Accounting profit can be calculated as
A) total revenue - explicit costs.
B) total revenue - implicit costs.
C) total revenue - explicit costs - implicit costs.
D) total revenue - fixed costs.
Answer: A
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Refer to Figure 2-8. What is the opportunity cost of producing 1 ton of coconuts in Costa Rica?
A) 3/8 of a ton of pineapples B) 2/3 of a ton of pineapples C) 1 1/2 tons of pineapples D) 100 tons of pineapples
If the absolute value of the price elasticity of demand for a product is 1.5, and the price of a product increased 30 percent, then the quantity demanded will decline by
A) 45 percent. B) 20 percent. C) 5 percent. D) 10 percent.
One way people cope with uncertainty about the future is they:
A. avoid risks when it is reasonable to do so. B. buy insurance. C. only select risky alternatives if the expected value is twice as high as for a safe alternative. D. All of these are ways individuals cope with uncertainty.
One of the negative consequences of unemployment is a(n): a. loss of human capital
b. loss of physical capital. c. increase in aggregate demand. d. increase in inflation.