A) less than accounting profit if implicit costs exist. B) always equal to accounting profit. C) greater than accounting profit if implicit costs exist. D) less than accounting profit if implicit costs are zero. A) less than accounting profit if implicit costs exist. B) always equal to accounting profit. C) greater than accounting profit if implicit costs exist. D) less than accounting profit if implicit costs are zero.

Exam 9: Decision Making by Individuals and Firms

You decide to quit your $60,000-per-year job as an information technology specialist and illustrate children's books.At the end of the first year of illustrating,you have earned $20,000.You also spent $5,000 for paint and paper.Your economic profit in the first year as an illustrator is:

(Multiple Choice)

4.9/5

(75)

Question 41

In economics,a marginal value refers to:

(Multiple Choice)

5.0/5

(76)

Question 42

Use the following to answer question: -(Table: Marginal Cost of Sweatshirts)Use Table: Marginal Cost of Sweatshirts.The marginal cost of the third sweatshirt is:

(Multiple Choice)

4.7/5

(86)

Question 43

Use the following to answer question: -(Table: Marginal and Total Benefit)Use Table: Marginal and Total Benefit.Sid is deciding how many football games he wants to attend this year.If tickets to each football game cost $10,then he should attend _____ game(s).

(Multiple Choice)

4.9/5

(89)

Question 44

Use the following to answer question: -(Figure: The Optimal Quantity)Use Figure: The Optimal Quantity.If the marginal benefit of lawn mowing decreased,the marginal ___ curve in the figure would shift to the _ and the optimal quantity would be ___ than five lawns mowed.

(Multiple Choice)

4.8/5

(70)

Question 45

In economic analysis,the principle of marginal analysis refers to:

(Multiple Choice)

4.9/5

(69)

Question 46

(Scenario: Accounting and Economic Profit)Use Scenario: Accounting and Economic Profit.What is the implicit cost of Wang's Wicker Furniture Store? Scenario: Accounting and Economic Profit Rather than put the $100,000 that his grandmother left him in a mutual fund that earns 5% each year,Tommy Wang quit his job,which paid $60,000 per year,and started Wang's Wicker Furniture Store.He rented a showroom for $20,000 for the year,purchased $60,000 in wicker furniture,and incurred costs of $40,000 for sales help and advertising.In his first year,his revenue was $150,000.

(Multiple Choice)

4.8/5

(62)

Question 47

You own a small deli that sells sandwiches,salads,and soup.Which factor is an implicit cost of the business?

(Multiple Choice)

4.9/5

(67)

Question 48

Use the following to answer question: -(Table: Marginal Benefit of Sweatshirts)Use Table: Marginal Benefit of Sweatshirts.The marginal benefit of producing the third sweatshirt is:

(Multiple Choice)

4.8/5

(92)

Question 49

Use the following to answer question: -(Table: Marginal and Total Benefit)Use Table: Marginal and Total Benefit.Sid is deciding how many football games he wants to attend this year.Suppose football tickets cost $10,but suppose,too,that the star player just got injured and will be out for the season.As a result of the injury,Sid's total benefit of attending any game is now only 10% of the value shown in the table.In this case,how many games should he attend?

(Multiple Choice)

4.8/5

(75)

Question 50

Sally must submit a form to enroll in her company's flexible medical benefits program.Although she has been employed over a year,she has yet to complete the form.Which type of irrational behavior does this represent?

(Multiple Choice)

4.9/5

(80)

Question 51

Denaro pays $8,000 per month in rent to operate a health club in Memphis.He also pays $17,000 per month in wages,$3,000 per month in food and supplies,and $1,000 per month in insurance.All of his costs of production,except his insurance and rent,can change if he makes different decisions about his health club production.Denaro's monthly sunk costs equal:

(Multiple Choice)

5.0/5

(66)

Question 52

The amount by which an additional unit of an activity increases total benefit is:

(Multiple Choice)

4.8/5

(81)

Question 53

Economic profit is:

(Multiple Choice)

4.8/5

(69)

Question 54

(Scenario: Betty's Cookie Shop)Use Scenario: Betty's Cookie Shop.Betty is trying to decide at what point she should stop selling cookies,and she knows she cannot change the price of a cookie.She should stop selling cookies if her: Scenario: Betty's Cookie Shop Betty runs a cookie shop where she sells cookies for $1 each.She employs five people,each of whom worked a total of 500 hours last year;she paid them $10 per hour.Her costs of equipment and raw materials add up to $75,000.Her business ability is legendary,and other companies have offered to pay Betty $100,000 to come to work for them.She also knows she could sell her cookie shop for $150,000.The bank in town pays an annual interest rate of 3% on all funds deposited with it.

(Multiple Choice)

4.8/5

(73)

Question 55

The decision to give a birthday present to a friend is:

(Multiple Choice)

4.8/5

(89)

Question 56

Use the following to answer question: -(Figure: The Marginal Benefit Curve)Use Figure: The Marginal Benefit Curve.The total benefit of mowing four lawns is approximately:

(Multiple Choice)

4.9/5

(73)

Question 57

Use the following to answer question: -(Figure: The Marginal Analysis of Cell Phones)Use Figure: The Marginal Analysis of Cell Phones.You are considering purchasing cell phones.How many cell phones will you consume?

(Multiple Choice)

4.8/5

(89)

Question 58

Use the following to answer question: -(Figure: The Optimal Quantity)Use Figure: The Optimal Quantity.If the marginal benefit of lawn mowing increased,the marginal ___ curve in the figure would shift to the _ and the optimal quantity would be ___ than five lawns mowed.

(Multiple Choice)

4.8/5

(79)

Question 59

To maximize her grade in economics,Stacey should study until her:

(Multiple Choice)

4.9/5

(78)

Question 60

Showing 41 - 60 of 186

You decide to quit your $60,000-per-year job as an information technology specialist and illustrate children's books.At the end of the first year of illustrating,you have earned $20,000.You also spent $5,000 for paint and paper.Your economic profit in the first year as an illustrator is:

In economics,a marginal value refers to:

Use the following to answer question: -(Table: Marginal Cost of Sweatshirts)Use Table: Marginal Cost of Sweatshirts.The marginal cost of the third sweatshirt is:

Use the following to answer question: -(Table: Marginal and Total Benefit)Use Table: Marginal and Total Benefit.Sid is deciding how many football games he wants to attend this year.If tickets to each football game cost $10,then he should attend _____ game(s).

Use the following to answer question: -(Figure: The Optimal Quantity)Use Figure: The Optimal Quantity.If the marginal benefit of lawn mowing decreased,the marginal ___ curve in the figure would shift to the _ and the optimal quantity would be ___ than five lawns mowed.

In economic analysis,the principle of marginal analysis refers to:

You own a small deli that sells sandwiches,salads,and soup.Which factor is an implicit cost of the business?

Use the following to answer question: -(Table: Marginal Benefit of Sweatshirts)Use Table: Marginal Benefit of Sweatshirts.The marginal benefit of producing the third sweatshirt is:

Sally must submit a form to enroll in her company's flexible medical benefits program.Although she has been employed over a year,she has yet to complete the form.Which type of irrational behavior does this represent?

The amount by which an additional unit of an activity increases total benefit is:

Economic profit is:

The decision to give a birthday present to a friend is:

Use the following to answer question: -(Figure: The Marginal Benefit Curve)Use Figure: The Marginal Benefit Curve.The total benefit of mowing four lawns is approximately:

Use the following to answer question: -(Figure: The Marginal Analysis of Cell Phones)Use Figure: The Marginal Analysis of Cell Phones.You are considering purchasing cell phones.How many cell phones will you consume?

Use the following to answer question: -(Figure: The Optimal Quantity)Use Figure: The Optimal Quantity.If the marginal benefit of lawn mowing increased,the marginal ___ curve in the figure would shift to the _ and the optimal quantity would be ___ than five lawns mowed.

To maximize her grade in economics,Stacey should study until her:

First Principles

Economic Models: Trade-Offs and Trade

Consumer and Producer Surplus

Supply and Demand

Price Controls and Quotas: Meddling With Markets

Elasticity

Taxes

International Trade

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Graphs in Economics

Consumer Preferences and Consumer Choice

Filters

Exam 9: Decision Making by Individuals and Firms

You decide to quit your $60,000-per-year job as an information technology specialist and illustrate children's books.At the end of the first year of illustrating,you have earned $20,000.You also spent $5,000 for paint and paper.Your economic profit in the first year as an illustrator is:

In economics,a marginal value refers to:

Use the following to answer question: -(Table: Marginal Cost of Sweatshirts)Use Table: Marginal Cost of Sweatshirts.The marginal cost of the third sweatshirt is:

Use the following to answer question: -(Table: Marginal and Total Benefit)Use Table: Marginal and Total Benefit.Sid is deciding how many football games he wants to attend this year.If tickets to each football game cost $10,then he should attend _____ game(s).

Use the following to answer question: -(Figure: The Optimal Quantity)Use Figure: The Optimal Quantity.If the marginal benefit of lawn mowing decreased,the marginal _____ curve in the figure would shift to the _____ and the optimal quantity would be _____ than five lawns mowed.

In economic analysis,the principle of marginal analysis refers to:

You own a small deli that sells sandwiches,salads,and soup.Which factor is an implicit cost of the business?

Use the following to answer question: -(Table: Marginal Benefit of Sweatshirts)Use Table: Marginal Benefit of Sweatshirts.The marginal benefit of producing the third sweatshirt is:

Sally must submit a form to enroll in her company's flexible medical benefits program.Although she has been employed over a year,she has yet to complete the form.Which type of irrational behavior does this represent?

The amount by which an additional unit of an activity increases total benefit is:

Economic profit is:

The decision to give a birthday present to a friend is:

Use the following to answer question: -(Figure: The Marginal Benefit Curve)Use Figure: The Marginal Benefit Curve.The total benefit of mowing four lawns is approximately:

Use the following to answer question: -(Figure: The Marginal Analysis of Cell Phones)Use Figure: The Marginal Analysis of Cell Phones.You are considering purchasing cell phones.How many cell phones will you consume?

Use the following to answer question: -(Figure: The Optimal Quantity)Use Figure: The Optimal Quantity.If the marginal benefit of lawn mowing increased,the marginal _____ curve in the figure would shift to the _____ and the optimal quantity would be _____ than five lawns mowed.

To maximize her grade in economics,Stacey should study until her:

First Principles

Economic Models: Trade-Offs and Trade

Consumer and Producer Surplus

Supply and Demand

Price Controls and Quotas: Meddling With Markets

Elasticity

Taxes

International Trade

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Graphs in Economics

Consumer Preferences and Consumer Choice

Filters

Use the following to answer question: -(Figure: The Optimal Quantity)Use Figure: The Optimal Quantity.If the marginal benefit of lawn mowing decreased,the marginal ___ curve in the figure would shift to the _ and the optimal quantity would be ___ than five lawns mowed.

Use the following to answer question: -(Figure: The Optimal Quantity)Use Figure: The Optimal Quantity.If the marginal benefit of lawn mowing increased,the marginal ___ curve in the figure would shift to the _ and the optimal quantity would be ___ than five lawns mowed.