ArCh22_10e.doc - Chapter 22—Production and Costs MULTIPLE...

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Chapter 22—Production and CostsMULTIPLE CHOICE1.A cost that is incurred when an actual monetary payment is made is a(n) __________ cost.a.explicitb.implicitc.positived.expressedANS: APTS:1DIF:EasyNAT:Analytic
LOC:Costs of production2.A cost of resources used in production for which no actual monetary payment is made is a(n)__________ cost.PTS:1DIF:EasyNAT:Analytic
LOC:Costs of production3.Which of the following statements is true?PTS:1DIF:EasyNAT:Analytic
LOC:Costs of production4.Five months ago Wilson opened up a health club. Which of the following is an implicit costrelated to the health club?PTS:1DIF:EasyNAT:Analytic
LOC:Costs of production5.Which of the following is true?a.Economists calculate only economic profit, and accountants calculate only accountingprofit.b.Economic profit is always greater than accounting profit.c.Accounting profit is the difference between total revenue and explicit costs.d.Economic profit is the difference between total revenue and implicit costs.ANS: CPTS:1DIF:ModerateNAT:Analytic
605
LOC:Costs of production6.Which of the following statements isfalse?PTS:1DIF:ModerateNAT:Analytic
LOC:Costs of production7.Economic profit is thedifference between total revenue andPTS:1DIF:ModerateNAT:Analytic
LOC:Costs of production

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Term
Spring
Professor
CaraTucker
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