Econ 1014 Exam 4 Study Guide

If an economist says you are earning zero economic

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13) If an economist says you are earning zero economic profits, she is saying that: a) You should shut-down your business and find a job b) You are making negative accounting profits c) You are making a normal rate or return d) All of the above e) None of the above 14) A cost of doing business that would be recognized by an economist as an economic cost but would not be recognized by an accountant as an accounting cost would include: 15) Economists and accountants evaluating the same business may reach different conclusions regarding the profitability of that business. The reason for this is that: Unit 5 Section 4: Short-Run versus Long-Run Production Decision 1) A short-run for a business is defined as: 2) In the long-run, a) Inputs that were fixed in the short-run become variable b) Inputs that were variable in the short-run become fixed c) Inputs that were fixed on the short-run remain fixed d) All inputs are fixed e) All costs are fixed
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3) When a business is operating in the short-run 4) For a bakery, which one of the following is more likely to be fixed inputs in the short-run?
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