题目内容

Which of the following is an example of an implicit cost?

A. Interest paid on the firm's debt
B. Rent paid by the firm to lease office space
C. The owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm
D. Wages paid to workers

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Bev is opening her own court-reporting business. She financed the business by withdrawing money from her personal savings account. When she closed the account, the bank representative mentioned that she would have earned $300 in interest next year. If Bev hadn't opened her own business, she would have earned a salary of $25,000. In her first year, Bev's revenues were $30,000, and she spent $1,000 on materials and supplies. Which of the following statements is correct?

A. Bev's total explicit costs are $26,300.
Bev's total implicit costs are $300.
C. Bev's accounting profits exceed her economic profits by $300.
D. Bev's economic profit is $3,700.

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Chloe gives piano lessons for $15 per hour. She also grows flowers, which she arranges and sells at the local farmer's market. One day she spends 4 hours planting $50 worth of seeds in her garden. Once the seeds have grown into flowers, she can sell them for $150 at the farmer's market. Chloe's accounting profits are

A. $100, and her economic profits are $40.
B. $100, and her economic profits are $15.
C. $40, and her economic profits are $100.
D. $15, and her economic profits are $140.

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If a firm uses labor to produce output, the firm's production function depicts the relationship between

A. the number of workers and the quantity of output.
B. marginal product and marginal cost.
C. the maximum quantity that the firm can produce as it adds more capital to a fixed quantity of labor.
D. fixed inputs and variable inputs in the short run.

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Kate is a florist. Kate can arrange 27 bouquets per day. She is considering hiring her husband Amir to work for her. Together Kate and Amir can arrange 41 bouquets per day. What is Amir's marginal product?

A. 68 bouquets
B. 41 bouquets
C. 29 bouquets
D. 14 bouquets

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Which of the following is an example of an implicit cost?

A. Interest paid on the firm's debt B. Rent paid by the firm to lease office space C. The owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm D. Wages paid to workers

If a firm uses labor to produce output, the firm's production function depicts the relationship between

Kate is a florist. Kate can arrange 27 bouquets per day. She is considering hiring her husband Amir to work for her. Together Kate and Amir can arrange 41 bouquets per day. What is Amir's marginal product?

A. Interest paid on the firm's debt
B. Rent paid by the firm to lease office space
C. The owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm
D. Wages paid to workers