1
Created by Boundless
A firm is producing a good that has a price greater than its variable cost but less
than its average total cost. What type of scenario does this describe?
A
Shutdown
B
Normal Profit
C
Loss-minimizing condition
D
Economic Profit
2
Created by Boundless
Which of the following is an example of the production input capital?
A
A work force.
B
Cash invested in the business.
C
A cell phone.
D
A personal car.
3
Created by Boundless
Which of the following is a market actor that is involved in transferring a product
from production to the end consumer?
A
Retailer.
B
All of these answers.
C
Inventory manager.
D
4
Wholesaler.
Created by Boundless
Which of the following characteristics describe a capitalist economic system?
A
Central planning, public ownership, and moral
compensation
B
Market based coordination, public ownership, and material
compensation
C
Central planning, private ownership, and moral
compensation
D
Market based coordination, private ownership, and material
compensation
5
Created by Boundless
What are the two dominant forms of market coordination mechanisms?
A
Centralized planning and de-centralized planning
B
Material reward incentives and moral reward incentives
C
Market based coordination and material reward incentives
D
Central planning and market based coordination
6
Created by Boundless
Which of the following is a characteristic of a mixed economy?
A
The means of production are privately owned.
B
The government can grant monopolies to private
businesses.
C
All of these answers.
D
The government regulates the market through labor laws
and other similar regulation.