Engineering Economics Quiz

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Core cost & market basics

Creada por

Pawankumar Prajapati

India

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Engineering Economics Quiz

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Froggy Jumps Engineering Economics QuizVersión en línea Core cost & market basics por Pawankumar Prajapati 1 What is engineering economics primarily about? a Designing machines without considering costs b Analyzing costs and benefits of engineering decisions c Studying market prices only 2 Which term means the satisfaction a consumer gets from a good or service? a Market price b Demand c Utility 3 What does opportunity cost mean? a Value of the best foregone alternative b Sunk cost c Fixed cost 4 What is the key difference between fixed and variable costs? a Fixed costs are always zero b Fixed costs do not change with output; variable costs do c Variable costs are constant per unit 5 Give an example of direct vs indirect costs. a Fixed cost as direct cost; variable cost as indirect cost b Materials as direct cost; overhead as indirect cost c Labor as indirect cost; capital as direct cost 6 What is a sunk cost? a A future cost expected to occur b A cost already incurred and unrecoverable c A cost that changes with production 7 What does marginal cost represent? a Total cost of production b Average cost per unit c Cost of producing one more unit 8 Which market type has many buyers and sellers, with easy entry and exit? a Monopoly b Perfect competition c Oligopoly 9 How is average cost calculated? a Fixed cost divided by quantity b Total cost divided by quantity produced c Total revenue divided by quantity 10 In cost estimation, which approach is common for simple projects? a Estimating quantities with unit costs and a contingency b Assuming fixed prices only c Relying on expert guesswork without data

Froggy Jumps

Engineering Economics QuizVersión en línea

Core cost & market basics

por Pawankumar Prajapati

What is engineering economics primarily about?

Designing machines without considering costs

Analyzing costs and benefits of engineering decisions

Studying market prices only

Which term means the satisfaction a consumer gets from a good or service?

Market price

Demand

Utility

What does opportunity cost mean?

Value of the best foregone alternative

Sunk cost

Fixed cost

What is the key difference between fixed and variable costs?

Fixed costs are always zero

Fixed costs do not change with output; variable costs do

Variable costs are constant per unit

Give an example of direct vs indirect costs.

Fixed cost as direct cost; variable cost as indirect cost

Materials as direct cost; overhead as indirect cost

Labor as indirect cost; capital as direct cost

What is a sunk cost?

A future cost expected to occur

A cost already incurred and unrecoverable

A cost that changes with production

What does marginal cost represent?

Total cost of production

Average cost per unit

Cost of producing one more unit

Which market type has many buyers and sellers, with easy entry and exit?

Monopoly

Perfect competition

Oligopoly

How is average cost calculated?

Fixed cost divided by quantity

Total cost divided by quantity produced

Total revenue divided by quantity

In cost estimation, which approach is common for simple projects?

Estimating quantities with unit costs and a contingency

Assuming fixed prices only

Relying on expert guesswork without data

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Engineering Economics Quiz

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Froggy Jumps

Engineering Economics QuizVersión en línea

por Pawankumar Prajapati

What is engineering economics primarily about?

Which term means the satisfaction a consumer gets from a good or service?

What does opportunity cost mean?

What is the key difference between fixed and variable costs?

Give an example of direct vs indirect costs.

What is a sunk cost?

What does marginal cost represent?

Which market type has many buyers and sellers, with easy entry and exit?

How is average cost calculated?

In cost estimation, which approach is common for simple projects?

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