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Essential Foundations of Economics, 6e (Bade/Parkin)
Chapter 10 Production and Cost
10.1 Economic Cost and Profit
1) The primary goal of a business firm is to

A) promote fairness.
B) make a quality product.
C) promote workforce job satisfaction.
D) maximize profit.
E) increase its production.
Answer: D
Topic: Firm's goal
Skill: Level 1: Definition
Section: Checkpoint 10.1
Status: JC
AACSB: Reflective thinking
2) A firm's fundamental goal is

A) different for each firm.
B) to make a quality product.
C) to maximize profit.
D) to gain market share.
E) to decrease its employment of workers in order to cut its costs.
Answer: C
Topic: Firm's goal
Status: WM
3) Accountants calculate
A) economic depreciation as part of the firm's cost.
B) depreciation using Internal Revenue Service rules.
C) the opportunity cost of all the resources the firm uses.
D) all the firm's implicit costs but only a few of its explicit costs.
E) All of the above answers are correct.
Answer: B
Topic: Accounting cost
Skill: Level 2: Using definitions
Status: SA
1
Copyright © 2013 Pearson Education, Inc.
4) John fishes for a living. Last year, he sold $100,000 of fish. Bait, nets and other fishing
supplies cost John $10,000 and he paid $40,000 in salaries to his helpers. Depreciation on his
boat and other equipment, as calculated using IRS rules, was $15,000. What was John's profit as
would be calculated by an accountant?
A) $165,000
B) $100,000
C) $65,000
D) $35,000
E) None of the above answers is correct.
Answer: D
Topic: Accounting profit
Status: SB
AACSB: Analytical reasoning
5) Lauren runs a chili restaurant in San Francisco. Her total revenue last year equaled $111,000.
The rent on her restaurant totaled $48,000. Her labor costs totaled $43,000. Her materials, food
and other variable costs totaled $19,000. To Lauren's accountant, Lauren
A) incurred a loss of $1,000.
B) earned a profit of $1,000.
C) incurred a loss of $111,000.
D) earned a profit of $111,000.
E) had a total cost equal to $91,000.
Answer: B
Topic: Accounting cost
Skill: Level 3: Using models
Status: JC
6) Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The
rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and
other variable costs were $20,000. Lauren could have worked as a biologist and earned $50,000
per year. An economist calculates her implicit costs as
A) $150,000.
B) $63,000.
C) $50,000.
D) $110,000.
E) $0 because Lauren did not work as a biologist.
Answer: C
Topic: Opportunity cost
Status: JC
2
7) When an economist uses the term "cost" referring to a firm, the economist refers to the
A) price of the good to the consumer.
B) explicit cost of producing a good or service but not the implicit cost of producing a good or
service.
C) implicit cost of producing a good or service but not the explicit cost of producing a good or
service.
D) opportunity cost of producing a good or service, which includes both implicit and explicit
cost.
E) cost that can be actually verified and measured.
Answer: D
Status: Revised
8) From a firm's viewpoint, opportunity cost is the

A) best alternative use customers can find for the firm's output.
B) cost the firm must pay for the factors of production it employs to attract them from their best
alternative use.
C) accounting cost of resources.
D) price a firm can charge for its output.
E) cost of acquiring the opportunity to sell to its customers.
Answer: B
Status: SB
9) The cost that a firm pays in money to hire a resource is referred to as ________ cost.
A) a minimized
B) a maximized
C) an explicit
D) an implicit
E) a total
Answer: C
Topic: Explicit cost
Status: PH
3
10) A cost paid in money is
A) not an opportunity cost.
B) an implicit cost and an opportunity cost.
C) an explicit cost and an opportunity cost.
D) not an accounting cost.
E) an explicit cost but not an opportunity cost.
Answer: C
Status: SB
11) Which of the following is an explicit cost in Jim's business venture?

A) the salary Jim could have earned at another job
B) the interest Jim does not earn because he invested his savings in his business
C) the wages Jim pays his workers
D) Jim's normal profit
E) Answers A, B, and D are correct.
Answer: C
Status: SA
12) Darryl runs a ranch in Jackson, Wyoming. The interest on the debt he incurred to buy his
ranch totals $3,000 per year. For Darryl, the interest is
A) an implicit cost.
B) an explicit cost.
C) his normal cost.
D) his normal profit.
E) part of his economic profit.
Answer: B
Status: JC
4
13) Which of the following is an explicit cost of production?
A) wages paid to workers
B) the electric bill
C) purchases of raw material
D) Only answers A and B are explicit costs because the purchases of raw material is only an
opportunity cost.
E) Answers A, B, and C are all correct.
Answer: E
Status: TS
14) When Ford hires Ernst and Young Consulting to help Ford redesign its marketing, Ford's
payment to Ernst and Young is classified as
A) an explicit cost.
B) depreciation.
C) an implicit cost.
D) normal profit.
E) economic profit.
Answer: A
Status: TS
15) A cost incurred in the production of a good or service and for which the firm does not need
to make a direct monetary payment, is referred to as ________ cost.
A) a minimized
B) a maximized
C) an explicit
D) an implicit
E) an invisible
Answer: D
Topic: Implicit cost
Status: PH
5
16) ________ cost is defined as a cost of production that does not entail a direct money payment.
A) An explicit
B) An implicit
C) A total
D) A fixed
E) A marginal
Answer: B
Status: JC
17) If a business owner decided to expand her business but rather than borrowing money from a
bank used her own funds, then
A) she would be unable to earn a normal profit.
B) there is no cost associated with the expansion.
C) she would forego the opportunity to earn interest on the money.
D) the amount of her funds she used is an explicit cost.
E) the amount of her funds she used is part of her normal profit.
Answer: C
Status: Revised
18) Which of the following is an implicit cost?

i. wages paid to workers
ii. the normal profit
iii. the electric bill
A) i only
B) ii only
C) i and ii
D) ii and iii
E) Neither i, ii, nor iii
Answer: B
Status: TS
6
19) Which of the following is an example of an implicit cost?
A) rent on a building
B) the cost of fertilizer for a farmer
C) the economic depreciation of capital equipment the business owns
D) the cost of fuel and materials
E) wages paid to workers
Answer: C
Status: JC
20) Which of the following is an implicit cost in Jim's business venture?

i. the salary Jim could have earned at another job
ii. the interest Jim must pay on the loan he incurred to help open his business
iii. the interest Jim lost when he used his savings to help open his business
A) i only
B) ii only
C) iii only
D) i and iii
E) ii and iii
Answer: D
Status: SA
21) Which of the following are correct statements about implicit and explicit costs?
i. Normal profit is an implicit cost.
ii. Economic depreciation is an explicit cost.
iii. Wages are an explicit cost.
A) ii and iii
B) i and iii
C) iii only
D) i, ii, and iii
E) i only
Answer: B
Status: CD
7
22) The opportunity cost of owning and using a firm's capital is defined as the capital's
A) variable cost.
B) fixed cost.
C) economic depreciation.
D) nonpayment depreciation.
E) explicit cost.
Answer: C
Topic: Economic depreciation
Status: JC
23) Economic depreciation is the

A) fall in value of the firm's capital, calculating using IRS rules.
B) opportunity cost of owning and using the firm's capital, measured as the change in market
value.
C) decrease in the value of finished goods and services that are held in inventories prior to being
sold.
D) term given to a fall in a company's stock price.
E) name given to how accountants calculate the depreciation of the company's capital.
Answer: B
Status: SB
24) Suppose Billy owns a hair salon in Dallas. He has one large hair dryer for which he paid
$1,000. If he can sell the dryer one year later for $800, his total economic depreciation equals
A) $1,000.
B) $200.
C) $800.
D) $1,800.
E) None of the above answers are correct.
Answer: B
Status: JC
8
25) A firm pays $50,000 for a machine that is used in production for one year, after which it is
sold for $40,000 to another firm. The $10,000 difference is
A) an explicit cost of production.
B) economic depreciation, an implicit cost of production.
C) normal profit.
D) not counted as an economic cost of production.
E) not an opportunity cost because it is not actually paid.
Answer: B
Status: TS
26) In economics, a "normal profit" is the return to

A) labor.
B) capital.
C) land.
D) entrepreneurship.
E) Answers B and D are correct.
Answer: D
Topic: Normal profit
Status: PH
27) The return to entrepreneurship is known as

A) economic profit.
B) normal profit.
C) opportunity revenue.
D) normal revenue.
E) explicit profit.
Answer: B
Status: JC
9
28) A normal profit is defined as
A) total revenue minus explicit costs.
B) the same thing as accounting profit.
C) the return to entrepreneurship.
D) total revenue minus implicit costs.
E) the economic profit minus the implicit costs.
Answer: C
Status: WM
29) Normal profit is

A) part of the firm's opportunity costs.
B) the same as economic profits.
C) part of the firm's explicit costs.
D) Answers A and B are correct.
E) Answers A and C are correct.
Answer: A
Status: SA
30) A normal profit is

A) part of a firm's opportunity cost.
B) equal to total revenue minus total opportunity cost.
C) the same as economic profit.
D) the same as accounting profit.
E) almost always zero if the company is run efficiently.
Answer: A
Status: MR
10
31) A firm's total revenue minus its total opportunity cost is called its
A) accounting profit.
B) normal profit.
C) economic profit.
D) abnormal profit.
E) entrepreneur's profit.
Answer: C
Topic: Economic profit
Status: TS
32) Economic profit equals total revenue minus total

A) explicit costs.
B) opportunity costs.
C) implicit costs.
D) accounting costs.
E) entrepreneur's costs.
Answer: B
Status: SB
33) Which of the following is true?

A) Profit as calculated by accountants and economic profit are not necessarily equal.
B) Profit as calculated by accountants is always smaller than economic profit.
C) Economic profit ignores implicit costs.
D) The Internal Revenue Service taxes the firm's economic profit but not its normal profit.
E) The Internal Revenue Service taxes the firm's normal profit but not its economic profit.
Answer: A
Status: SA
11
34) April quit her job as an accountant at Ernst and Young, where she was paid $45,000 per year.
She started her own landscaping business. She rents machines and tools for $50,000 and pays
$10,000 as wages to her help. These are her only costs. April earned total revenue of $100,000.
A) Her accountant calculates her profit as $40,000.
B) She has an economic loss.
C) Her explicit cost is $105,000.
D) Both answers A and B are correct.
E) Both answers A and C are correct.
Answer: D
Status: SA
35) Jennifer owns a pig farm near Salina, Kansas. Last year she earned $39,000 in total revenue
while incurring $38,000 in explicit costs. She could have earned $27,000 as a teacher in Salina.
These are all her revenue and costs. Therefore Jennifer earned an
A) accounting profit of $1,000 but incurred an economic loss of $26,000.
B) accounting profit of $1,000 but incurred an economic loss of $65,000.
C) accounting profit of $1,000 but incurred an economic loss of $38,000.
D) economic profit of $1,000.
E) None of the above answers is correct.
Answer: A
Status: JC
36) Suppose a firm's total revenue is $1,000,000. The firm has incurred explicit costs of
$750,000. There is also $50,000 of forgone wages by the owner, $10,000 of forgone interest by
the owner, $3,000 worth of economic depreciation, and $20,000 worth of normal profit. What is
the firm's economic profit?
A) $250,000
B) $200,000
C) $190,000
D) $167,000
E) $180,000
Answer: D
Status: PH
12
37) Dr. Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental
Clinic. His revenues for the first year are $500,000. He paid $90,000 in rent for the dental office,
$60,000 for his office manager's salary, $24,000 for the dental hygienist, $150,000 for insurance,
and $6,000 for other miscellaneous costs. The normal profit from running his business is
$20,000.
A) His accounting profit is $350,000.
B) His economic profit is $150,000.
C) His economic profit is zero.
D) His accounting profit is zero.
E) None of the above answers are correct.
Answer: C
Status: SA
38) Dr. Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental
Clinic. His revenues for the first year are $500,000. He paid $90,000 in rent for the dental office,
$60,000 for his office manager's salary, $24,000 for the dental hygienist, $150,000 for insurance,
and $6,000 for other miscellaneous costs. The normal profit from running his business is
$20,000.
A) His explicit costs are $330,000.
B) His implicit costs are $170,000.
C) His economic profit is zero.
D) Only answers A and C are correct.
E) Answers A, B, and C are correct.
Answer: E
Status: SA
13
39) Suppose that a firm earned $500,000 in total revenue. At the same time, it incurred labor
costs of $200,000; economic depreciation of $50,000; normal profit of $75,000; interest paid to
the bank of $25,000; and used other factors of production that cost $100,000. The economic
profit earned by the firm equals
A) $275,000.
B) $175,000.
C) $50,000.
D) $200,000.
E) $500,000.
Answer: C
Status: CD
40) Bill is an economics professor who earns $40,000 teaching but decides to leave and fulfill his
dream of catering barbecues. During his first year of barbecuing he earned total revenue of
$60,000. He spent $30,000 on food and supplies. He also paid his wife $10,000 to help serve
food. The normal profit for an entrepreneur running a barbecue business is $3,000. He also
rented an industrial grill/fry truck for $12,000. An accountant would conclude that Bill's profit
was
A) $30,000.
B) $20,000.
C) $8,000.
D) -$2,000.
E) $40,000.
Answer: C
Topic: Accounting profit
Status: WM
14
41) Bill is an economics professor who earns $37,000 teaching but decides to leave and fulfill his
dream of catering barbecues. During his year of barbecuing he earned total revenue of $60,000.
He spent $30,000 on food and supplies. He also paid his wife $10,000 to help serve food. The
normal profit for an entrepreneur running a barbecue business is $3,000. Bill also rented an
industrial grill/fry truck for $12,000. Bill had an economic
A) profit of $20,000.
B) loss of -$32,000.
C) loss of -$42,000.
D) profit of $28,000.
E) profit of zero.
Answer: B
Topic: Economic loss
Status: WM
42) The paramount goal of a firm is to

A) maximize profit.
B) maximize sales.
C) maximize total revenue.
D) minimize costs.
E) force its competitors into bankruptcy.
Answer: A
Topic: Firm's goal
Status: STUDY GUIDE
43) For a business, opportunity cost measures

A) only the cost of labor and materials.
B) only the implicit costs of the business.
C) the cost of all the factors of production the firm employs.
D) only the explicit costs the firm must pay.
E) all of the firm's costs including its normal profit and its economic profit.
Answer: C
Status: STUDY GUIDE
15
44) Costs paid in money to hire a resource is
A) normal profit.
B) an implicit cost.
C) an explicit cost.
D) an alternative-use cost.
E) economic profit.
Answer: C
Status: STUDY GUIDE
45) Which of the following is an example of an implicit cost?

A) wages paid to employees
B) interest paid to a bank on a building loan
C) the cost of using capital an owner donates to the business
D) dollars paid to a supplier for materials used in production
E) liability insurance payments made only once a year
Answer: C
Status: STUDY GUIDE
46) The opportunity cost of a firm using its own capital is

A) economic depreciation.
B) self ownership depreciation.
C) economic loss.
D) normal loss.
E) capital loss.
Answer: A
Status: STUDY GUIDE
16
47) The difference between a firm's total revenue and its total cost is its ________ profit.
A) explicit
B) normal
C) economic
D) accounting
E) excess
Answer: C
Status: STUDY GUIDE
10.2 Short-Run Production
1) The short run is the time frame

A) during which the quantities of all resources are fixed.
B) that is less than a year.
C) during which the quantities of some resources are fixed.
D) during which the quantities of all resources are variable.
E) during which all costs are implicit costs.
Answer: C
Topic: Short run
Status: SA
2) The short run is

A) less than one year.
B) the time frame in which all resources are fixed.
C) the time frame in which some resources are fixed.
D) the time frame in which output is fixed.
E) a time frame short enough so that some costs are explicit costs.
Answer: C
Topic: Short run
Status: WM
17
3) The short run is a time period that is
A) equal to a day.
B) too short to change the amount of labor hired.
C) too short to change the size of the firm's plant.
D) long enough to change the size of the firm's plant.
E) too short to change the amount of any resource the firm employs.
Answer: C
Topic: Short run
Status: TS
4) To produce more output in the short run, a firm must employ more of
A) all its resources.
B) its fixed resources.
C) its variable resources.
D) the least costly resources regardless of whether they are fixed or variable.
E) Firms cannot produce more output in the short run.
Answer: C
Topic: Short run
Status: SB
5) Which of the following is a list of fixed inputs for a hospital?

A) bandages, casts, and other materials
B) antibiotics, pain medication, and other prescription drugs
C) the emergency room, intensive care unit, and other facilities
D) the nurses, receptionists, and other employees
E) the lobby, the doctors, and the electricity it uses
Answer: C
Topic: Fixed input
Status: SB
18
6) The long run is a time period that is
A) five years or longer.
B) long enough to change the amount of labor employed.
C) long enough to change the size of the firm's plant and all other inputs.
D) long enough to change the amount of labor employed but not to change the size of the plant.
E) None of the above answers describe the long run.
Answer: C
Topic: Long run
Status: TS
7) The long run is defined as

A) any time after six months.
B) any time after one year.
C) the period of time when all resources are fixed.
D) the period of time when most (more than 50 percent) resources are variable.
E) the period of time when all resources are variable.
Answer: E
Topic: Long run
Status: SB
8) The long run is a time period in which

A) some of the firm's resources are fixed.
B) all of the firm's resources are fixed.
C) all of the firm's resources are variable.
D) the firm cannot increase its output.
E) all costs become explicit costs.
Answer: C
Topic: Long run
Status: PH
19
9) In the long run,
A) some resources are fixed.
B) all resources are variable.
C) output cannot be varied.
D) all resources are fixed.
E) Both answers B and C are correct.
Answer: B
Topic: Long run
Status: TS
10) In the long run, the firm ________ change the number of workers it employs and ________
change the size of its plant.
A) can; can
B) can; cannot
C) cannot; can
D) cannot; cannot
E) In order to answer the question more information is needed about how long is the long run.
Answer: A
Topic: Long run
Status: MR
11) The total product curve shows the relationship between total product and
A) cost.
B) the quantity of labor.
C) the average product.
D) the marginal product.
E) the marginal cost.
Answer: B
Topic: Total product curve
Status: SA
20
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The boy: Keiki:
There is my bird, my bird, Kuu manu la e kuu manu,
My bird with its wings Kuu manu hooluheluhe o
hanging down, of kaunihi, kaunihi,
For at sight of a blade of A ike i ka pua mauu la
grass its wings hang hooluheluhe,
down, E luhe ana.
They hang down.
“Don’t their wings hang down by “Aole ia la he luheluhe i ka

the wind? They do.” makani, he luhe ia.”
The men: Kanaka:

The kaunooa 26 plant He hihi wale no ka ke
creeps there above kaunooa i luna,
without roots, Aohe kumu, hookahi
It has no stem, its only kumu o ka laau,
stem is the wood it creeps E hihi ana ke kaunooa.
on.
The kaunooa plant
creeps.
“Die you will, boy, for we have “Make e ke keiki, lawe ae nei
taken the only thing that creeps makou i na mea hihi a pau, aohe
without roots, or stem, and there mea hihi e koe.” [591]
is none left.” [590]
The boy: Keiki:

The spider’s web creeps He hihi wale no ka
there above without roots, Punawelewele i luna,
It has no stem, its only Aohe kumu, hookahi
stem is the wood it creeps kumu he laau.
on, He hihi Punawelewele ia.
The spider’s web creeps.
“Don’t the web creep? It creeps. “Aole ia la he mea hihi, he mea

You think, no doubt, that being hihi, e kuhi ana no paha oukou e
men whose teeth are yellow with na kanaka makua kuipilo, o
age, that you are, therefore, the oukou wale no kai ike i ka
only ones classed as experts in hoopapa.”
the profession of hoopapa.”
The men: Kanaka:

Puna, the big sunny land. O Puna nui aina la!
It is made hot by the sun. Ua wela i ka la e-
Trodden down by the rain Ua keekeehi a e ka ua
Is the bud of the wauke Ka muo o ka wauke a!
plant. Pili nakeke i ka la e.
It clings together and is Pili pee pu i ka la o Puna,
made to rattle by the heat O ka noho ana pili i ka
of the sun. lemu,
It clings and hides itself O ka hee pili i na leho nei
from the heat of the sun of la e!
Puna. Pili, he pili i luna,
When sat on, it will cling He pili i lalo, pili la.
to the back
As the squid clings to a
shell.
It clings, it clings there
above,
It clings there below, it
clings.
“There, we have our uses of the “Aia ka makou mea pili la e ke

word cling (pili), young man. We keiki; make paha auanei i ka
fear you are beaten this time, for mea pili ole e ke keiki.”
you will not be able to find a
single phrase where you can use
the word, young man.”
The boy: Keiki:

Kona, the big sunny land. O Kona nui aina la,
It is made hot by the sun. Ua wela i ka la e!
Trodden down by the rain Ua keekeehia e ka ua,
Is the bud of the wauke Ka muo o ka wauke a!
plant. Pili nakeke i ka la o Kona,
It clings together and is O ka haawe pili i ke kua,
made to rattle by the heat O ke kamaa pili i ka
of the sun of Kona, wawae nei la e.
For the load will cling to
the back when carried,
And the shoe will cling to
the foot when worn.
“There we have the word cling “Pili, aole ia la he pili, pili ia.”
and properly used too.”
The men: Kanaka:

The hills, yea, the hills. Na puu e na puu,
The hills at Puulena, at Na Puulena i Kauhako, i
Kauhako, at Pakini. Pakini,
The wind from below, from Lele mai ka okai makani
within the hole sweeps up. mai lalo o ka lua.
It is the wind that carries He makani lawe i ka waa
away the fishermen’s lawaia.
canoes.
“You are beaten, young man.” “Uhe, uhe, make e ke keiki.”

The boy: Keiki:
The hills, yea, the hills. Na puu e na puu
The hills of Puulena, at Na Puulena, i Kahuku, i
Kahuku, at Pakini. Pakini,
The wind, from the lower Lele mai ka okai makani
end of Kailua sweeps up. mai lalo mai o Kailua,
It is the wind that carries He makani lawe i ke kapa
away the fishermen’s lawaia la e.
clothes.
“Does not that match your wind? “Uhe, uhe, aole ia la i pai? Ua
It does.” pai.”
The men: Kanaka:

The rat is being carried off Ke amo ia ae la ka iole e
by the owl, ka pueo,
That thing of death the E kela mea make loa he
owl, pueo,
It is indeed lifeless, Make loa, aohe mea ola.
nothing lives.
The boy: Keiki:
The shell is carrying the Ke amoa ae la ka hee e
squid, ka leho,
That thing which is dead, E kela mea make loa,
It is indeed lifeless, Make loa, aohe o laua
neither of them will live. mea ola.
The men: Kanaka:
The land of many hau He aina hau kinikini o
trees is Kohala, Kohala,
I have counted [out of] Na’u i helu a hookahi hau,
one hau tree, A ehiku hau keu [593]
And have found seven O ke ama hau la akahi,
hau. [592] O ka iako hau la alua,
The hau for the outrigger O ka ilihau la akolu,
makes one, O ka laau hau la aha,
The hau for the iako O ke opu hau la alima,
makes two, O ka nanana hau la aona,
The bark of the hau O ka hau i ka mauna la
makes three, ahiku.
The wood of the hau
makes four,
The bush of the hau
makes five,
The large hau tree makes
six,
The hau on the mountain
makes seven.
“Say, young man, you will have “E ke keiki, make paha auanei i
no hau, for we have used it all ka hau ole? Ohi ae nei makou i
and none is left. If you find any na hau a pau, aohe hau i koe; a i
more, you will live; but if you fail, loaa ia oe, ola oe, a i loaa ole,
you will surely die.” make oe.”
We will twist your nose, Wilia ka pou o ko ihu la

Making the sun to appear as Kaa ka la i Kumakena,
though in mourning. Oo ia ko maka i kumu kahili,
We will poke your eyes with the Poha mai ka wale,
handle of the kahili, Omo aku ko makou akua
And when the water runs out hoopapa,
Our small god in the profession O Kaneulupo.
of hoopapa will suck it up,
The god Kaneulupo.
The boy then said: “Since you Keiki: “A loaa ka hoi kau ka ke
full-grown men have found so kanaka makua, ua hele a pilo ke
many uses, you, whose teeth are kui, e o hoi e loaa ka’u ka ke
yellow with age, why can’t I, a keiki, e loaa hoi paha ka’u, ka ke
boy, find other uses? I, the keiki, e nana ai, i ola ai hoi au
youngster, must find it for my alua, imi hoi paha au a i loaa ole
own good and furthermore so ka’u hau, ola oukou, aka hoi i
that I may live. I shall search for loaa, make oukou ia’u.”
some more hau and if I fail you
will live; but if I find some more
use of the word, I will kill you all.”
I will twist your noses, Wili ka pou o ka ihu,

Making the sun to appear as Kaa ka la i Kumakena,
though in mourning. Oo ia ka maka i ka welau o ke
I will poke your eyes with the top kahili,
end of the kakili, A poha mai ka wale,
And when the water runs out Omo aku ko’u wahi akua
My small god in the profession of hoopapa
hoopapa will suck it up, O Kanepaiki.
The god Kanepaki.
The men: Kanaka:
We have asked, the A hua a pane,
answer is yet to come. He pane ko ona,
It is for you to answer, He hoolohe ko onei.
It is for us to listen.
The boy: Keiki:
Say, ye gods, eat up the E ke ’kua, aina ka maka,
eyes, O na kanaka makua
Of the men who are in this hoopapa,
contest, Aina ka maka i pau.
Eat up all the eyes.
“The boy then chanted back “Alaila, olelo aku ua keiki nei i
further uses of the word hau.” kana mau hau.”
A land of many hau trees is Aina hau kinikini o Kona,

Kona. Na’u i helu hookahi hau,
I have counted [out of] one hau A ehiku hau keu,
tree O Honokohau la akahi
And have found seven hau. O Lanihau la alua,
Honokohau makes one, O Puuohau la akolu
Lanihau makes two, O Kahauloa la aha,
Puuohau makes three, O Auhaukea la alima,
Kahauloa makes four, O Kahauiki la aono
Auhaukea makes five, Holo kehau i ka waa Kona la
Kahauiki makes six, ahiku.
The kehau, which drives the
Kona canoe, makes seven.
“There are seven hau, ye men “Ahiku hau la, he ole hau ia la, e
with the yellow teeth.” kanaka makua kuilena, kui pilo?
He hau ia.”
At this Kalanialiiloa said: “You Pane mai o Kalanialiiloa: “Hau

have indeed found some more paha; kai no paha ua pau ka hau
hau. I had thought that these ia lakou nei i ka ohi a pau, aole
people had them all, but I see ka! E ike me ke keiki, e
they did not have them all. Take hoaikane.” Hoole mai na kumu
the boy as a friend; be friends.” hoopapa: “Aole, malama o ka
The instructors replied: “No, mea ia i loaa iaia.” [595]
perhaps that is all he knows.”
[594]
The men: Kanaka:

It comes, it comes, the Hiki mai, hiki mai e ka la
sun, e,
The fruit (hua) of the Paina liilii ka hua a ka ulu
breadfruit is partly eaten, e!
The fruit (hua) of the Ka hua a ka uala aia i
potato is down below, lalo,
The fruit (hua) of the taro Ka hua a ke kalo aia i lalo,
is down below, Ka hua a ka ipu la aia i
The seed (hua) of the lalo,
calabash is down below, Ka hua a manu la aia i
The egg (hua) of the bird lalo,
is down below, Ka hua a ka uhi la aia i
The fruit (hua) of the yam lalo.
is down below.
“Young man, you are beaten, for “Make e ke keiki; ohi ae nei
we have taken all the fruits of the makou i na hua o ka lepo a pau,
earth, all, there is none left.” pau loa, aohe hua i koe o ke
keiki.”
The boy: Keiki:

It comes, it comes, the Hiki mai, hiki mai e ka la
sun, e!
The fruit (hua) of the Ka hua a ka niu la kau i
coconut is there above, luna,
The fruit (hua) of the Ka hua a ka ulu la kau i
breadfruit is there above, luna,
The fruit (hua) of the kukui Ka hua a ke kukui la kau
nut is there above, iluna,
The fruit (hua) of the Ka hua a ka ohia la kau
mountain apple is there iluna,
above, Ka hua a ka maia la kau
iluna,
The fruit (hua) of the Ka hua a ka manu la kau
banana is there above, iluna.
The egg (hua) of the bird
is there above.
“Are these not fruits? They are.” “Aole ia la he hua, ea? He hua.”
The men: Kanaka:

There is my island, my Kuu moku la e kuu moku,
island, Moku kele i ka waa o
The island to which my Kaula,
canoe sails, Kaula, Moku kele i ka waa Nihoa,
The island to which my Moku kele i ka waa
canoe sails, Nihoa, Niihau,
The island to which my Lehua, Kauai, Molokai,
canoe sails, Niihau, Oahu,
Lehua, Kauai, Molokai, Maui, Lanai, Kahoolawe,
Oahu, Molokini, Kauiki,
Maui, Lanai, Kahoolawe, Mokuhano,
Molokini, Kauiki, Makaukiu, Mokapu,
Mokuhano, Mokolii.
Makaukiu, Mokapu,
Mokolii.
“You are beaten, young man, “Make e ke keiki, aohe moku i

there are no islands left. We koe, lawe ae nei makou i na
have taken up all the islands that moku a pau loa, aohe moku i
are to be found, there are none koe.”
left.”
The boy: Keiki:

There is my island, my Kuu moku e, kuu moku,
island, O Mokuola, ulu ka ai,
Mokuola, 27 where the food Ulu ka niu, ulu ka laau,
doth grow, Ku ka hale, holo na
Where the coconut doth holoholona.
grow, where the trees
grow,
Where the houses stand
and the animals run.
“There is an island for you. It is “Aole ia la he moku? He moku

an island, it is in the sea.” ia, aia i loko o ke kai.”
The men: Kanaka:

Break a tooth and live. Hai ka niho la ola.
The boy: Keiki:
Cut a joint and die. Moku ke ki la make.
The men: Kanaka:
Knock out all his teeth and Kui ia ka niho oia nei a
he will not die. pau, aohe make.
Cut off the joint of the Moku ke ki poolua e,
head, cut it, cut off the moku, moku ke poo,
head. Moku ke ki poohiwi e,
Cut off the shoulder joint, moku, moku ka poohiwi,
cut it, cut off the shoulder Moku ke kikala e, moku.
joint,
Cut off the hip joint, cut it
off.
The contest was continued until Pela ka lakou hoopapa ana a

the boy won out at the word joint make i ke keiki. A ke ki pau i ka
(ki). The men were then all killed make, pau i ka umu i ke kalua ia
and cooked in the umu and the e ia nei; o na iwi, holehole ia,
bones were stripped of all their pela keia i hoopai ai i ko lakou
flesh. Thus did he punish those hewa no ka make ana o ka
who had caused the death of his makuakane ia lakou. [596]
father. [575]
1 Hoopapa, disputing, wrangling,

wordy contentions, debate; a
profession evidently wherein the
interpretation of and play on words
afford occasions of witticisms in
contests for entertainment, or on
wager; sometimes of serious
moment. ↑
2 Pa iwi, fence of bones here referred
to, was not a testimony of Kauai
chiefs’ supremacy only, in utilizing the
bones of his victims, for the vicinity of
Fort Shafter, near Honolulu, had its pa
iwi, a fence of human bones, enclosing
the house of a robber chief who waylaid
travelers passing his province. It is
coincident in these two bone
enclosures that they both lacked one
victim for completion. ↑
3 Pueo-nui-o-kona, great owl of
Kona. ↑
4 It is not clear what the articles of a
professional wrangler would be
beyond his mental powers, though
doubtless he was equipped for sleight
of hand and such like contests. ↑
5 The hokeo calabash was usually a
long shaped gourd with an end
opening for convenience of carrying the
“kit”, or articles of utility; one’s
handbag. ↑
6 Oililepa, file-fish (Osbeckia
scripta). ↑
7 Kikakapu, butterfly-fish (Chætodon
ornatissimus). ↑
8 Makaloa grass (Cyperus lævigatus),
known also as mokoloa, wherewith
the fine Niihau mats were made. ↑
9 Niihau mats were regarded as the
choicest quality of Hawaiian mat
making. ↑
10 Kuolohia grass (Rhynchospora
laxa). ↑
11 Ahu hinano aala o Puna, the hala-
fragrant spread, or kapa, of Puna. ↑
12 The ouhuluwai kapa was made from
mamaki bark, and was dyed
differently on its two sides. ↑
13 The reference to this ouhuluwai o
Laa, a kapa of Laa, shows this to
have been the name of that portion of
Puna known now as Olaa, from taking
the o as being part of the name of the
place as the early voyagers introduced
Hawaii to the world as Owyhee, from
persons saying they were of Hawaii, o
Hawaii. ↑
14 Puaa kukui is here described as a
piece of kukui wood cut to resemble
a pig. In other accounts this puaa kukui
is produced by markings of alaea stain
or coloring, and being in connection
with temple ceremonies it suggests that
in this way certain demands of the
priests for pigs in quantity for sacrificial
offerings were met. ↑
15 Kahuli, turned over. The contest
here changes to a play on words. ↑
16 The iakos of a canoe are the sticks
connecting the outrigger to it. ↑
17 Poking or gouging out the eyes of a
victim was one of the cruelties
practiced in olden times. ↑
18 Kumakena, mourning, the
application being that one would be
blinded for the time by an act so
severe. ↑
19 Kiwaawaa, a coarse kind of kapa for
various uses. ↑
20 Iako of kapa refers to a term in
counting kapas, equaling forty. In
general practice the word kaau is used
for this number. ↑
21 Ama, or aama, mullet (Mugil
cephalus). ↑
22 The contest now centers upon a play
upon words of similar sound but
different meaning, the point of which
cannot well be conveyed in its
translation. ↑
23 Akimona, same as inamona, kukui
nut jelly, a table delicacy. ↑
24 Omao, a small bird of the thrush
family (Phæornis obscura). ↑
25 Alala, the Hawaiian crow (Corvus
tropicus). ↑
26 Kaunooa, a species of vine without
roots. ↑
27 Mokuola, Coconut Island, Hilo, said
to have been a place of refuge in
ancient time, whereby its name “life
island” obtains. ↑
[Contents]
Legend of Kaao no
Laukiamanuikahiki. Laukiamanuikahiki.
Makiioeoe was the father and O Makiioeoe ka makuakane, o

Hina was the mother of Hina ka makuahine (o
Laukiamanuikahiki. Kuaihelani Kuaihelani ko Makiioeoe aina,
was the home of Makiioeoe oia ke ’lii olaila, he wahine no
where he ruled as king and kana e noho ana i Kuaihelani,
where his queen lived from hookahi keiki me ia wahine, o
whom he had one child, Kahikiula ka inoa). No Kauai o
Kahikiula by name. Hina Hina, ilaila kahi i loaa ai o
belonged to Kauai, where Laukiamanuikahiki. Mai
Laukiamanuikahiki 1 was born. Kuaihelani ka Makiioeoe hele
Makiioeoe in his travels came to ana mai, a loaa o Hina i Kauai,
Kauai where he met Hina and moe laua; a liuliu, hapai o Hina.
took her to wife, and after living Ia wa, hoi o Makiioeoe i
with her for some time, Hina Kuaihelani, olelo aku ia Hina: “E,
conceived a child. Shortly after ke hoi nei au; e noho oe a i
this Makiioeoe prepared to return hanau he keiki kane, kapa oe i
to Kuaihelani; so he said to Hina: kuu inoa; a i hanau he
“I am going home. If you should kaikamahine, kapa oe i ka inoa o
give birth to a boy give him my Laukiamanuikahiki. I hanai oe a i
name; but in case it should be a nui, a manao e hele ae e imi
girl call her Laukiamanuikahiki. If ia’u, eia na hoailona, he lei
after you bring the child up she palaoa, he kupee, he ahuula, he
should express a desire to come waa nui, he waa iki, he kanaka
in search of me, these shall be nui, he kanaka iki, he waa ula,
the tokens by which I shall he pea ula, he ka ulaula, he aha
recognize the child: this necklace ula, he kanaka ula.” Hoi aku la o
of whale’s teeth, this bracelet, Makiioeoe i Kuaihelani, me ka
this feather cloak. 2 She must be olelo i na kiai i ke ano o ke
accompanied by a large canoe, kaikamahine, a me ke kanu i na
a small canoe, large men, small mea a pau loa no
men, a red canoe, red sails, 3 red Laukiamanuikahiki, na kiowai a
bailing cup, red cords and a red me na mea e ae, kapu a noa ia
man.” Makiioeoe then took his Laukiamanuikahiki.
leave and returned to Kuaihelani.
When he arrived home he
instructed his guards as to the
sign by which to recognize his
daughter 4 and he also instructed
his servants to proceed and
plant all kinds of fruit and other
things for his daughter
Laukiamanuikahiki. He also
caused a pool of water to be
made as well as other things and
placed a kapu on them all to be
free only after the same shall
have been used by
Laukiamanuikahiki.
After the birth of Hanau o Laukiamanuikahiki,

Laukiamanuikahiki, Hina and her hanai iho la o Hina me kana
husband brought her up all by kane, a nui. He mea mau ia
themselves. It was Laukiamanuikahiki, ke alakai i
Laukiamanuikahiki’s custom to kamalii a ka hale, haawi i ka ai a
bring in other children to their pau, huhu ka makuakane,
home and give them all the food; pepehi iho la ia
which action caused her father to Laukiamanuikahiki. Pela ka hana
get angry and very often mau ana a ka makuakane, a
punished her. This punishment uluhua ka makuahine o Hina i ka
was kept up by the father for ninau o ke kaikamahine i kona
some time. 5 Because of this, the makuakane. I aku o Hina ia
child suspected that this man Laukiamanuikahiki: “O hele a
could not be her own father; so kela pali la o ko makuakane ia.”
she began questioning her Hiki aku la keia a ka pali, ninau
mother who her own father was ana: “O oe paha ko’u
until the mother could bear it no makuakane?” Hoole mai ka pali:
longer. Hina then said to “Aole au o kou makuakane.”
Laukiamanuikahiki: “You go to
that cliff; that is your father.” Hoi aku la keia a mua o Hina koi
Upon coming to the cliff, she aku la: “E hai mai oe i ko’u
asked: “Are you my father?” The makuakane.” “Ae; o hele a kela
cliff denied this saying: “I am not opu ohe la o ko makuakane ka
your father.” The child returned hoi ia.” Hiki aku la keia ilaila,
to Hina and begged: “Tell me of olelo aku la i ke opu ohe: “O kuu
my father.” “Yes, you go to that makuakane paha oe?” “Aole au
bambu bush, that is your father.” o kou makuakane; o Makiioeoe
When she arrived at the place, kou makuakane, ua hoi i
she asked the bambu bush: “Are Kuaihelani.” A hiki keia i mua o
you my father?” “I am not your Hina, olelo aku la: “Hoopunipuni
father, Makiioeoe is your father, oe ia’u; o Makiioeoe ka hoi ko’u
he has gone back to Kuaihelani.” makuakane la ua hoi i
When Laukiamanuikahiki again Kuaihelani, huna oe i’au.” “Ae, o
arrived in the presence of her ko makuakane ia; ua olelo mai
mother she said: “You have ia’u, aole oe e hele malu aku o
deceived me. Makiioeoe I mainoino oe, aia he waa ula, he
understand is my father and he pea ula, he kaula ula, he kanaka
has gone back to Kuaihelani.
You have hidden this from me.” ula, he waa nui, he waa iki, he
“Yes, he is your father, and he kanaka nui, he kanaka iki.”
has left word that you must not
come to him without a sign or I aku o Laukiamanuikahiki: “Aole
you will have a terrible suffering. au e noho, e imi ana au i ko’u
You have to go to him in a red makuakane.” [599]“Ae, e hele ana
canoe having red sails, red nae oe, e mainoino ana oe; e
cords, red men and must be hele oe a loaa na luahine elua e
accompanied by a large canoe, pulehu maia ana i ke alanui, he
a small canoe, large men and mau kupunawahine ia nou, o
small men.” Laukiamanuikahiki ko’u mau makuahine no ia.
[598]replied: “I am not going to Lalau iho oe i ka maia a lawe ae,
remain, I am going in search of na laua ia e huli a loaa ole, ninau
my father.” “Yes, you may go, but iho: ‘Nawai ke kupu o oe?’ Hai
you will have to suffer untold aku oe: ‘Na olua no.’ ‘Na maua
agony. Go until you come to two nawai?’ ‘Na Hina,’ na laua e
old women roasting bananas by olelo mai, ‘heaha ka huakai a ko
the wayside. They are your maua haku i hiki ia ianei?’ ‘He
grandmothers, for they are my alanui,’ pela aku oe.”
own mother and aunt. Reach
down and take away the
bananas and let them search for
them until they ask whose
offspring you are, then tell them,
‘Your own.’ ‘Ours from whom?’
‘From Hina.’ Then when they ask
you, ‘What brings you our lord 6
here to us?’ Tell them, ‘I want a
roadway.’ ”
When she arrived in the A hiki keia i ua mau luahine nei,

presence of the old women she hana aku la keia e like me ka
followed according to the Hina olelo i olelo mai ai; a pau
instruction of Hina. At the ia, i mai na luahine: “He alanui,
conclusion the old women said: eia la o ka ohe; e pii oe a luna,
“There is a roadway; here it is, a nana ia e moe aku a hiki i
bambu stalk. You climb to the top Kuaihelani.” Pii ae la o
of it and when it leans over it will Laukiamanuikahiki a luna o ka
reach Kuaihelani.” ohe noho; kupu ae la ka ohe a
Laukiamanuikahiki then climbed kiekie i luna, moe aku la ka
to the top of the bambu stalk and welau a hiki i Kuaihelani. Hele
sat there. The bambu then aku la o Laukiamanuikahiki ma
began to shoot up and when it ke alanui, e noho ana he
had reached a great distance it kaikamahine, lawe ae la keia i
leaned over until the end aikane, hele aku la laua nei a
reached Kuaihelani. hiki i ka mala pua. Ua kapu na
Laukiamanuikahiki stepped off pua a pau loa, a lei o
the bambu and proceeded along Laukiamanuikahiki; ka ilima, ka
the road until she met a girl maile, ka melekule, a me na pua
whom she took as a friend. They e ae. E noho ana na kiai i ka
then went along until they came pua. Lalau aku la o
to a flower garden. The flowers Laukiamanuikahiki, ako ana, a
of this garden were all kapu; pau, uu ana i ka maile; a hiki
none were to string them into keia i ke kiowai kapu, ua hoohiki
wreaths until they shall have ia a auau o Laukiamanuikahiki;
been picked by the daughter of wehe ae la keia i kahi kapa a
Makiioeoe; the flowers of the lele aku la i loko o ka wai, lele
ilima, 7 the marigold and other mai la ka honu, anaanai i ka lepo
flowers and also the maile vine. o ke kua o ia nei, a pau ka auau
There were guards in the garden ana hoi ae la i luna. I mai na kiai:
who were watching the flowers. “Kupanaha oe e na kaikamahine
Laukiamanuikahiki, however, i auau iho nei i ke kiowai kapu o
reached out and picked the ke kaikamahine a ke ’lii, o
flowers, took the maile vines and Laukiamanuikahiki; e make ana
broke them off. When they came oe.”
to the pool of water, which had
been kapued until it was first A hiki na kiai i mua a Makiioeoe,
used by the daughter of hai aku la i na hana a ke
Makiioeoe, Laukiamanuikahiki kaikamahine a pau. Kena ae la o
uncovered herself and plunged Makiioeoe, i na kanaka i wahie,
into the pool of water, when a no ke kaikamahine, amo aku a
turtle came up to her and began kai, apopo, ho-a ka umu, ia la e
rubbing her back. After she make ai ke kaikamahine. Hoi
finished bathing she went up on aku la na kiai a hiki, lalau aku la i
the bank. When the guards saw na lima o Laukiamanuikahiki lilo i
what she had done, they said: ke kua paa iho la i ke kaula;
“You are indeed a strange girl lawe ia aku la a ka puoa hale
bathing in the pool of water puaa, hikii ia a paa ilaila, noho
which is kapued and reserved aku la na kiai ma waho ia po.
only for the king’s daughter. You Lele aku kahi aikane e paa pu i
will indeed die.” ke kaula, hoole mai ke aikane:
“Aole, e malama mai oe i wahi ai
When the guards arrived in the na’u, i wahi ia na’u, i wahi kapa
presence of Makiioeoe, they told no’u.” Ae mai ke aikane, “Ae.”
him of all the girl’s doings.
Makiioeoe then ordered that
wood be prepared for the girl
and to pack it to the seashore
where the umu was to be started
the next day, for on that day the
girl was to be killed. The guards
then returned, took the girl by the
hands, bound them at her back
and led her to the pig house
where she was tied, the guards
standing watch over her that
night.

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Essential Foundations of Economics

6th Edition Bade Test Bank

Essential Foundations of Economics 7th Edition Bade

Essential Foundations of Economics 8th Edition Bade

Essential Foundations of Economics 8th Edition Bade

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Foundations of Microeconomics 6th Edition Bade Test

10.1 Economic Cost and Profit

1) The primary goal of a business firm is to

2) A firm's fundamental goal is

8) From a firm's viewpoint, opportunity cost is the

11) Which of the following is an explicit cost in Jim's business venture?

18) Which of the following is an implicit cost?

20) Which of the following is an implicit cost in Jim's business venture?

23) Economic depreciation is the

26) In economics, a "normal profit" is the return to

27) The return to entrepreneurship is known as

29) Normal profit is

30) A normal profit is

32) Economic profit equals total revenue minus total

33) Which of the following is true?

42) The paramount goal of a firm is to

43) For a business, opportunity cost measures

45) Which of the following is an example of an implicit cost?

46) The opportunity cost of a firm using its own capital is

10.2 Short-Run Production

1) The short run is the time frame

2) The short run is

5) Which of the following is a list of fixed inputs for a hospital?

7) The long run is defined as

8) The long run is a time period in which

“Don’t their wings hang down by “Aole ia la he luheluhe i ka

The men: Kanaka:

The boy: Keiki:

“Don’t the web creep? It creeps. “Aole ia la he mea hihi, he mea

The men: Kanaka:

“There, we have our uses of the “Aia ka makou mea pili la e ke

The boy: Keiki:

The men: Kanaka:

“You are beaten, young man.” “Uhe, uhe, make e ke keiki.”

The men: Kanaka:

We will twist your nose, Wilia ka pou o ko ihu la

I will twist your noses, Wili ka pou o ka ihu,

A land of many hau trees is Aina hau kinikini o Kona,

At this Kalanialiiloa said: “You Pane mai o Kalanialiiloa: “Hau

The men: Kanaka:

The boy: Keiki:

The men: Kanaka:

“You are beaten, young man, “Make e ke keiki, aohe moku i

The boy: Keiki:

“There is an island for you. It is “Aole ia la he moku? He moku

The men: Kanaka:

The contest was continued until Pela ka lakou hoopapa ana a

1 Hoopapa, disputing, wrangling,

Makiioeoe was the father and O Makiioeoe ka makuakane, o

After the birth of Hanau o Laukiamanuikahiki,