Chap 14

Chap 14

University

20 Qs

quiz-placeholder

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Chap 14

Chap 14

Assessment

Quiz

Other

University

Practice Problem

Hard

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Truong Tran

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting profit is equal to total revenue minus _______.

implicit costs

explicit costs

the sum of implicit and explicit costs

marginal costs

variable costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic profit is equal to total revenue minus _______.

implicit costs

explicit costs

the sum of implicit and explicit costs

marginal costs

variable costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If there are implicit costs of production, _______.

accounting profit will always be zero

economic profit will exceed accounting profit

accounting profit will exceed economic profit

economic profit and accounting profit will be equal

economic profit will always be zero

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a production function exhibits diminishing marginal product, its slope _______.

could be any of the answer choices

is linear (a straight line)

becomes steeper as the quantity of the input increases

becomes flatter as the quantity of the input increases

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a production function exhibits diminishing marginal product, the slope of the corresponding total-cost curve _______.

is linear (a straight line)

could be any of the answer choices

becomes flatter as the quantity of output increases

becomes steeper as the quantity of output increases

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The marginal product of labor as production moves from employing one worker to employing two workers is _______.

0

20

34

46

80

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The production process described above shows _______.

increasing returns to scale

decreasing returns to scale

constant marginal product of labor

increasing marginal product of labor

diminishing marginal product of labor

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