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Managerial Economics Quiz(1)

Authored by SOLTES, R.

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Managerial Economics Quiz(1)
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48 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one standard definition of economics?

The study of choice related to the allocation of scarce resources

The study of the production, distribution, and consumption of goods and services

The study of managerial decisions

The study of market structures

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of managerial economics?

To provide economic terminology and reasoning for the improvement of managerial decisions

To analyze market structures

To maximize accounting profits

To study consumer behavior

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between accounting profit and economic profit?

Accounting profit includes implicit costs, while economic profit does not

Economic profit includes only explicit costs

Accounting profit is total revenues minus explicit costs, while economic profit is total revenues minus total costs

Economic profit is always higher than accounting profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are explicit costs?

Out-of-pocket costs for a firm

Costs associated with opportunity costs

Costs that are not directly paid out

Costs that are incurred in the long run

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are implicit costs?

Out-of-pocket costs for a firm

Costs of resources already owned by the firm that could have been put to some other use

Costs that are easily quantifiable

Costs that do not affect decision-making

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating opportunity cost?

Return of Investment from the best option available - Return of Investment from the chosen option

Explicit costs + Implicit costs

Return of Investment from the chosen option - Return of Investment from the best option available

Total revenues - Total costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'marginal opportunity cost' refer to?

The total cost of production

The cost of producing one additional unit of a good

The cost of resources already owned

The average cost of production

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