Accounting profit equals total revenue minus
A. economic profits.
B. economic costs.
C. explicit costs.
D. implicit costs.
Answer: C
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The one category of goods that are not sold but are, nevertheless, included in GDP is
a. inventories. b. imports. c. consumer services. d. exports.
The total expenditure schedule in Macroland begins with these initial levels (in billions of dollars): Income = 1,000 . Consumption = 900; Investment = 200; Government = 300; Net Exports = ?100 . If the MPC = 0.75 and income increases in increments of
200, find the equilibrium level of income. If full employment requires an income level of 2,000 . what (if anything) should the government do? Indicate both the direction of the spending change and the size of the spending change.
The graph below represents a competitive market for a product where the government has set a price ceiling of 0A. What quantity will buyers be able to buy after the imposition of the price ceiling?
A. 0J
B. 0L
C. JL
D. KL
When production efficiency does NOT occur,
i. an economy is producing at a point within its PPF. ii. there are unemployed resources. iii. allocative efficiency cannot occur. A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii