microchp9 - POP QUIZ WORKSHEET 3 : CHAPTER 9 NAME: _...

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POP QUIZ WORKSHEET 3 : CHAPTER 9 NAME: __________________________________ COURSE: ________________________________ 1. The economic institution that transforms factors of production into consumer goods is: a. a firm. b. the government. c. lending institutions such as banks and credit unions. d. the stock market. 3. Transaction costs are those: a. that appear under capitalism but not under socialism. b. that appear under socialism but not under capitalism. c. of undertaking trades through the market. d. that are the same whether under capitalism or socialism. 4. Regarding accounting profit and economic profit: a. economic profit = total revenue – total cost. b. a calculation for economic profit is required when filling out an income tax return. c. accounting profit includes owners’opportunity costs while economic profit does not. d. economic profit = explicit and implicit revenue – explicit and implicit cost. 5.
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microchp9 - POP QUIZ WORKSHEET 3 : CHAPTER 9 NAME: _...

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