Question 11 pts

Accounting profit is defined as

total sales – (explicit costs + implicit costs).total sales – explicit costs – implicit costs.total opportunity costs.total monetary costs.total implicit costs.

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Question 21 pts

A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store is

a conglomerate.a perfect competitor.inefficient.vertically integrated.horizontally integrated.

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Question 31 pts

Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms because

private firms do not compete with government firms.government firms are more difficult to manage.government managers seek more capital-intensive means of production.the demand for the products is inherently different.there is no residual claimant.

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Question 41 pts

What is one thing that entrepreneurs do NOT do?

They identify consumer demands.They establish supply and demand.They organize production.They allocate resources.They acquire assets.

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Question 51 pts

The short-run marginal cost curve falls and then rises because of

fixed costs.diseconomies of scale.diseconomies and economies of scale.the principle of diminishing returns.

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Question 61 pts

Ralph’s Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits?

$50,000$30,000$20,000The amount cannot be determined from the information given.

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Question 71 pts

Average fixed cost plus average variable cost equals

marginal cost.total cost.average total cost.total variable cost.marginal fixed cost.

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Question 81 pts

An example of a horizontally integrated firm is one that

uses highly automated assembly line techniques.owns several plants in the same state.owns several plants, each manufacturing the same product.produces a variety of goods and sells them in widely disparate markets.owns several plants, each handling a different stage of production.

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Question 91 pts

Firms exist for all but which one of the following reasons?

To reduce transactions costsTo produce thingsTo organize teamsTo monitor shirkingTo reduce the costs of buying

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Question 101 pts

A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is

a conglomerate.an imperfect competitor.a monopoly.vertically integrated.horizontally integrated.

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