Economic profit is defined as
a. total revenue minus implicit costs
b. total revenue plus explicit costs
c. total revenue plus implicit costs
d. wages plus interest minus rent
e. total revenue minus implicit and explicit costs
E
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According to the life-cycle hypothesis ________
A) households consume on the basis of their current income and liabilities B) household consumption as a percentage of income varies over one's lifetime C) current income is a function of future income D) cycling to work everyday allows one to live a longer life
Which of the following statements about private and social costs is TRUE?
A) Social costs include externalities. B) Private cost do not include externalities. C) Social costs are never smaller than private costs. D) All of the above.
The age-earning cycle shows an individual typically earning
A) a constant income (adjusted for inflation) over the entire working life of the worker. B) an income that cycles upward and downward as an individual ages. C) an income that increases with age, peaks, and then falls as retirement approaches. D) an income that declines until age 30-35 and then increases rapidly.
Since the replacement of AFDC with TANF the welfare rolls have grown in the United States
a. True b. False