6) An economist’s definition of profit differs from that of an accountant because
A. . the economist is only interested in marginal cost and marginal revenue.
B. . the economist includes the opportunity cost of owner-supplied inputs in total cost.
C. . accountants cannot maximize.
D. . economists cannot add or subtract correctly.
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5) Marginal cost equals
A. . total cost divided by total output.
B. . the change in total cost associated with an additional unit of output.
C. . the change in average cost.
D. . the slope of the average cost curve.
4) The budget line
A. . determines an individual’s optimal consumption basket.
B. . will not shift at all if the prices of both commodities increase and income is unchanged.
C. . determines an individual’s possible consumption baskets.
D. . is a straight line whose slope is given by the rate of inflation.
3) A shift in the supply curve of bicycles that results from higher steel prices will lead to
A. . higher prices.
B. . lower prices.
C. . a shift of the demand curve.
D. . larger output.
2) Identify which one of the following is a normative statement:
A. . the high temperature today was 35 degrees.
B. . it was hotter today than yesterday.
C. . a kilogram of shrimp is more expensive than a kilogram of potato in the supermarket.
D. . shrimp is more delicious than potato.
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