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Profit (economics): Quiz


Question 1: Positive economic profit is sometimes referred to as supernormal profit or as ________.
Economic rentGeorgismDavid RicardoNeoclassical economics

Question 2: In a single-goods case, a positive economic profit happens when the firm's average cost is less than the price of the product or service at the ________ output.
EconomicsProfit maximizationMarginal costSupply and demand

Question 3: All enterprises can be stated in ________ of the owners of the enterprise.
Financial capitalCapital (economics)Financial marketCapitalism

Question 4: In ________, economic profit, or profit, is the difference between a firm's total revenue and its opportunity costs.
Keynesian economicsNeoclassical economicsMercantilismGeorgism

Question 5: In finance or accounting, profit is the increase in monetary ________ that an investor realizes from making an investment, taking into consideration all costs associated with that investment including the opportunity cost associated with other monetary investments.
JapanUnited StatesWealthUnited Kingdom

Question 6: Economic profit is thus contrasted with economic ________ which is the return to an owner of capital stock or money or bonds.
Credit (finance)Bond (finance)InterestDebt

Question 7: The social profit from a firm's activities is the normal profit plus or minus any ________ that occur in its activity.
ExternalityEnvironmental economicsPublic goodEconomics

Question 8: "Normal profits" arise in circumstances of perfect competition when ________ is reached.
EconomicsSupply and demandKeynesian economicsEconomic equilibrium

Question 9: In ________ profit is the return to the employer of capital stock (machinery, factory, a plow) in any productive pursuit involving labor.
Thomas Robert MalthusClassical economicsDavid RicardoJohn Stuart Mill

Question 10: Economic profit does not occur in ________ in long run equilibrium.
Perfect competitionNeoclassical economicsJEL classification codesEconomics


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