Question 1

1 / 1 pts
Which is NOT a labor resource?
You Answered

Mason

baker

Engineer

Henry Sy

Question 2
1 / 1 pts
Marginal revenue is the change in revenue for ________.
Correct!

every unit change in quantity

for every unit change in cost

for the total change in quantity

the every unit change in the total price

Question 3
1 / 1 pts
Managerial economics is
Correct!
using economic theory in making managerial decisions

applying basic concepts of management is economic setting

getting the cheapest alternative to maximize benefits

ensuring that benefits exceed the cost

Question 4
1 / 1 pts
The fields of marketing and economics are related in the sense that

both are under the College of Business

none among the mentioned answers

Correct!

both look into consumer behavior

both are interested with statistics

Question 5
1 / 1 pts
The buyers or costumers of Starbucks are price ______which is why
the increase in price resulted to an income __________.

insensitive, decrease
sensitive, increase

sensitive, decrease

Correct!

insensitive , increase

Question 6
1 / 1 pts
Profit maximization is

when cost is minimized

MR= MC

when price is at the highest

You Answered

when quantity produced is at the hightest

Question 7
1 / 1 pts
The price of the product is equivalent to the marginal revenue.
Correct!

True

False
Question 8
1 / 1 pts
The Theory of firm states that the primary aim of the firm is to maximize wealth.

True

You Answered

False

Question 9
1 / 1 pts
Understanding statistical data is not necessary for a managerial economist , as this can
be delegated to a statistician.

True

Correct!

False

Question 10
1 / 1 pts
An entity that converts inputs to outputs.
You Answered
Business

Correct Answers
business

company

businesses

companies

firm
 firms

Question 11
1 / 1 pts
New TR less old TR, divided by change in the number of units sold
Correct!
Marginal Revenue

Correct Answers
MR

Marginal Revenue

marginal revenue

Question 12
1 / 1 pts
TR - TC = ___
Correct!
Profit

Correct Answers
profits

profit

Question 13
1 / 1 pts
Change in total cost for every additional unit of item sold/produced
Correct!
Marginal Cos

Correct Answers
MC

marginal cost
Marginal Costs

Question 14
1 / 1 pts
Economic profit occurs when

Accounting profit is positive

Correct!

difference between accounting profit and opportunity cost is positive

difference between accounting profit and opportunity cost is zero

difference between accounting profit and opportunity cost is negative

Question 15
1 / 1 pts
If accounting profit is equal to opportunity cost, the difference between the two is zero.
This is called...

normal profit

accounting profit

economic profit

You Answered

economic loss