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Costs and revenue in economics

Quiz by SAIRA MOHAMED SHERIF

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20 questions
Show answers
  • Q1
    What is the average total cost (ATC) formula?
    ATC = MC / Q
    ATC = TC / Q
    ATC = TR / Q
    ATC = FC + VC
    30s
  • Q2
    What does marginal revenue (MR) represent in economics?
    The cost of producing an additional unit
    The total revenue from all units sold
    The additional revenue from selling one more unit of a good
    The average revenue per unit sold
    30s
  • Q3
    Which of the following is NOT a component of total cost?
    Fixed costs
    Total costs
    Variable costs
    Market value of shares
    30s
  • Q4
    What is the break-even point?
    The point where profits peak
    The maximum production capacity
    The level of sales at which total revenue equals total costs
    The minimum price at which a product can be sold
    30s
  • Q5
    Which type of cost does not change with the level of output?
    Average cost
    Variable cost
    Marginal cost
    Fixed cost
    30s
  • Q6
    What is the primary difference between average fixed cost (AFC) and average variable cost (AVC)?
    AFC decreases as output increases, while AVC can change with production levels
    AVC is constant regardless of output
    AFC is the only cost that changes with output
    AFC is always higher than AVC
    30s
  • Q7
    What is total revenue (TR) calculated as?
    TR = Fixed costs + Variable costs
    TR = Average revenue × Number of units
    TR = Total costs - Profit
    TR = Price per unit × Quantity sold
    30s
  • Q8
    In the context of costs, what does the term 'economies of scale' refer to?
    The government subsidies for production
    The fixed costs of production
    The cost advantages that enterprises obtain due to their scale of operation
    The fluctuating prices of raw materials
    30s
  • Q9
    Which of the following statements about marginal cost (MC) is true?
    MC increases when producing additional units becomes more expensive
    MC only considers fixed costs
    MC is always constant regardless of output
    MC is the same as average cost
    30s
  • Q10
    What does total cost (TC) equal?
    TC = Average cost × Quantity
    TC = Revenue - Profit
    TC = Fixed costs + Variable costs
    TC = Price × Quantity
    30s
  • Q11
    What is the definition of Total Revenue in economics?
    The amount of profit made after deducting costs
    The total cost of production including fixed and variable costs
    The selling price multiplied by the number of units sold minus taxes
    The total amount of money a firm receives from sales of its products
    30s
  • Q12
    Which of the following represents the formula for calculating Profit?
    Total Revenue / Total Costs
    Total Revenue - Total Costs
    Total Revenue + Total Costs
    Total Costs - Total Revenue
    30s
  • Q13
    What is the main difference between fixed costs and variable costs?
    Fixed costs are always higher than variable costs
    Fixed costs do not change with the level of output, while variable costs do
    Both fixed and variable costs are the same
    Fixed costs change with production, variable costs do not
    30s
  • Q14
    What does the term 'Marginal Cost' refer to in economics?
    The total cost of production divided by the number of units produced
    The fixed cost incurred regardless of the output
    The initial investment required to start a business
    The cost of producing one additional unit of a good or service
    30s
  • Q15
    Which of the following best describes 'Average Total Cost'?
    The total revenue received from sales
    The sum of fixed and variable costs without considering output
    The cost of producing the last unit of output
    Total costs divided by the quantity of output produced
    30s

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