Jake sells Star Wars memorabilia on eBay. His annual revenue is $42,000 per year, and the explicit costs of his business are $10,000. What is his accounting profit?
A) $10,000 B) $22,000 C) $32,000 D) $42,000
C
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The reduction of the inflation rate is called
A) deflation. B) disinflation. C) unflation. D) reflation.
Betty and Wilma are the only two cashiers employed at a retail store. Each of them works the same 40 hours per week. By manually entering the price of each product purchased into the cash register, Betty can check out 20 customers and Wilma can check out 30 customers per hour. The store owner replaces the old cash registers with new ones that automatically scan product prices into the register. With the new cash registers, Betty and Wilma can each check out 60 customers per hour. Their average labor productivity as a team before the new cash registers were introduced was ________ customers per hour and ________ customers per hour after the new machines were installed.
A. 50; 60 B. 25; 60 C. 1,000; 2,400 D. 50; 120
The study of microeconomics and macroeconomics differ in that:
A. microeconomics is concerned with the domestic economy and macroeconomics is concerned only with the international economy. B. microeconomics examines the individual markets of the economy while macroeconomics studies the whole economy. C. microeconomics studies the actions of households and macroeconomics studies the actions of business firms. D. microeconomics examines the whole economy while macroeconomics studies the individual units of the economy.
Age is a determinant of income because
A. age contributes to costs as medical expenses increase. B. with age typically come experience, education, and training that can increase income. C. older workers have accumulated more wealth. D. older workers have accumulated less wealth.