When accounting profits are positive, economic profits could be:
A. positive.
B. negative.
C. zero.
D. All of these are possible.
D. All of these are possible.
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Lauren runs a chili restaurant in San Francisco. Her total revenue last year equaled $111,000. The rent on her restaurant totaled $48,000. Her labor costs totaled $43,000. Her materials, food and other variable costs totaled $19,000
To Lauren's accountant, Lauren A) incurred a loss of $1,000. B) earned a profit of $1,000. C) incurred a loss of $111,000. D) earned a profit of $111,000. E) had a total cost equal to $91,000.
The demand for wheat from farm A is perfectly elastic because wheat from farm A is
A) a perfect complement for wheat from farm B. B) a normal good. C) a perfect substitute for wheat from farm B. D) an inferior good.
Which of the following is an example of an injection into the circular flow of income and expenditure?
a. Government spending b. Imports c. Disposable income d. Net taxes e. Saving
The highest fifth of all families receive approximately ____ of the distribution of annual money income among families
a. 5 percent b. 10 percent c. 25 percent d. 50 percent