【国际经济学专题考试试卷十三】The Costs of Production
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Chapter 13
The Costs of Production
TRUE/FALSE
1. The economic field of industrial organization examines how firms’ decisions about prices and quantities
depend on the market conditions they face.
ANS: T DIF: 2 REF: 13-0 NAT: Analytic
LOC: Costs of production TOP: Industrial organization
MSC: Interpretive
2. Profit equals marginal revenue minus marginal cost.
ANS: F DIF: 1 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Profit MSC: Definitional
3. Profit equals total revenue minus total cost.
ANS: T DIF: 1 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Profit MSC: Definitional
4. The difference between economic profit and accounting profit is that economic profit is calculated based on
both implicit and explicit costs whereas accounting profit is calculated based on explicit costs only.
ANS: T DIF: 2 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Economic profit | Accounting profit
MSC: Interpretive
5. Accounting profit is greater than or equal to economic profit.
ANS: T DIF: 2 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Accounting profit | Economic profit
MSC: Analytical
6. Economic profit is greater than or equal to accounting profit.
ANS: F DIF: 2 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Accounting profit | Economic profit
MSC: Analytical
7. Although economists and accountants treat many costs differently, they both treat the cost of capital the same. ANS: F DIF: 2 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Economic profit | Accounting profit
MSC: Interpretive
8. Accountants keep track of the money that flows into and out of firms.
ANS: T DIF: 1 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Accounting profit
MSC: Interpretive
9. When economists speak of a firm's costs, they are usually excluding the opportunity costs.
ANS: F DIF: 2 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Opportunity costs
MSC: Interpretive
10. Economists and accountants both include forgone income as a cost to a small business owner.
ANS: F DIF: 2 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Opportunity costs
MSC: Interpretive
11. Economists and accountants usually disagree on the inclusion of implicit costs into the cost analysis of a firm. ANS: T DIF: 1 REF: 13-1 NAT: Analytic
LOC: Costs of production TOP: Implicit costs
MSC: Interpretive
850