Question : 14.1 Economic Cost and Profit 1) The primary goal of a : 1226133

Economics

14.1 Economic Cost and Profit

1) The primary goal of a business firm is to

A) promote fairness.

B) make a quality product.

C) promote workforce job satisfaction.

D) maximize profit.

E) increase its production.

2) A firm’s fundamental goal is

A) different for each firm.

B) to make a quality product.

C) to maximize profit.

D) to gain market share.

E) to decrease its employment of workers in order to cut its costs.

3) Accountants calculate

A) economic depreciation as part of the firm’s cost.

B) depreciation using Internal Revenue Service rules.

C) the opportunity cost of all the resources the firm uses.

D) all the firm’s implicit costs but only a few of its explicit costs.

E) All of the above answers are correct.

4) John fishes for a living. Last year, he sold $100,000 of fish. Bait, nets and other fishing supplies cost John $10,000 and he paid $40,000 in salaries to his helpers. Depreciation on his boat and other equipment, as calculated using IRS rules, was $15,000. What was John’s profit as would be calculated by an accountant?

A) $165,000

B) $100,000

C) $65,000

D) $35,000

E) None of the above answers is correct.

5) Lauren runs a chili restaurant in San Francisco. Her total revenue last year equaled $111,000. The rent on her restaurant totaled $48,000. Her labor costs totaled $43,000. Her materials, food and other variable costs totaled $19,000. To Lauren’s accountant, Lauren

A) incurred a loss of $1,000.

B) earned a profit of $1,000.

C) incurred a loss of $111,000.

D) earned a profit of $111,000.

E) had a total cost equal to $91,000.

6) Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000. Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as

A) $150,000.

B) $63,000.

C) $50,000.

D) $110,000.

E) $0 because Lauren did not work as a biologist.

7) When an economist uses the term “cost” referring to a firm, the economist refers to the

A) price of the good to the consumer.

B) explicit cost of producing a good or service but not the implicit cost of producing a good or service.

C) implicit cost of producing a good or service but not the explicit cost of producing a good or service..

D) opportunity cost of producing a good or service, which includes both implicit and explicit cost.

E) cost that can be actually verified and measured.

8) From a firm’s viewpoint, opportunity cost is the

A) best alternative use customers can find for the firm’s output.

B) cost the firm must pay for the factors of production it employs to attract them from their best alternative use.

C) accounting cost of resources.

D) price a firm can charge for its output.

E) cost of acquiring the opportunity to sell to its customers.

9) The cost that a firm pays in money to hire a resource is referred to as ________ cost.

A) a minimized

B) a maximized

C) an explicit

D) an implicit

E) a total

10) A cost paid in money is

A) not an opportunity cost.

B) an implicit cost and an opportunity cost.

C) an explicit cost and an opportunity cost.

D) not an accounting cost.

E) an explicit cost but not an opportunity cost.

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July 1, 2023

61. Karen Horney’s feminine psychology emphasized the importance of our basic anxiety, which is _____.

A) a repository of accumulated ideas and images that is shared among all humans

B) the part of the personality that is aware of itself and organizes goal-seeking behavior

C) our feelings of “being isolated and helpless in a potentially hostile world”

D) a deep form of resentment toward their parents that is ultimately repressed

E) the banishment to the unconscious of unacceptable wishes, fantasies, urges, and impulses

62.Psychodynamic theory has been criticized on all but which of the following grounds?

A)It places too much emphasis on sexual and aggressive drives.

B)There is a general lack of evidence supporting many of the principles on which the theory is based.

C)The theory was based on evidence gathered from a small number of cases studies.

D)It is difficult to test using the scientific method.

E)It places too much emphasis on social influences.

63.Stable and enduring personal characteristics are called

A)habits.

B)tendencies.

C)traits.

D)types.

E)genes.

64.Regarding the trait perspective of personality development, which of the following statements is FALSE?

A)Trait theorists use personality traits to predict how people are likely to behave in different situations.

B)Trait theorists are interested in learning how people differ in terms of their underlying traits.

C)Trait theorists are interested in developing ways to measure traits.

D)Trait theorists are interested in how traits are organized and structured within the personality.

E)Trait theorists believe that traits cannot be measured because they are internal structures of the mind.

65.Mahatma Gandhi’s lifelong commitment to non-violent solutions to social problems would likely be considered an example of a(n) ______ trait.

A)ordinal

B)central

C)secondary

D)cardinal

E)primary

66.In Allport’s view, cardinal traits are

A)the most pervasive characteristics of one’s personality.

B)basic building blocks of personality.

C)specific preferences.

D)fluctuating patterns of behavior.

E)superficial traits inferred from observation.

67.Allport proposed ______ types of traits in the personality, and they are called _____.

A)2; internal and external locus of control

B)5; neuroticism, extraversion, openness, agreeableness, and conscientiousness

C)3; introversion-extraversion, neuroticism, and psychoticism

D)2; surface and source traits

E)3; cardinal, central, and secondary traits

68.Which of the following people is describing a secondary trait in Allport’s model?

A)Antwone, who says, “I am a spiritual person, and the only thing important to me is becoming a priest.”

B)Bettina, who says, “I like rap music, and I don’t like country music.”

C)Cuaron, who says, “My friends say that my basic quality is that I am generous.”

D)Deva, who says, “I’m a creative person.”

E)Evita, who says, “I like playing soccer because I’m a very competitive person in everything I do.”

69. Gordon Allport thought that cardinal traits are _____.

A) pervasive characteristics that influence a person’s behavior in most situations

B) characteristics that influence behavior in some situations, but not others

C) characteristics that can be inferred from observable behavior

D) general traits that are composed of, or give rise to, surface traits

E) biological differences that create variations in personality traits from person to person

70.According to Allport, secondary traits

A)reflect superficial differences between people.

B)compete with primary traits for dominance.

C)are the most pervasive components of personality.

D)are the basic building blocks of personality.

E)have a widespread influence across many situations.