Management

Heriot Watt Introduction to Economics Practice Test Semester 1, 2010 Instructions. * Students score 55 legal proceeding to complete the exam. * Please attempt all 35 questions. 1) Those things that essential be forgone to acquire a good are called a. substitutes. b. chance costs. c. explicit costs. d. Competitors 2) Which would be an implicit cost for a hard? The cost: a. Of worker wages and salaries for the tight b. Paid for leasing a expression for the firm c. Paid for cropion supplies for the firm d. Of wages forgone by the owner of the firm 3) Since the get off of the semester, which of the following is not true a. Gold is at an all succession record high b. The Dubai Financial Market is up sharply c. The price of commodities have risen d. The US Dollar has strengthened significantly 4) Economic profit a. will never exceed invoice profit. b. is most often equal to accounting profit. c. is always at least as large as accounting profit. d. is a less complete measure of profitability than accounting profit. Table 1 5) Refer to Table 1. What is the marginal product of the third worker? a. 65 b. 70 c. 75 d. 80 6) Refer to Table 1. At which round of workers does diminishing marginal returns begin?

a. 2 b. 3 c. 4 d. 5 7) Which of the following costs do not vary with the add up of output a firm produces? a.average strict costs b. resolved costs and average fixed costs c.marginal costs and average fixed costs d.fixed costs 8) If a firm produces nothing, which of the following costs will be aught? a. fall cost b.fixed cost c.opportunity cost d.variable cost 9) Average total cost is very high when a small amount of output is produced because a.average variable cost is high. b.average fixed cost is high. c.marginal cost is high. d.marginal product is high. 10) marginal cost is less than average total... If you want to get a full essay, order it on our website: Orderessay

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