Suppose your donut shop earns $25,000 in total revenues per month with explicit costs of $15,000 and opportunity costs of $8,000. Your accounting profit is
A. $2,000.
B. zero.
C. $48,000.
D. $10,000.
Answer: D
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When government spending is less than the tax revenues during a specific time period, this is known as a
A) government budget deficit. B) government budget surplus. C) balanced budget. D) public debt.
One of the components of the human development index is
a. the percentage of the population who are high school graduates. b. the average daily intake of protein. c. life expectancy at birth. d. the number of doctors per hundred people in the population.
Which of the following would not help identify market structure?
a. number of firms in the industry b. type of product produced in the industry c. ease of entry into the industry d. forms of competition among firms in the industry e. price of the good
Given the production function and total cost function shown in Chapter 4, as production increases, total costs
A. decrease constantly. B. decrease for a while and then increase. C. increase for a while and then decrease. D. increase constantly.