Global MCQ Practice

🌐 Total MCQ
Home > Economics > Finance > Profit > Profit – Quiz 1
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Profit Quiz 1 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. $ \frac{FC_{100}}{100}+\frac{VC_{100}}{100}$ Mary made 100 muffins in her bakery and used the formula above to calculate one of the costs associated with making the muffins. What is Mary calculating?
2. Average revenue (AR) is the same thing as
3. Rent, Rates, Salaries, Plant and Machinery, should be considered as what _____
4. A firm produces 400 toys and sells each toy for $ 10. If the explicit cost of producing the toys is $ 500 and the implicit cost is $ 1, 000, the firm's economic profit is
5. When demand is price elastic, a reduction in price leads to
6. Which of these comes from a factory?
7. Relative to a competitive industry with the same costs, a monopolist charges
8. The Law of Diminishing Marginal _____
9. In order to calculate marginal cost, producers must compare the difference in the cost of producing one unit to the cost of
10. The slope of the total product of labour ( $ TP_L$ ) curve is the same as which of the following?
11. If a business makes $ 85 dollars/day and spends $ 43 on explicit costs, what is their Accounting Profit?
12. Which of the following does not illustrate the concept of normal profit?
13. _____ profit is when a Firm's total revenue is equal to it's Explicit & Implicit costs.
14. There are actually two kinds of profit in economics-normal profit and supernormal profit.
15. A woman recently quit her job as a teacher, which earned her $ 75/day, to become a tailor. She earns $ 85/day, during that day she spends a total of $ 25 on materials. What is her Economic Profit?
16. NORMAL PROFIT occurs when TR = TC
17. To generate higher profits, producers must work to
18. An assortment of stocks and bonds sold together as an investment. Risk is reduced.
19. A firm produces 400 books and sells each book for $ 15. If the explicit cost of producing the books is $ 4, 500 and the implicit cost is $ 1, 000, the firm's economic profit is:
20. A firm currently produces 100 units of output and has fixed cost of $ 1000, variable cost of $ 8000, and the marginal cost of $ 100 for the 100th unit. What is the average total cost of producing 100 units?
21. Market Share is the amount of profit a company makes compared to its competitors.
22. When you buy these, you are buying ownership in a company. The goal is to buy low and sell high.
23. Producers often work to maximize their _____ and make them as large as possible.
24. A _____ profit is the minimum level of economic profit a company needs to stay in business.
25. A firm has total production cost of $ 200, 000. Its average fixed cost is $ 120 and its average variable cost is $ 80. What are the firm's total fixed costs?
Next →

Related Quizzes

🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books