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micro quiz4.pdf

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ECON 1000
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Principles of Microeconomics E203Fall 2007 Quiz 4NameMULTIPLE CHOICEChoose the one alternative that best completes the statement or answers the question on theaccompanying scantron1A firms basic goal is to maximize its1ArevenueBcostCprofitDproduction2Opportunity cost differs from the costs measured by an accountant because opportunity cost2includes allAimplicit costsBeconomic profitCconventional depreciationDprofits3Explicit costs differ from implicit costs in that3Aexplicit costs are paid in money but implicit costs are often nonpaid opportunity costsBimplicit costs always present while some firms do not have any explicit costsCexplicit costs are what an accountant would consider costs and are usually less thanimplicit costsDexplicit costs are more important than implicit costs4A firm incurs implicit costs when4Ait pays interest on loans to a bankBit hires labor services at the market wageCit rents capital equipment from another firmDthe company uses capital equipment which it owns5Economic depreciation is the5Areturn that an entrepreneur can expect to receive on averageBforgone return on the funds used to buy capitalCchange in the market value of capital over a given periodDfirms opportunity cost of using its own capital6An economic profit for a selfemployed entrepreneur is6Aaccounting profit over and above depreciationBa profit over and above normal profitCa normal profit minus depreciationDthe same as a normal profit1
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