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ochresea-lion451Lv1

18 Aug 2020

In economics, the term marginal usually refers to:

a. a small change in an economic variable

b. a low-quality product or resource

c. an unimportant and irrelevant economic variable

d. an all-or-nothing economic decision

e. a footnote or minor point

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Ronaldo MendozaLv10

10 Sep 2020

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The term scarcity in economics refers to the fact that:

a. Economic wants are limited and resources are abused.

b. Even in the riches country some people go hungry.

c. No country can produce enough products to satisfy everybody's economic wants.

d. It is impossible to produce too much of any particular good or service in a market economy.

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When referring to "marginal" changes, the economic focus is on:

A) changes that affect only a few people or products.

B) large changes on the low end.

C) graduated changes on the high end.

D) small or incremental change.

violetscorpion303

26. To the economist total cost includes

A. explicit and implicit costs.

B neither implicit nor explicit costs.

C. implicit, but not explicit, costs.

D. explicit, but not implicit, costs.

27. Accounting profits are typically

A. greater than economic profits because the former do not take explicit costs into account

B. equal to economic profits because accounting costs include all opportunity costs.

C. smaller than economic profits because the former do not take implicit costs into account.

D. greater than economic profits because the former do not take implicit costs into account.

28. Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $300 per unit, its accounting profits were

A. $100,000 and its economic profits were $0.

B. $200,000 and its economic profits were $0.

C. $100,000 and its economic profits were $100,000.

D. $0 and its economic loss was $200,000.

29. The basic difference between the short run and the long run is that

A. all costs are fixed in the short run, but all costs are variable in the long run.

B. the law of diminishing returns applies in the long run but not in the short run.

C. at least one resource is fixed in the short run, while all resources are variable in the long run.

D. economies of scale may be present in the short run but not in the long run.

30. The law of diminishing returns indicates that

A. as extra units of a variable resource are added to a fixed resource, marginal product will decline beyond some point.

B. because of economies and diseconomies of scale, a competitive firm's long-run average total cost curve will be U-shaped.

C. the demand for goods produced by purely competitive industries is downsloping.

D. beyond some point, the extra utility derived from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction.