Suppose that during a given time period the implicit cost for a business was $1,000 and that the explicit cost was $5,000. Also suppose that the firm sold 1,000 units of its products at $5 per item. We can conclude that the firm's
A) accounting profit was $5,000, and its economic profit was $0.
B) accounting and economic profits were both $0.
C) accounting profit was $0, and economic profit was $1,000.
D) accounting profit was $0, and economic profit was -$1,000.
D
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Refer to Table 29-3. Given the following exchange rates in the above table, what are the exchange rates stated as U.S. dollars per Danish krone and U.S. dollars per EU euro respectively?
A) 2.00 dollars per krone and 7.14 dollars per euro B) 0.02 dollars per krone and 0.70 dollars per euro C) 0.20 dollars per krone and 1.43 dollars per euro D) 0.05 dollars per krone and 1.30 dollars per euro
Money serves as a store of value when:
A. there is direct trade of goods and services. B. it is a basic measure of economic value. C. it is a means of holding wealth. D. it is used to purchase goods and services.
Investment in human capital shifts the aggregate supply curve leftward.
Answer the following statement true (T) or false (F)
What type of market runs most efficiently when one large firm supplies all of the output?
a. a natural monopoly b. a network c. perfect competition d. imperfect competition