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ECON TUTORIAL #2 - Summer 2003 MBA 501-01 Economics Survey...

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Summer 2003 MBA 501-01 Economics Survey Tong Tutorial #2 Part I. Multiple Choice Questions (One point each) Identify the letter of choice that best completes the statement or answers the question. 1. Normal profit is: A) a cost because any excess of total receipts over total costs will go to the businessperson. B) a cost because they represent payments made for the resources which the businessperson owns and supplies in his or her own enterprise. C) not a cost because a firm can avoid this payment by temporarily closing down. D) not a cost of production because it need not be realized for a firm to retain entrepreneurial ability. 2. Which of the following best describes the "invisible hand" concept? Use the following to answer question 3: 3. On the basis of the above information it can be said that: Page 1
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Use the following to answer question 4: 4. Refer to the above diagram. The movement from point b to point c suggests that more: Use the following to answer question 5: 5. Refer to the above diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. Flow (1) might represent: A) corporate income tax payments. B) government provision of highways for truck transportation. C) business property tax payments. D) transfer payments to low-income families. Page 2
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Use the following to answer question 6:
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