Scarce resources are ultimately allocated toward the production of goods most wanted by society because:
Correct answer(s):
- Firms attempt to maximize profits
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As more firms enter an industry
Correct answer(s):
- Economic profits decrease
The primary inducement for new firms to enter an industry is:
Correct answer(s):
- Presence of economic profits
Which of the following signals to the owners of scarce resources are the best uses of those resources?
Correct answer(s):
- Profits of businesses
Which of the following is an implicit cost of going to college?
Correct answer(s):
- Foregone wages
Which of the following is an implicit cost to a firm that produces a good or service?
Correct answer(s):
- Foregone profits of producing a different good or service
Economic profits are:
Correct answer(s):
- Total revenue minus total opportunity cost
Accounting profits are:
Correct answer(s):
- Total revenue minus total cost
What is the antonym of “Gloomy”
Correct answer(s):
- Bright
What is the synonym of “Exhausted”
Correct answer(s):
- Drained
____ glass is, for all practical purposes, a solid, its molecular structure is that of a liquid.
Correct answer(s):
- Although
The intellectual can no longer be said to live ____ the margine of society.
Correct answer(s):
- beyond
If a substance is cohesive, it tends to –
Correct answer(s):
- stick together
He stopped his car ____ when the light turned red.
Correct answer(s):
- abruptly
If the interest rate is 10% and cash flows are $1,000 at the end of year one and $2,000 at the end of year two, then the present value of these cash flows is?
Correct answer(s):
- $2,562
The higher the interest rate:
Correct answer(s):
- The smaller the present value of a future amount
What is the analogy of EXCITE : CALM?
Correct answer(s):
- stimulate : cool down
Waht is the analogy of DELAY : EXPEDITE?
Correct answer(s):
- detain : dispatch
What is √9?
Correct answer(s):
- 3
What is the ∑ of 5, 6, 2, 12, and 8?
Correct answer(s):
- 33