1. Business profit is:
A. the residual of sales revenue minus the explicit accounting costs of doing business B. a normal rate of return. C. economic profit. D. the return on stockholders' equity.
| 2. In a free market economy, the optimal quality of goods and services is determined by:
| A. workers. B. firms. C. government. D. customers
3. The optimal decision produces: A.
maximum revenue. B.
maximum profits. C.
minimum average costs. D.
a result consistent with managerial objectives.
4. An equation is: A.
an analytical expressions of functional relationships. B.
a visual representation of data. C.
a table of electronically stored data. D.
a list of economic data.
5. A dependent variable is: A.
an X-variable determined separately from the Y-variable. B.
a Y-variable determined by X values. C.
a Y-variable determined prior to X values. D.
a Y-variable determined with X values.
6. A demand curve expresses the relation between the quantity demanded and: A. income. B. advertising. C. price. D. all of the above.7. Change in the quantity demanded is: A. a movement along a single demand curve. B. an upward shift from one demand curve to another. C. a reflection of change in one or more of the nonprice variables in the product demand function. D. a downward shift from one demand curve to another.8. A supply curve expresses the relation between the quantity supplied and: A. technology. B. wage rates. C. price. D. all of the above.9. Change in the quantity supplied reflects a: A. change in price. B. switch from one supply curve to another. C. change in one or more nonprice...
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