ECON 528 Module 2 Quiz | Questions and Answers with Complete Solution | 100% Correct

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Dashboard / My courses / ECON528-850-202520 / Module 2 / Module 2 Quiz



Started on Monday, September 9, 2024, 12:30 PM
State Finished
Completed on Monday, September 9, 2024, 12:44 PM
Time taken 14 mins 23 secs
Grade 10.00 out of 10.00 (100%)

Question 1 Correct 1.00 points out of 1.00


1) Unlike an accountant, an economist measures costs on a(n) ________ basis.

Select one:
a. explicit
b. historical
c. conservative
d. replacement 

The correct answer is: replacement

, Question 2 Correct 1.00 points out of 1.00  Back to Top
10) When an economist uses the term "cost" referring to a firm, the economist refers to the

Select one:
a. opportunity cost of producing a good or service, which includes both implicit and explicit cost. 
b. explicit cost of producing a good or service but not the implicit cost of producing a good or service.
c. cost that can be actually verified and measured.
d. implicit cost of producing a good or service but not the explicit cost of producing a good or service.
e. price of the good to the consumer.

The correct answer is: opportunity cost of producing a good or service, which includes both implicit and explicit cost.