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858 ? Chapter 13/The Costs of Production
Sec01 - The Costs of Production - What Are Costs?
MULTIPLE CHOICE1.
Economists assume that the typical person who starts her own business does so with the intention of
a. donating the profits from her business to charity. b. capturing the highest number of sales in her industry. c. maximizing profits. d. minimizing costs.
1
REF: 13-1 NAT: Analytic TOP: Profit maximization
ANS: C DIF:
LOC: Costs of production MSC: Applicative
2. Economists normally assume that the goal of a firm is to (i) sell as much of their product as possible. (ii) set the price of the product as high as possible. (iii) maximize profit.
a.
b. c. d. (i) and (ii) are true. (ii) and (iii) are true. (iii) is true.
(i) and (iii) are true.
2
REF: 13-1 NAT: Analytic TOP: Profit maximization
ANS: C DIF:
LOC: Costs of production MSC: Interpretive
3. Economists normally assume that the goal of a firm is to earn (i) profits as large as possible, even if it means reducing output. (ii) profits as large as possible, even if it means incurring a higher total cost. (iii) revenues as large as possible, even if it reduces profits.
a.
b. c. d. (i) and (ii) are true. (i) and (iii) are true. (ii) and (iii) are true. (i), (ii), and (iii) are true.
2
REF: 13-1 NAT: Analytic TOP: Profit maximization
ANS: A DIF:
LOC: Costs of production MSC: Interpretive
4.
An entrepreneur’s motivation to start a business arises from a. an innate love for the type of business that he or she starts. b. a desire to earn a profit.
c. an altruistic desire to provide the world with a good product. d. All of the above could be correct.
2
REF: 13-1 NAT: Analytic TOP: Profit maximization
ANS: D DIF:
LOC: Costs of production MSC: Interpretive
5.
Economists normally assume that the goal of a firm is to a. maximize its total revenue. b. maximize its profit.
c. minimize its explicit costs. d. minimize its total cost.
1
REF: 13-1 NAT: Analytic TOP: Profit maximization
ANS: B DIF:
LOC: Costs of production MSC: Definitional
Chapter 13/The Costs of Production ? 859
6.
Economists assume that the goal of the firm is to maximize total
a. revenue. b. profits. c. costs.
d. satisfaction.
1
REF: 13-1 NAT: Analytic TOP: Profit maximization
ANS: B DIF:
LOC: Costs of production MSC: Interpretive
7.
When a firm is making a profit-maximizing production decision, which of the following principles of economics is likely to be most important to the firm's decision? a. The cost of something is what you give up to get it.
b. A country's standard of living depends on its ability to produce goods and services. c. Prices rise when the government prints too much money. d. Governments can sometimes improve market outcomes.
2
REF: 13-1 NAT: Analytic TOP: Profit maximization
ANS: A DIF:
LOC: Costs of production MSC: Interpretive
8.
The amount of money that a firm receives from the sale of its output is called a. total gross profit. b. total net profit. c. total revenue. d. net revenue.
1
REF: 13-1 NAT: Analytic TOP: Total revenue
ANS: C DIF:
LOC: Costs of production MSC: Definitional
9.
Total revenue equals a. price x quantity. b. price/quantity.
c. (price x quantity) - total cost. d. output - input.
1
REF: 13-1 NAT: Analytic TOP: Total revenue
ANS: A DIF:
LOC: Costs of production MSC: Definitional
10. The amount of money that a firm pays to buy inputs is called
a. total cost. b. variable cost. c. marginal cost. d. fixed cost.
ANS: A DIF: LOC: Costs of production 2 REF: 13-1
TOP: Total cost NAT: Analytic MSC: Definitional
11. Total cost is the
a. amount a firm receives for the sale of its output. b. fixed cost less variable cost.
c. market value of the inputs a firm uses in production.
d. quantity of output minus the quantity of inputs used to make a good.
ANS: C DIF: LOC: Costs of production 2 REF: 13-1
TOP: Total cost NAT: Analytic MSC: Definitional
860 ? Chapter 13/The Costs of Production
12. Profit is defined as
a. net revenue minus depreciation. b. total revenue minus total cost.
c. average revenue minus average total cost. d. marginal revenue minus marginal cost.
ANS: B DIF: LOC: Costs of production 1 REF: 13-1 TOP: Profit NAT: Analytic MSC: Definitional
13. Profit is defined as total revenue
a. plus total cost. b. times total cost. c. minus total cost. d. divided by total cost.
ANS: C DIF: LOC: Costs of production 1 REF: 13-1 TOP: Profit NAT: Analytic MSC: Definitional
14. Which of the following can be added to profit to obtain total revenue?
a. net profit b. capital profit c. operational profit d. total cost
ANS: D DIF: LOC: Costs of production MSC: Analytical
2 REF: 13-1 NAT: Analytic TOP: Total revenue
15. If Kelsey sells 300 glasses of lemonade at $0.50 each, her total revenues are
a. $150. b. $299.50. c. $300. d. $600.
ANS: A DIF: LOC: Costs of production MSC: Analytical
2 REF: 13-1 NAT: Analytic TOP: Total revenue
16. If Amanda sells 200 glasses of lemonade at $0.50 each, her total revenues are
a. $100. b. $199.50. c. $200. d. $400.
ANS: A DIF: LOC: Costs of production MSC: Analytical
2 REF: 13-1 NAT: Analytic TOP: Total revenue
17. Kirsten sells 300 glasses of lemonade at $0.50 each. Her total costs are $125. Her profits are
a. $25. b. $124.50. c. $125. d. $150.
ANS: A DIF: LOC: Costs of production 2 REF: 13-1 TOP: Profit NAT: Analytic MSC: Analytical
18. Zoe sells 200 glasses of lemonade at $0.50 each. Her total costs are $25. Her profits are
a. $25. b. $75. c. $100. d. $175.
ANS: B DIF: LOC: Costs of production 2 REF: 13-1 TOP: Profit NAT: Analytic MSC: Analytical
Chapter 13/The Costs of Production ? 861
19. XYZ corporation produced 300 units of output but sold only 275 of the units it produced. The average cost of
production for each unit of output produced was $100. Each of the 275 units sold was sold for a price of $95. Total profit for the XYZ corporation would be a. -$3,875. b. $26,125. c. $28,500. d. $30,000.
ANS: A DIF: LOC: Costs of production 2 REF: 13-1 TOP: Profit NAT: Analytic MSC: Applicative
20. Those things that must be forgone to acquire a good are called
a. implicit costs. b. opportunity costs. c. explicit costs. d. accounting costs.
ANS: B DIF: LOC: Costs of production MSC: Definitional
1 REF: 13-1 NAT: Analytic TOP: Opportunity cost
21. Gordon is a senior majoring in computer network development at Smart State University. While he has been
attending college, Gordon started a computer consulting business to help senior citizens set up their network connections and teach them how to use e-mail. Gordon charges $25 per hour for his consulting services. Gordon also works 5 hours a week for the Economics Department to maintain that department's Web page. The Economics Department pays Gordon $20 per hour. From this information we can conclude: a. Gordon should increase the number of hours he works for the Economics Department to make it
comparable to his consulting business income.
b. Gordon is obviously not maximizing his well-being if he continues to work for the Economics
Department.
c. If Gordon chooses one hour at the beach with his friends rather than spend one more hour with a
consulting client, the forgone income of $25 is considered a cost of the choice to go to the beach. d. Both b and c are correct
ANS: C DIF: LOC: Costs of production MSC: Analytical
2 REF: 13-1 NAT: Analytic TOP: Opportunity cost
22. A firm's opportunity costs of production are equal to its
a. explicit costs only. b. implicit costs only.
c. explicit costs + implicit costs.
d. explicit costs + implicit costs + total revenue.
ANS: C DIF: LOC: Costs of production MSC: Definitional
1 REF: 13-1 NAT: Analytic TOP: Opportunity cost
23. Susan used to work as a telemarketer, earning $25,000 per year. She gave up that job to start a catering
business. In calculating the economic profit of her catering business, the $25,000 income that she gave up is counted as part of the catering firm's a. total revenue. b. opportunity costs. c. explicit costs. d. marginal costs.
ANS: B DIF: LOC: Costs of production MSC: Interpretive
1 REF: 13-1 NAT: Analytic TOP: Opportunity cost