When economic profits are negative, accounting profits could be:
A. negative.
B. zero.
C. positive.
D. All of these are possible.
Answer: D
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What are the policy actions taken by the Fed and the U.S. Treasury in response to the financial crisis?
What will be an ideal response?
"When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly.". This statement
a. represents the traditional view of the production process. b. is an assertion that capital is subject to diminishing returns. c. is made under the assumption that the quantities of human capital, natural resources, and technology are being held constant. d. All of the above are correct.
Something that provides utility is called a
A) good. B) bad. C) want. D) need. E) a and d
Which of the following best describes "the value of a statistical life"?
A. The monetary value treated as the cost of an additional death from pollution B. The cost to society of an average person's lifetime consumption C. The total monetary value of a person's current income and expected future income D. The price society would pay, on average, to avoid a certain death