Here are examples from the PDF i uploaded and there are total of 66 questions (3 short answers 63mcq). Please take a look and send me bids if you are confident.

1. Which of the following is true about economic profit?
a. It the same as accounting profit.
b. It is defined as revenue minus accounting costs.
c. It is defined as revenue minus opportunity costs.
d. When a firm has accounting profits, it must have economic profits as well.
2. Which of the following is true about perfect competition?
a. In perfect competition, a firm’s accounting profit is the same as its economic profit.
b. In perfect competition, each firm can set its own prices in the market.
c. In a perfectly competitive market, a firm’s long-run economic profit is zero.
d. In a perfectly competitive market, each firm faces a downward sloping demand curve.
3. Which of the following statement is consistent with our supply and demand analysis of trade?
a. Free trade benefits the importing country but hurts the exporting country.
b. Free trade benefits the exporting country but hurts the importing country.
c. Free trade brings net gains to both the importing and the exporting countries.
d. Free trade benefits both producers and consumers within each trading nation.
4. A price taker is:
a. a firm that charges different prices for different customers.
b. a perfectly competitive firm.
c. a firm that can influence the market price.
5. Producer surplus measures:
a. the excess of revenues over costs of production.
b. the difference between what consumers are willing to pay and what they actually pay for a
good or service.
c. the output produced in a perfectly competitive market in excess of what is demanded.
6. Economists refer to the “break-even point” for a competitive firm. This break-even point in the
short run occurs at the output level where:
a. marginal cost (MC) equals average cost (AC).
b. average variable cost (AVC) equals average fixed cost (AFC).
c. MC equals AVC.
d. AC equals AVC.
e. MC equals AFC.

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21. Ms. Smith says, “In the long run, since economic profits are zero, firms will have no incentive to
produce output in a perfectly competitive market. Why would anyone produce and sell a
product if they are going to earn no profits?” Do you agree?

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