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ECO 204 Week 3 Quiz
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ECO 204 Week 3 Quiz An example of a horizontally integrated firm is one that (Points : 1) owns several plants, each handling a different stage of production.
2. Ralph's Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits? (Points : 1) $50,000
3. Technical efficiency is (Points : 1) using the least-cost method of production.
4. Accounting profit is defined as (Points : 1) total simplicit costs.
5. Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that (Points : 1) marginal costs are less than average variable cost but greater than average cost.
6. A vertically integrated firm might own (Points : 1) a ski factory, an Alpine resort hotel, and an emergency medical center.
7. The short run is (Points : 1) less than six months.
8. Which of the following is most likely to be an implicit cost of production? (Points : 1) Wages paid to skilled workers
9. The technical relationship between inputs and outputs, which is needed to understand the difference between the short run and the long run, is called (Points : 1) technical efficiency.
10. What is one thing that entrepreneurs do NOT do? (Points : 1) They identify consumer demands.
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ECO 204 Week 3 Quiz
http://www.fres-courses.com/product/eco-204-week-3-quiz |
ECO 204 Week 3 Quiz An example of a horizontally integrated firm is one that (Points : 1) owns several plants, each handling a different stage of production.
2. Ralph's Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits? (Points : 1) $50,000
3. Technical efficiency is (Points : 1) using the least-cost method of production.
4. Accounting profit is defined as (Points : 1) total simplicit costs.
5. Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that (Points : 1) marginal costs are less than average variable cost but greater than average cost.
6. A vertically integrated firm might own (Points : 1) a ski factory, an Alpine resort hotel, and an emergency medical center.
7. The short run is (Points : 1) less than six months.
8. Which of the following is most likely to be an implicit cost of production? (Points : 1) Wages paid to skilled workers
9. The technical relationship between inputs and outputs, which is needed to understand the difference between the short run and the long run, is called (Points : 1) technical efficiency.
10. What is one thing that entrepreneurs do NOT do? (Points : 1) They identify consumer demands.
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|
ECO 204 Week 3 Quiz
http://www.fres-courses.com/product/eco-204-week-3-quiz |
ECO 204 Week 3 Quiz An example of a horizontally integrated firm is one that (Points : 1) owns several plants, each handling a different stage of production.
2. Ralph's Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits? (Points : 1) $50,000
3. Technical efficiency is (Points : 1) using the least-cost method of production.
4. Accounting profit is defined as (Points : 1) total simplicit costs.
5. Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that (Points : 1) marginal costs are less than average variable cost but greater than average cost.
6. A vertically integrated firm might own (Points : 1) a ski factory, an Alpine resort hotel, and an emergency medical center.
7. The short run is (Points : 1) less than six months.
8. Which of the following is most likely to be an implicit cost of production? (Points : 1) Wages paid to skilled workers
9. The technical relationship between inputs and outputs, which is needed to understand the difference between the short run and the long run, is called (Points : 1) technical efficiency.
10. What is one thing that entrepreneurs do NOT do? (Points : 1) They identify consumer demands.
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