Suppose that the implicit cost for a business was $1,000 and the explicit cost was $5,000 and that the firm sold 1,000 units of its products at $6 per item. We can conclude that the firm's
A) accounting profit was $6,000, and its economic profit was $0.
B) accounting and economic profits were both $0.
C) accounting profit was $1,000, and economic profit cannot be determined.
D) accounting profit was $1,000, and economic profit was $0.
D
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In the United States, the central bank is called the:
A) Federal Reserve Bank. B) National Bank of America. C) Reserve Bank of America. D) Bank of America.
Consider the production possibilities frontier displayed in the figure shown. Which of the following combinations could not be produced?
A. (20 watermelons, 400 bushels of apples)
B. (15 watermelons, 100 bushels of apples)
C. (10 watermelons, 150 bushels of apples)
D. (0 watermelons, 400 bushels of apples)
A good for which demand decreases when income decreases is known as a(n) ________ good.
A. normal B. inferior C. complementary D. substitute
One concept that behavioral economists use to account for procrastination is:
A. the fungibility of money. B. thinking inconsistently about prices. C. framing bias. D. the time inconsistency of our decision-making.