超星 - 新建作业9

单选题

The difference between accounting profit and economic profit is ( )

A. explicit costs.
B. total revenue
C. implicit costs.
D. marginal product.

单选题

Which of the following will cause an increase in consumer surplus? ( )

A. an increase in the production cost of the good
B. a technological improvement in the production of the good
C. a decrease in the number of sellers of the good
D. the imposition of a binding price floor in the market

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单选题

When a good is taxed ( )

A. both buyers and sellers of the good are made worse off.
B. only buyers are made worse off, because they ultimately bear the burden of the tax.
C. only sellers are made worse off, because they ultimately bear the burden of the tax.
D. neither buyers nor sellers are made worse off, since tax revenue is used to provide goods and services that would otherwise not be provided in a market economy.

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单选题

Economists assume that the goal of the firm is to maximize total ( )

A. revenue.
B. profits.
C. costs.
D. satisfaction.

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单选题

Jane was a partner at a law firm earning $223,000 per year. She left the firm to open her own law practice. In the first year of business she generated revenues of $347,000 and incurred explicit costs of $163,000. Jane’s economic profit from her first year in her own practice is ( )

A. -$39,000.
B. $124,000.
C. $163,000.
D. $184,000.

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单选题

The things that must be forgone to acquire a good are called ( )

A. implicit costs.
B. opportunity costs.
C. explicit costs.
D. accounting costs.

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单选题

The value of a business owner's time is an example of ( )

A. an opportunity cost.
B. a fixed cost.
C. an explicit cost.
D. total revenue.

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单选题

Which of the following statements is correct? ( )

A. Opportunity costs equal explicit minus implicit costs.
B. Economists consider opportunity costs to be included in a firm’s total revenues.
C. Economists consider opportunity costs to be included in a firm’s costs of production.
D. All of the above are correct.

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单选题

An example of an explicit cost of production would be the ( )

A. cost of forgone labor earnings for an entrepreneur.
B. lost opportunity to invest in capital markets when the money is invested in one's business.
C. lease payments for the land on which a firm’s factory stands.
D. Both a and c are correct.

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单选题

A monopoly ( )

A. can set the price it charges for its output and earn unlimited profits.
B. takes the market price as given and earns small but positive profits.
C. can set the price it charges for its output but faces a downward-sloping demand curve so it cannot earn unlimited profits.
D. can set the price it charges for its output but faces a horizontal demand curve so it can earn unlimited profits.

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