50 M/C QUESTIONS ON ECONOMICS

| June 12, 2016

Question
1. Business profit is:

a. a normal rate of return.

b. the residual of sales revenue minus the explicit accounting costs of doing business.

c. economic profit.

d. the return on stockholders’ equity.

2. Government regulation is important because government:

a. uses scarce resources.

b. produces most of society’s services output.

c. produces most of society’s material output.

d. regulation reduces public-sector employment.

3. Warren Buffett looks for “wonderful businesses” that feature:

a. ongoing innovation.

b. consistent earnings growth.

c. large capital investment.

d. complicated

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