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What are Costs? Quiz Questions and Answers PDF Download 16

Practice What are Costs? quiz questions and answers, what are costs? MCQs with answers PDF to solve economics worksheet 16 for online graduate programs. Practice Cost of Production quiz questions with answers, what are costs? multiple choice Questions and Answers (MCQ) to solve what are costs? test with answers for online university degrees. Free what are costs? MCQs, elasticity and tax incidence, production possibility frontier with increasing costs, what are costs? test prep for online business administration and management degree.

"When resources are valued, the costs show how much these resources would earn if used in their best alternative uses is known as", what are costs? Multiple Choice Questions (MCQ) with choices opportunity cost principle, lump sum principle, economic profit, and accounting profit for online graduate programs. Learn cost of production questions and answers with free online certification courses for accredited online schools for business management.

Quiz on What are Costs? PDF Download 16

What are Costs? Quiz

MCQ: When resources are valued, the costs show how much these resources would earn if used in their best alternative uses is known as

  1. lump sum principle
  2. opportunity cost principle
  3. economic profit
  4. accounting profit

B

Production Possibility Frontier with Increasing Costs Quiz

MCQ: The ratio of the marginal opportunity costs of two commodities can be known by

  1. slop of PPF
  2. slope of isoquant
  3. slope of budget line
  4. slope of an indifference curve

A

Elasticity & Tax Incidence Quiz

MCQ: A tax burden will always be heavily imposed where market is

  1. elastic
  2. slightly elastic
  3. inelastic
  4. slightly inelastic

A

Production Possibility Frontier with Increasing Costs Quiz

MCQ: The amount of a good that a consumer is willing to give up for another good, as long as the new good is equally satisfying is known as

  1. marginal rate of transformation
  2. marginal rate of technical substitution
  3. marginal rate of substitution
  4. marginal opportunity costs

C

Should UN Trade with Other Countries? Quiz

MCQ: The difference between the values of imports and exports refers to

  1. Balance of trade
  2. quota
  3. Balance of payments
  4. taxes

C