above average cost curve,
the average cost decreases
the average cost increases
the marginal cost decreases
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