经济学原理习题10-1

10-1

1.The primary goal of a business firm is to

A) promote fairness.

B) make a quality product.

C) increase its production.

D) maximize profit.

2.The cost that a firm pays in money to hire a resource is referred to as a ___cost.

A) minimized

B) maximized

C) explicit

D) implicit

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

A) rent on a building

B) the cost of fertilizer for a farmer

C) the salary Jim could have earned at another job

D) the cost of fuel and materials.

4. The short run is the time frame

A) during which the quantities of all resources are fixed.

B) that is less than a year.

C) during which the quantities of some resources are fixed.

D) during which the quantities of all resources are variable.

5.Which of the following is correct about marginal and average products?

A) When the marginal product is increasing, the average product must be increasing.

B)When the marginal product exceeds the average product, the average product must be increasing.

C) When the average product is increasing, the marginal product must be decreasing.

D) When the marginal product is decreasing, the average product must be decreasing.

6.As output increases, economies of scale occur when the

A) long-run average cost increases.

B) long-run average cost decreases.

C) short-run average total cost decreases.

D) long-run average cost stays constant.

8. A firm collects $200, 000 in revenue and spends $10,000 on raw materials, labor expense, utilities, and rent. The owners of the firm have provided $100,000 of their own money to the firm instead of investing the money and earning a 10% annual rate of retur n. Compute the firm’s accounting profit and economic profit.

Answers to 10-1

1.D

2.C

3.C

4.C

5.B

6.B

the firm’s economic profit=$200, 000 - $10,000-$100,000 × 10%=$180,000