ECO week 3 quiz

Question 1 1 pts

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0 multiple_choice_question 483039

A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store is

A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store is

a conglomerate.a perfect competitor.inefficient.vertically integrated.horizontally integrated.

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Question 2 1 pts

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0 multiple_choice_question 483046

When inputs are combined so that total production has the lowest possible cost, we are observing

When inputs are combined so that total production has the lowest possible cost, we are observing

technical efficiency.optimal engineering.economic efficiency.average-cost production.

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Question 3 1 pts

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0 multiple_choice_question 483056

The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor is $15,500. What is the economic profit?

The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor is $15,500. What is the economic profit?

$110,500$19,500$15,000$5,000

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Question 4 1 pts

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0 multiple_choice_question 483053

Accounting profit is defined as

Accounting profit is defined as

total sales – (explicit costs + implicit costs).total sales – explicit costs – implicit costs.total opportunity costs.total monetary costs.total implicit costs.

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Question 5 1 pts

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0 multiple_choice_question 483065

The long-run decision is to select

The long-run decision is to select

the plant size to go with the fixed quantity of labor.the desired quantity of labor to go with fixed capital.the desired long-run MC curve.the desired short-run AC curve.the desired long-run AC curve.

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Question 6 1 pts

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0 multiple_choice_question 483062

Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that

Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that

marginal costs are less than average variable cost but greater than average cost.fixed costs have increased.output is declining.marginal costs have increased.

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Question 7 1 pts

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0 multiple_choice_question 483045

Technical efficiency is

Technical efficiency is

using the least-cost method of production.the method of production that minimizes physical usage of inputs according to some specific rule.the process of turning inputs into outputs.the process of minimizing output with a given level of inputs.the method of production that uses the least labor per unit of capital.

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Question 8 1 pts

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0 multiple_choice_question 483036

A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is

A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is

a conglomerate.an imperfect competitor.a monopoly.vertically integrated.horizontally integrated.

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Question 9 1 pts

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0 multiple_choice_question 483051

The cost of alternatives given up that do not carry dollar costs is

The cost of alternatives given up that do not carry dollar costs is

not of interest to a business enterprise.assigned a dollar value and recorded as an explicit cost.considered an implicit cost.part of economic profits.

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Question 10 1 pts

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0 multiple_choice_question 483040

Firms exist for all but which one of the following reasons?

Firms exist for all but which one of the following reasons?

To reduce transactions costsTo produce thingsTo organize teamsTo monitor shirkingTo reduce the costs of buying