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week 3 quiz eco
Question 11 pts
Accounting profit is defined astotal sales – (explicit costs + implicit costs).total sales – explicit costs – implicit costs.total opportunity costs.total monetary costs.total implicit costs.
Question 21 pts
A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store isa conglomerate.a perfect competitor.inefficient.vertically integrated.horizontally integrated.
Question 31 pts
Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms becauseprivate firms do not compete with government firms.government firms are more difficult to manage.government managers seek more capital-intensive means of production.the demand for the products is inherently different.there is no residual claimant.
Question 41 pts
What is one thing that entrepreneurs do NOT do?They identify consumer demands.They establish supply and demand.They organize production.They allocate resources.They acquire assets.
Question 51 pts
The short-run marginal cost curve falls and then rises because offixed costs.diseconomies of scale.diseconomies and economies of scale.the principle of diminishing returns.
Question 61 pts
Ralph's Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits?$50,000$30,000$20,000The amount cannot be determined from the information given.
Question 71 pts
Average fixed cost plus average variable cost equalsmarginal cost.total cost.average total cost.total variable cost.marginal fixed cost.
Question 81 pts
An example of a horizontally integrated firm is one thatuses highly automated assembly line techniques.owns several plants in the same state.owns several plants, each manufacturing the same product.produces a variety of goods and sells them in widely disparate markets.owns several plants, each handling a different stage of production.
Question 91 pts
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
Question 101 pts
A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain isa conglomerate.an imperfect competitor.a monopoly.vertically integrated.horizontally integrated.