review_questions_final_1-_winter_2008

review_questions_final_1-_winter_2008 - Extra final exam...

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Extra final exam practice questions (answers are on the last page) Please note questions only cover material in handouts and chapters 13, 14, 15, 18, 19, 20, & 21 – please consult prior practice questions for questions regarding prior handouts or chapters Question highlighted in yellow are from chapter 19 and 20. These chapters were not covered this quarter. You are not responsible for this material Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The amount of money that a firm receives from the sale of its output is called a. total gross profit. b. total net profit. c. total revenue. d. net revenue. ____ 2. Profit is defined as a. net revenue minus depreciation. b. total revenue minus total cost. c. average revenue minus average total cost. d. marginal revenue minus marginal cost. ____ 3. Those things that must be forgone to acquire a good are called a. substitutes. b. opportunity costs. c. explicit costs. d. competitors. ____ 4. Explicit costs a. require an outlay of money by the firm. b. include all of the firm's opportunity costs. c. include income that is forgone by the firm's owners. d. All of the above are correct. ____ 5. A total-cost curve shows the relationship between the a. quantity of an input used and the total cost of production. b. quantity of output produced and the total cost of production. c. total cost of production and profit. d. total cost of production and total revenue.
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Refer to the figures below to answer the following questions. Figure 13-6 ____ 6. Refer to Figure 13-6. Which of the figures represents the marginal cost curve for a firm? a. Figure 1 b. Figure 2 c. Figure 3 d. Figure 4 ____ 7. Specialization among workers occurs when a. quality management allows workers to switch from one task to another. b. each worker is allowed to perfect one particular task. c. each worker is responsible for a number of different tasks. d. All of the above are correct. ____ 8. When a firm has little ability to influence market prices it is said to be in what kind of a market? a. a competitive market b. a strategic market c. a thin market d. a power market ____ 9. When buyers in a competitive market take the selling price as given, they are said to be a. market entrants. b.
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review_questions_final_1-_winter_2008 - Extra final exam...

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