ECO week 3 quiz

Question 1 1 pts Edit this Question Delete this Question0 multiple_choice_question 483039A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store isA firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store isa conglomerate.a perfect competitor.inefficient.vertically integrated.horizontally integrated.Move To… This element is a more accessible alternative to drag & drop reordering. Press Enter or Space to move this question. Flag this QuestionQuestion 2 1 pts Edit this Question Delete this Question0 multiple_choice_question 483046When inputs are combined so that total production has the lowest possible cost, we are observingWhen inputs are combined so that total production has the lowest possible cost, we are observingtechnical efficiency.optimal engineering.economic efficiency.average-cost production.Move To… This element is a more accessible alternative to drag & drop reordering. Press Enter or Space to move this question. Flag this QuestionQuestion 3 1 pts Edit this Question Delete this Question0 multiple_choice_question 483056The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor is $15,500. What is the economic profit?The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor is $15,500. What is the economic profit?$110,500$19,500$15,000$5,000Move To… This element is a more accessible alternative to drag & drop reordering. Press Enter or Space to move this question. Flag this QuestionQuestion 4 1 pts Edit this Question Delete this Question0 multiple_choice_question 483053Accounting profit is defined asAccounting profit is defined astotal sales – (explicit costs + implicit costs).total sales – explicit costs – implicit costs.total opportunity costs.total monetary costs.total implicit costs.Move To… This element is a more accessible alternative to drag & drop reordering. Press Enter or Space to move this question. Flag this QuestionQuestion 5 1 pts Edit this Question Delete this Question0 multiple_choice_question 483065The long-run decision is to selectThe long-run decision is to selectthe plant size to go with the fixed quantity of labor.the desired quantity of labor to go with fixed capital.the desired long-run MC curve.the desired short-run AC curve.the desired long-run AC curve.Move To… This element is a more accessible alternative to drag & drop reordering. Press Enter or Space to move this question. Flag this QuestionQuestion 6 1 pts Edit this Question Delete this Question0 multiple_choice_question 483062Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates thatLast spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates thatmarginal costs are less than average variable cost but greater than average cost.fixed costs have increased.output is declining.marginal costs have increased.Move To… This element is a more accessible alternative to drag & drop reordering. Press Enter or Space to move this question. Flag this QuestionQuestion 7 1 pts Edit this Question Delete this Question0 multiple_choice_question 483045Technical efficiency isTechnical efficiency isusing the least-cost method of production.the method of production that minimizes physical usage of inputs according to some specific rule.the process of turning inputs into outputs.the process of minimizing output with a given level of inputs.the method of production that uses the least labor per unit of capital.Move To… This element is a more accessible alternative to drag & drop reordering. Press Enter or Space to move this question. Flag this QuestionQuestion 8 1 pts Edit this Question Delete this Question0 multiple_choice_question 483036A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain isA firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain isa conglomerate.an imperfect competitor.a monopoly.vertically integrated.horizontally integrated.Move To… This element is a more accessible alternative to drag & drop reordering. Press Enter or Space to move this question. Flag this QuestionQuestion 9 1 pts Edit this Question Delete this Question0 multiple_choice_question 483051The cost of alternatives given up that do not carry dollar costs isThe cost of alternatives given up that do not carry dollar costs isnot of interest to a business enterprise.assigned a dollar value and recorded as an explicit cost.considered an implicit cost.part of economic profits.Move To… This element is a more accessible alternative to drag & drop reordering. Press Enter or Space to move this question. Flag this QuestionQuestion 10 1 pts Edit this Question Delete this Question0 multiple_choice_question 483040Firms exist for all but which one of the following reasons?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