Economic Profit

Economic Profit

12th Grade

25 Qs

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Economic Profit

Economic Profit

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

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

Media Image

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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