经济学资料（英文版）ch13.docVIP

CHAPTER 13 1. Which of the following is an implicit cost? Salaries paid to owners who work for the firm. Interest on money borrowed to finance equipment purchases. Cash payments for raw materials. Foregone rent on office space owned and used by the firm. ANSWER: e Foregone rent on office space owned and used by the firm. TYPE: M KEY1: C SECTION: 1 OBJECTIVE: 1 RANDOM: Y 2. Samantha has been working for a law firm and earning an annual salary of $90,000. She decides to open her own practice. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Samantha will cover her start-up expenses by cashing in a $20,000 certificate of deposit on which she was earning annual interest of $1,000. Assuming that there are no additional expenses, Samantha’s annual implicit costs will equal $55,200. $221,400. $91,000. $146,200. ANSWER: a $55,200. TYPE: M KEY1: C SECTION: 1 OBJECTIVE: 1 RANDOM: Y 3. Economists assume that the goal of the firm is to maximize total revenue. maximize profits. minimize costs. do all of the above. ANSWER: b maximize profits. TYPE: M KEY1: C SECTION: 1 OBJECTIVE: 1 RANDOM: Y 4. The difference between accounting profit and economic profit relates to the manner in which revenues are defined. how total revenue is calculated. the manner in which costs are defined. the price of the good in the market. ANSWER: c the manner in which costs are defined. TYPE: M KEY1: C SECTION: 1 OBJECTIVE: 1 RANDOM: Y 5. In this diagram, the shift in the total product curve represents an increase in the firm’s costs of production. productivity. diseconomies. market share. ANSWER: b productivity. TYPE: M KEY1: G SECTION: 2 OBJECTIVE: 2 RANDOM: Y 6. Which of the following could explain why the total product curve shifted in this diagram? A reduction in capital equipment available to the firm. Labor skills have become rusty and out