ECO-211
Quiz Chapter 8 Business Costs and Production
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Written Oct 29, 2025 6:41 AM - Oct 29, 2025 7:04 AM Attempt 1 of 2
Attempt Score - 100 %
Overall Grade (Highest Attempt) - 100 %
Question 1 (Mandatory) poin
Creative destruction is
a) a job type in the demolition industry.
b) when the introduction of new technology leads to the end of other industries and jobs.
c) what happens when the government creates jobs.
d) a measure of unemployment.
e) a new government stimulus.
Question 2 (Mandatory) poin
Explicit costs are
a) what a business sacrifices in order to produce a good.
b) tangible out-of-pocket expenses.
c) always greater than implicit costs.
d) never greater than implicit costs.
e) the costs of resources already owned, for which no out-of-pocket payment is made.
Question 3 (Mandatory) poin
For more info:
, Implicit costs are
a) always greater than explicit costs.
b) never greater than explicit costs.
c) always paid out of pocket.
d) also opportunity costs.
e) not measured in terms of dollars.
Question 4 (Mandatory) poin
Accounting profit is equal to
a) total revenue minus implicit costs and explicit costs.
b) total revenue minus explicit costs.
c) total revenue minus implicit costs.
d) explicit costs minus implicit costs.
e) explicit costs plus implicit costs.
Question 5 (Mandatory) poin
Accounting profit ignores which of the following?
a) labor costs
b) implicit costs
c) explicit costs
d) capital costs
e) taxes paid
For more info:
Quiz Chapter 8 Business Costs and Production
Your work has been saved and submitted
Written Oct 29, 2025 6:41 AM - Oct 29, 2025 7:04 AM Attempt 1 of 2
Attempt Score - 100 %
Overall Grade (Highest Attempt) - 100 %
Question 1 (Mandatory) poin
Creative destruction is
a) a job type in the demolition industry.
b) when the introduction of new technology leads to the end of other industries and jobs.
c) what happens when the government creates jobs.
d) a measure of unemployment.
e) a new government stimulus.
Question 2 (Mandatory) poin
Explicit costs are
a) what a business sacrifices in order to produce a good.
b) tangible out-of-pocket expenses.
c) always greater than implicit costs.
d) never greater than implicit costs.
e) the costs of resources already owned, for which no out-of-pocket payment is made.
Question 3 (Mandatory) poin
For more info:
, Implicit costs are
a) always greater than explicit costs.
b) never greater than explicit costs.
c) always paid out of pocket.
d) also opportunity costs.
e) not measured in terms of dollars.
Question 4 (Mandatory) poin
Accounting profit is equal to
a) total revenue minus implicit costs and explicit costs.
b) total revenue minus explicit costs.
c) total revenue minus implicit costs.
d) explicit costs minus implicit costs.
e) explicit costs plus implicit costs.
Question 5 (Mandatory) poin
Accounting profit ignores which of the following?
a) labor costs
b) implicit costs
c) explicit costs
d) capital costs
e) taxes paid
For more info:
