Joe Pellerito
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Dashboard / My courses / ECON528-850-202520 / Exam 1 / Midterm Exam
Started on Thursday, September 19, 2024, 2:30 PM
State Finished
Completed on Thursday, September 19, 2024, 2:52 PM
Time taken 22 mins 13 secs
Points 19.00/20.00
Grade 9.50 out of 10.00 (95%)
Question 1 Correct 1.00 points out of 1.00
Managerial economics
Select one:
a. describes how pay for managers is set.
b. ensures managers always make good decisions.
c. explains which products consumers will buy.
d. helps managers make decisions in the face of scarcity.
The correct answer is: helps managers make decisions in the face of scarcity.
,Question 2 Correct 1.00 points out of 1.00 Back to Top
Economic costs of production differ from accounting costs in that
Select one:
a. accounting costs include expenditures for hired resources while economic costs do not.
b. economic costs include expenditures for hired resources while accounting costs do not.
c. economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.
d. accounting costs are always larger than economic cost.
The correct answer is: economic costs add the opportunity costs of a firm using its own resources while accounting costs do
not.
, Question 3 Correct 1.00 points out of 1.00
How many pounds of apples should Margie sell to maximize her profit? Refer to Table 12-2.
Table 12-2 lists the various pounds (lbs.) of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly
competitive market.
Select one:
a. 300 pounds
b. This cannot be determined without knowing Margie's total or marginal production costs.
c. This can be determined only when all of the values for market price, total revenue, average revenue and marginal revenue
are given.
d. 400 pounds
The correct answer is: This cannot be determined without knowing Margie's total or marginal production costs.
Menu FACULTY SUPPORT STUDENT SUPPORT MY BOOKS MY GRADES MY COURSES
Dashboard / My courses / ECON528-850-202520 / Exam 1 / Midterm Exam
Started on Thursday, September 19, 2024, 2:30 PM
State Finished
Completed on Thursday, September 19, 2024, 2:52 PM
Time taken 22 mins 13 secs
Points 19.00/20.00
Grade 9.50 out of 10.00 (95%)
Question 1 Correct 1.00 points out of 1.00
Managerial economics
Select one:
a. describes how pay for managers is set.
b. ensures managers always make good decisions.
c. explains which products consumers will buy.
d. helps managers make decisions in the face of scarcity.
The correct answer is: helps managers make decisions in the face of scarcity.
,Question 2 Correct 1.00 points out of 1.00 Back to Top
Economic costs of production differ from accounting costs in that
Select one:
a. accounting costs include expenditures for hired resources while economic costs do not.
b. economic costs include expenditures for hired resources while accounting costs do not.
c. economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.
d. accounting costs are always larger than economic cost.
The correct answer is: economic costs add the opportunity costs of a firm using its own resources while accounting costs do
not.
, Question 3 Correct 1.00 points out of 1.00
How many pounds of apples should Margie sell to maximize her profit? Refer to Table 12-2.
Table 12-2 lists the various pounds (lbs.) of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly
competitive market.
Select one:
a. 300 pounds
b. This cannot be determined without knowing Margie's total or marginal production costs.
c. This can be determined only when all of the values for market price, total revenue, average revenue and marginal revenue
are given.
d. 400 pounds
The correct answer is: This cannot be determined without knowing Margie's total or marginal production costs.
