Please Help me with these questions

1. A firm that earns zero accounting profit is earning a normal profit.

a. True

b. False

2. If the owners of a firm earn accounting profit, it follows that

a. They will earn economic profit, too.

b. Their explicit costs are greater than their implicit costs.

c. Their implicit costs are greater than their explicit costs.

d. They will not earn economic profit.

e. None of the above

3. Economic profit is the difference between total revenue and implicit costs.

a. True

b. False

4. A cost of resources used in production for which no actual monetary payment is made is a (n) __________ cost.

a. Tacit

b. Implicit

c. Covert

d. Explicit

5. Which of the following statements is true?

a. Costs are always explicit, never implicit.

b. Costs are always implicit, never explicit.

c. George runs a stationery shop; he paid Frank $5,000 for the carpet he installed in the

shop. The $5,000 for carpet is an implicit cost.

d. An implicit cost is a cost that represents the value of resources used in production for

which no actual monetary payment is made.

e. None of the above

6. Economic profit is the difference between total revenue and

a. Explicit costs.

b. Implicit costs.

c. Sunk costs.

d. The sum of explicit and implicit costs.

7. An unrecoverable cost that should be disregarded in any current or future decision is also called a(n) __________ cost.

a. Sunk

b. Explicit

c. Implicit

d. Variable

8. Costs that do not change with output are called __________ costs.

a. Marginal

b. Average

c. Fixed

d. Variable

9. The change in total cost that results from a change in output is __________ cost.

a. Average fixed

b. Average variable

c. Average total

d. Marginal

10. Which of the following is an implicit cost?

a. Jones buys $100 worth of supplies from Smith.

b. Brown pays the bill he received in the mail.

c. Smith, who could work for someone else, works for himself.

d. Williamson pays his income taxes on April 15.

e. a, c, and d