03 Jun Question Part 1 (Multiple-Choice) 1. Economic profit is the best measure of a firm’s performance because A. normal profit is generally too difficult to measure.
Question
Part 1 (Multiple-Choice)
1. Economic profit is the best measure of a firm’s performance because
A. normal profit is generally too difficult to measure.
B. economic profit fully accounts for all sources of revenue.
C. only explicit costs influence managerial decisions since, in general, only explicit costs can be
subtracted from revenue for the purposes of computing taxable profit.
D. the opportunity cost of using ALL resources is subtracted from total revenue.
2. Until recently you worked as an accountant, earning $30,000 annually. Then you inherited a
piece of commercial real estate bringing in $12,000 in rent annually. You decided to leave your
job and operate a video rental store in the office space you inherited.
At the end of the first year, your books showed total revenues of $60,000 and total costs of
$30,000 for video purchases, utilities, taxes, and supplies. What is the total cost of operating
the video store?
A.
B.
C.
D.
E.
3. Which of the following will cause a change in quantity supplied?
A.
B.
C.
D.
4. A change in input prices
Technological change
A change in the number of firms in the market
A change in the market price of the good
Suppose that the market for engagement rings is in equilibrium. Then political unrest in South
Africa shuts down the diamond mines there. South Africa is the world’s primary supplier of
diamonds. What will happen?
A.
B.
C.
D.
5.
$60,000
$42,000
$30,000
$12,000
none of the above
The equilibrium quantity of engagement rings will decrease.
The equilibrium price of engagement rings will decrease.
The demand for engagement rings will decrease.
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