Economic profit is equal to the difference between:
A) total revenue and the full opportunity cost of all the resources used in production.
B) total revenue and implicit costs.
C) accounting profit and explicit costs.
D) implicit and explicit costs.
A
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Part-time workers are
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Which of the following statements is true?
A. Free trade causes contraction of the export-oriented sector. B. Free trade causes contraction in the import-competing sector. C. All domestic producers benefit when a country engages in free trade. D. Free trade restricts consumption choices of domestic consumers.
Given the following information about Gotham Bank:
Gotham Bank is holding ________ in excess reserves.
A. $22,000 B. $12,000 C. $2,000 D. -$2,000
If 1 U.S. dollar exchanges for 0.69 British pounds, how much would it cost in U.S. dollars and cents to purchase a British chess set priced at 20 pounds?
What will be an ideal response?