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ECON312 Exam with complete solutions 2024_2025
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ECON312 Exam with complete solutions 2024_2025
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ECON312 Exam with complete solutions2024/2025
The ______ cost of any resource used to produce a good is the value or worth the
resource would have in its best alternative use. - ANSWER-economic
Which of the following explains the concept of explicit costs? - ANSWER-A firm's
monetary payments to those who supply labor services, materials, fuel, and
transportation services.
A firm's monetary payments made for the use of resources owned by others.
Your company's total sales revenue for the month is $150,000; the costs to
produce your products are $12,000 for rent, $6,000 for utilities, and $42,000 for
employee wages. What is your accounting profit? - ANSWER-Reason:
$150,000 - $60,000 (explicit costs) = $90,000.
If economic cost is $96,000 and total revenue is $120,000, what is the economic
profit? - ANSWER-Economic profit equals total revenue minus economic cost.$
24,000
True or false: Hourly labor, raw materials, and fuel are examples of resources a
firm can easily adjust. - ANSWER-True
Which best describes economic costs? - ANSWER-Payments that must be made
to obtain a resource
What is the definition of total product (TP)? - ANSWER-The total quantity, or total
output, of a particular good or service produced
_____costs are the monetary payments a firm makes to purchase resources from
others.. - ANSWER-Explicit
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