An economic profit of zero implies:
a. normal profit
b. the firm is covering both explicit and implicit costs.
c. the firm's revenues are sufficient to compensate the money and time that the owners put into the business.
d. all of the above
d
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Which of the following is the largest expenditure item of local governments?
A. Education B. Public safety C. Highways D. Welfare
The marginal cost curves slope upward because of the principle of
A) decreasing marginal benefits. B) increasing marginal cost. C) increasing marginal benefits. D) decreasing marginal cost. E) decreasing total benefit.
The labor share of total income is the proportion of total income earned by
A. All workers. B. The nonunionized workforce. C. The unionized workforce. D. All households.
In the United States, most people's wealth comes from
A. inheritance. B. transfer payments. C. profits. D. saving.