Economic Profit
Quiz
•
Social Studies
•
12th Grade
•
Hard
John Robinson
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
income received from an economic action, minus the costs of taking the action
marginal benefit
marginal cost
marginal revenue
profit
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Driving force that encourages people and organizations to improve their material well-being.
FOMO
Market Economy
Profit Motive
Voluntary Exchange
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The money left after production costs are subtracted from revenue is called
free rider
profit
subsidy
scarcity
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the marketplace, producers are looking to
buy goods for personal use
earn a profit
find incentives
find the latest fad
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Earning an economic profit of zero is
a sign that the firm should shut down
less desirable to a firm than earning an accounting profit of zero
acceptable during a recession but otherwise not
equivalent to earning an accounting profit of zero if implicit costs exist
acceptable because the firm could make no better alternative use of its resources
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economic Profit is defined as the difference between total revenue and total costs, including both explicit and implicit costs. Which of the following best describes this concept?
Accounting Profit
Gross Profit
Net Profit
Economic Profit
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a key component in calculating economic profit?
Only explicit costs
Only implicit costs
Both explicit and implicit costs
Neither explicit nor implicit costs
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