ECON528 Midterm Exam. Questions And Answers

1 ECON 528 / ECON528 Midterm Exam. Questions And Answers (100% Correct) A+ Graded ECON528-850-ECON528-010- Started on Sunday, 23 September 2018, 8:02 PM State Finished Completed on Sunday, 23 September 2018, 8:37 PM Time taken 34 mins 51 secs Marks 20.00/20.00 Grade 10.00 out of 10.00 (100%) Question 1 Correct Mark 1.00 out of 1.00 Managerial economics Select one: a. helps managers make decisions in the face of scarcity. b. ensures managers always make good decisions. c. describes how pay for managers is set. d. explains which products consumers will buy. The correct answer is: helps managers make decisions in the face of scarcity. 2 Question 2 Correct Mark 1.00 out of 1.00 Economic costs of production differ from accounting costs in that Select one: a. economic costs include expenditures for hired resources while accounting costs do not. b. accounting costs are always larger than economic cost. c. economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. d. accounting costs include expenditures for hired resources while economic costs do not. The correct answer is: economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.