A unit of account is the function of money when used as a yardstick to post prices and record debts.
Answer the following statement true (T) or false (F)
True
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In the above figure, the intersection of curves A and C is the point at which
A) average total cost is minimized. B) average variable cost is minimized. C) average fixed cost is minimized. D) total product is maximized.
Twenty-nine countries in Europe have eliminated all tariffs with each other. This group of countries is known as the
A) Gruppo Euro. B) European Union. C) United Federation of Europe. D) European Free Trade Association.
Because a firm has implicit costs as well as explicit costs
A) its accounting profit is always less than its economic profit. B) its economic profit is usually the same as its accounting profit. C) its economic profit is usually less than its accounting profit. D) its economic profit is usually more than its accounting profit.
Most American firms are corporations
a. True b. False Indicate whether the statement is true or false