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- Accounting Cost equals
- Cost incurred in purchasing the Factor of Production is known as
- Which of the following is an example of an Accounting Cost?
- Expenditure incurred on Wapes, Rent, Interest, etc. are included in
- Economic Cost equals
- Economic Cost includes—
- Economic Cost includes —
- Which of the following are considered as EconomiC Cost?
- …………. . includes all payments paid to factors of Production and Opportunity Cost.
- Reward for Entrepreneurial Ability (i.e. Normal profit in the business) is included in —
- Which of the following is true regarding Economic Cost and Accounting Cost?
- The difference between Economic Cost and Accounting Cost is equal to
- Which of the following is true regarding Economic Cost and Accounting Cost?
- When Total Revenue equals Accounting Costs, it means that the Firm —
- When Total Revenue is less than Accounting Cost it means that the Firm
- When Total Revenue is less than Accounting means that the Firm incurs Losses
- When Total Revenue equals means that the Firm —
- When Total Revenue exceeds Economic Costs it means that the Firm
- When Total Revenue is less than Economic Costs, it means that the Firm –
- Economic Profits are —
- If there are Implicit Costs of Production –
- which of the following statements is false?
(a) Explicit Cost
(b) Implicit Cost
(c) Both (a) and (b)
(d) Neither (a) nor (b)
(a) Explicit Cost
(a) Accounting Cost
(b) Economic Cost
(c) Marginal Cost
(d) Implicit Cost
(a) Accounting Cost
(a) Interest paid to Bank on short—term loan taken
(b) Cost incurred on the purchase of raw materials
(c) Wages paid to Labourers
(d) All the above
(d) All the above
(a) Accounting Cost
(b) Opportunity Cost
(c) F-ixed Cost
(d) Direct Cost
(a) Accounting Cost
(a) Explicit Cost
(b) Implicit Cost
(c) Both (a) and (b)
(d) Neither (a} nor (b)
(c) Both (a) and (b)
(a) Accounting Cost + Explicit Cost
(b) Accounting Cost + Implicit Cost
(c) Fixed Cost + Variable Cost
(d) Accounting Cost + Non—Accounting Cost
(b) Accounting Cost + Implicit Cost
(a) Wages paid to Workers / Labourer’s
(b) Rent for Land and Building used in business
(c) Normal Rate of Profit in the business
(d) All of tie above
(d) All of tie above
(a) Normal Return on money Capital invested
(b) Wages oi Salary of the Entrepreneur
(c) Interest on the Capital invested
(d) All of the above
(d) All of the above
(a) Implicit Costs
(b) Explicit Costs
(c) Economic Costs
(d) Accounting Costs
(c) Economic Costs
(a) Economic Cost
(b) Accounting Cost
(c) Explicit Cost
(d) Undiscloseci Cost
(a) Economic Cost
(a) Economic Cost = Accounting Cost
(b) Economic Cost > Accounting Cost
(c) Economic Cost < Accounting Cost
(d) None of the above
(b) Economic Cost > Accounting Cost
(a) Explicit Cost
(b) Implicit Cost
(c) Both (a) and (b)
(d) Neither (a) nor (b)
(b) Implicit Cost
(a) Economic Cost less Accounting Cost = Explicit Cost
(b) Economic Cost less Accounting Cost = Implicit Cost
(c) Accounting Cost less Economic Cost = Explicit Cost
(d) Accounting Cost less Economic Cost = Implicit Cost
(b) Economic Cost less Accounting Cost = Implicit Cost
(a) Has No—Profit—No-Loss
(b) Earns Normal Prorts
(c) Earns more than Normal Profits( i. e. Super Normal Profits )
(d) Incurs Losses in the accounting sense
(a) Has No—Profit—No-Loss
(a) Has No—Profit—No-Loss
(b) Earns Normal Prorts
(c) Earns more than normal profits (i. e. Super Normal Profits)
(d) Incurs Losses
(d) Incurs Losses
(a) In the accounting sense
(b) In the economicsense
(c) Both (a) and (b)
(d) Neither (a) nor (b)
(c) Both (a) and (b)
(a) Has No—Profit—No—Loss
(b) Earns Normal Profits Economic Costs, it
(c) Earns more than Normal Profits) Normal Profits (i.e. Super-
(d) Incurs Losses in the accounting sense
(b) Earns Normal Profits Economic Costs, it
(a) Has No—Profit—No—Loss
(b) Earns Normal Profits
(c) Earns more than Normal Profits (i.e. Super— Normal Profits)
(d) Incurs Losses
(c) Earns more than Normal Profits (i.e. Super— Normal Profits)
(a) Incurs Losses in the economic sense
(b) Earns Normal Profits
(c) Earns more than Normal Profits (i.e. Super— Normal Profits)
(d) Incurs Losses in the accounting sense
(a) Incurs Losses in the economic sense
(a) Difference between Total Revenue, and Total Implicit and Explicit Costs
(b) Difference between Total Revenue and Economic Costs Total
(c) Zero in a perfectly competitive industry lb t#9 long-run
(d) All the above
(d) All the above
(a) Economic Profit will be equal to Profit.
(b) Economic Profit will be less than Profit.
(c) Economic Profits will be zero.
(d) Economic Profit will be more Profit.
(b) Economic Profit will be less than Profit.
(a) Economic Costs include the Opportunity Costs of the resourcesowned by the Firm
(b) Amounting Costs include only Explicit Costs
(c) Economic Profit will always be less than ACcounting Profit if resources owned and used by the Firm have any Opportunity Costs
(d) Accounting Profit is equal to Total Revenue less implicit Costs
(c) Economic Profit will always be less than ACcounting Profit if resources owned and used by the Firm have any Opportunity Costs
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