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Eco LU5-7

Authored by Azman Man

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University

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Eco LU5-7
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71 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary economic goal of a firm?

Maximize revenue

Maximize profits

Minimize costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines total revenue?

The market value of inputs used in production

The amount a firm receives for the sale of its output

The total cost of producing goods and services

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "opportunity cost" refer to in the context of production costs?

Only the explicit costs of production

Only the implicit costs of production

Both explicit and implicit costs of production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an explicit cost?

The salary the owner could have earned working elsewhere

The cost of raw materials

The time invested by the owner in managing the business

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is economic profit different from accounting profit?

Economic profit includes only explicit costs, while accounting profit includes both explicit and implicit costs.

Economic profit includes both explicit and implicit costs, while accounting profit includes only explicit costs.

Economic profit and accounting profit are the same.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the production function show?

The relationship between the quantity of inputs and the quantity of output

The relationship between total revenue and total cost

The relationship between fixed costs and variable costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the marginal product of an input?

The total output produced by all inputs

The increase in output from using an additional unit of input

The average output per unit of input

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