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ASSIGNMENT #1 Assignment Directions: https://www.youtube.com/watch?v=x0nWq34IbFg Current Event Topics Need to be fromCURRENT TEST MATERIAL. When choosing an article, make sure you can answer all six

ASSIGNMENT #1

Assignment Directions:

https://www.youtube.com/watch?v=x0nWq34IbFg

Current Event

Topics Need to be fromCURRENT TEST MATERIAL.
When choosing an article, make sure you can answer all six questions.
Your current event answers should be over two hundred words not counting the questions. If you include the questions, your total word count should be over four hundred words.
A current event means the article was posted in the last sixty days.

1. Where did you find the article (Googleis not a news site) and what date was it printed or posted? (5 points)

For Example 1. November 1, 2015/MSN Money .com

Link:

2. What is the article about? Explain the article, please do not just give me the article title. (10 points)

This answer needs to be at least three sentences summarizing the article.

3. From the textbook, what concept (one please) does the article discuss, what is the textbook's definition of the concept, and what page of the book is it found? (15 points)

For Example 3. Economic Growth- The increase in the productive capacity of an economy (p. 24).

4. Explain the concept you defined in question 3 and how it is applied in the article? (10 points)

For Example 4. Economic growth is ...

5. After reading this article what unintended consequences (costs) do you see? (5 points)

6. How does it affect your personal life (what made you pick this article)? (5 points)

ASSIGNMEMT #2

Question 1 of 10

If marginal cost is greater than ATC:

ATC must be decreasing

ATC must be increasing

ATC must be at its lowest point

All of the above are possible

Question 2 of 10

Fixed costs

are costs that vary with output

are costs that do not vary with output

are the costs associated with the fixed inputs

Both b. and c. above

Question 3 of 10

A period in which at least one input is fixed is:

the short run

the long run

the planning run

the Pamplona run

Question 4 of 10

If the total cost of zero tubs of ice cream is $240, the average fixed cost of 4 tubs is:

$240

$120

$80

$60

Question 5 of 10

If marginal cost is greater than ATC:

ATC must be decreasing

ATC must be increasing

ATC must be at its lowest point

All of the above are possible

Question 6 of 10

Total revenue minus total opportunity costs (explicit and implicit) is:

accounting profit

economic profit

Both of the above

Neither of the above

Question 7 of 10

If the average fixed cost of seven tubs of ice cream is $50, the total cost of zero tubs is:

$200

$250

$350

$500

Question 8 of 10

Total revenue minus total opportunity costs (explicit and implicit) is:

accounting profit

economic profit

Both of the above

Neither of the above

Question 9 of 10

A period in which at least one input is fixed is:

the short run

the long run

the planning run

the Pamplona run

Question 10 of 10

Marginal cost:

is the change in total cost that results from adding an additional unit of input

is the change in total cost that results from producing an additional unit of output

will begin to increase when production reaches the point of diminishing marginal returns

Both b. and c. above

ASSIGNEMENT #3

Question 1 of 50

If the total cost of zero tubs of ice cream is $240, the average fixed cost of 4 tubs is:

$240

$120

$80

$60

Question 2 of 50

If Firm Y has assets of $925 million and liabilities of $860 million, its net worth is:

$40 million

$65 million

$925 million

$1,785 million

Question 3 of 50

A sunk cost:

is a past cost that cannot be changed by current decisions

should not influence current decisions

Both of the above

Neither of the above

Question 4 of 50

A manager who is a residual claimant:

is entitled to receive a share of the firm's profits

is more likely to shirk than a manager who is not a residual claimant

Both of the above

Neither of the above

Question 5 of 50

A past cost that cannot be changed by current decisions:

is a sunk cost

is crucial to making current decisions

Both of the above

Neither of the above

Question 6 of 50

A corporate bond:

is an ownership interest in the corporation

is a debt obligation of the corporation

Both of the above

Neither of the above

Question 7 of 50

If a firm's average total cost increases as the scale of its operation increases, this:

is economies of scale

is diseconomies of scale

indicates that the firm has not yet grown to its minimum efficient scale

Both a. and c. above

Question 8 of 50

Total revenue minus total opportunity costs (explicit and implicit) is:

accounting profit

economic profit

Both of the above

Neither of the above

Question 9 of 50

If the ATC of six 4 quart pails of ice cream is $60, the total cost of six pails is:

$10

$60

$360

$600

Question 10 of 50

Unlimited liability means that a partner:

is putting at risk only the amount invested in the partnership

is not liable for partnership debts arising from the actions of the other partners

is personally liable for the debts of the partnership

Both a. and b. above

Question 11 of 50

Zero economic profit:

is the same thing as zero accounting profit

means that accounting profit is negative

is considered a normal profit

None of the above

Question 12 of 50

Team production may be more productive than individual production because:

team production allows for specialization of labor

team production allows for extensive use of capital

Both of the above

Neither of the above

Question 13 of 50

A firm owned and operated by two or more co-owners is a:

corporation

partnership

proprietorship

nonprofit firm

Question 14 of 50

A period in which all inputs can be varied is:

the short run

the long run

the planning run

the Pamplona run

Question 15 of 50

Transaction costs:

are the costs of bringing buyers and sellers together for exchanges

are always minimized when consumers purchase directly from producers

Both of the above

Neither of the above

Question 16 of 50

If marginal cost is greater than ATC:

ATC must be decreasing

ATC must be increasing

ATC must be at its lowest point

All of the above are possible

Question 17 of 50

Concerning the cost curves:

the AFC curve always slopes downward

the AVC and ATC curves eventually slope upward due to the law of diminishing marginal returns

Both of the above

Neither of the above

Question 18 of 50

One worker can produce 7 pints of ice cream in an hour. A team of twenty workers can produce 180 180 pints in an hour.

individual production is more productive than team production

team production is more productive than individual production

individual production and team production are equally productive

Question 19 of 50

A difference between private and public nonprofit firms is:

public nonprofit firms are more responsive to the desires of their customers and contributors

public nonprofit firms are financed by taxes

public nonprofit firms have residual claimants

All of the above

Regarding the cost curves:

the fixed cost curve will run parallel to the total cost curve

the total cost curve will run parallel to the variable cost curve, and will be higher by the amount of fixed costs

Both of the above

Neither of the above

Question 21 of 50

A corporate share of stock:

is the same as a corporate bond

is an ownership interest in the corporation

Both of the above

Neither of the above

Question 22 of 50

If Firm Z has assets of $755 million and liabilities of $695 million, its net worth is:

$1,450 million

$755 million

$60 million

$-60 million

Question 23 of 50

Among the disadvantages of the proprietorship are:

unlimited liability

difficulty in raising large amounts of financial capital

proprietorships end with the death of the proprietor

All of the above

Question 24 of 50

An individual employed as part of a team:

may be motivated to engage in shirking

may engage in activities beneficial to themselves rather than contributing to team production

may benefit from the other team members' production even if the individual engages in shirking

All of the above

Question 25 of 50

If the minimum efficient scale in an industry is relatively small, there are likely to be:

many small producers in the industry

a few large producers in the industry

many large producers in the industry

a few small producers in the industry

Question 26 of 50

Marginal cost:

is the change in total cost that results from adding an additional unit of input

is the change in total cost that results from producing an additional unit of output

will begin to increase when production reaches the point of diminishing marginal returns

Both b. and c. above

Question 27 of 50

Corporate managers:

are agents of the stockholders

should pursue the goals of the stockholders

may pursue their own goals rather than the goals of the stockholders

All of the above

Team production may be more productive than individual production because:

team production allows for specialization of labor

team production allows for avoiding the use of expensive capital

team members are less likely to engage in shirking

All of the above

Among the advantages of corporations are:

limited liability

relative ease in raising large amounts of financial capital

corporations do not end with the death of a stockholder

All of the above

Question 30 of 50

If the average fixed cost of seven tubs of ice cream is $50, the total cost of zero tubs is:

$200

$250

$350

$500

Question 31 of 50

A period in which at least one input is fixed is:

the short run

the long run

the planning run

the Pamplona run

Question 32 of 50

The most common legal type of business firm is the:

corporation

partnership

proprietorship

nonprofit firm

Question 33 of 50

In a competitive market, the goal of profit-maximization will compel a business firm to:

use its resources to produce in response to consumer demand

use its resources as efficiently as possible

Both of the above

Neither of the above

Question 34 of 50

A corporation:

is considered a legal person

has the advantage of unlimited liability

Both of the above

Neither of the above

Question 35 of 50

The chief goal of all business firms is assumed to be:

market share maximization

profit-maximization

sales maximization

maximum cost efficiency

Question 36 of 50

A person who agrees to act for the benefit of another:

is an agent

may find a conflict between his or her own interest and that of his or her principal

may pursue self-interest against the interest of the principal

All of the above

Question 37 of 50

In a competitive market, the goal of profit-maximization will compel a business firm to:

use its resources to produce in response to consumer demand

use its resources so as to ensure maximum job security for its employees

Both of the above

Neither of the above

Question 38 of 50

Corporations:

are subject to double taxation

are subject to problems caused by separation of ownership and control

Both of the above

Neither of the above

Question 39 of 50

An organization owned by stockholders that is considered a legal person, separate from its owners is a:

corporation

partnership

proprietorship

nonprofit firm

Question 40 of 50

In terms of sales, the most important type of business firm is the:

proprietorship

partnership

corporation

nonprofit firm

Question 41 of 50

An advantage of a partnership compared to a proprietorship is:

partnerships are easier to form

the possibility of specialization

partners have limited liability

All of the above

Question 42 of 50

The law of diminishing marginal returns:

applies eventually when larger amounts of a variable input are combined with fixed inputs

causes an increase in the marginal cost of production

Both of the above

Neither of the above

Question 43 of 50

An advantage of the proprietorship is:

ease of raising large amounts of financial capital

limited liability

easy to form and to dissolve

All of the above

Question 44 of 50

Which of the following is not an example of an explicit cost?

rent expense

value of the ice cream parlor owner's labor devoted to the business

utilities expense

All of the above are explicit costs

Question 45 of 50

A firm owned and operated by one individual is a:

corporation

partnership

proprietorship

nonprofit firm

Question 46 of 50

Firms may be able to produce more efficiently than households because:

firms can reduce transaction costs

team production may be more productive than individual production

Both of the above

Neither of the above

Question 47 of 50

An opportunity cost incurred without an expenditure of money is:

an explicit cost

an implicit cost

a sunk cost

a fixed cost

Question 48 of 50

Avoiding the performance of an obligation is:

residual claimant

satisficing

shirking

All of the above

Question 49 of 50

If the total cost of five tubs of ice cream is $290 and the total cost of six tubs is $360, the marginal cost of the sixth tub is:

$80

$70

$60

$50

Question 50 of 50

Most resources:

A. are owned by firms
B. are owned by households
C. are used for production by firms
D. Both b. and c. above

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