When diamonds are mined in conflict or war-torn areas, there is:
A. Minimal profit or loss
B. Minimal waste of this resource
C. Strong incentive for conservation
D. Strong incentive for over-mining
D. Strong incentive for over-mining
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Minimum efficient scale is defined as the level of output at which the short-run average total cost stops decreasing
Indicate whether the statement is true or false
Which of the following are true statements about IBFs?
A) IBFs are subject to reserve requirements. B) IBFs are allowed to receive deposits from, and make loans to, nonresidents of the U.S. or other IBFs. C) IBFs are subject to interest rate regulations. D) All of the above.
Which factor will not cause an increase in the supply of good X?
A. an improvement in the technology used to produce good X B. an increase in the price of inputs used to produce good X C. a decrease in the price of labor used to produce good X D. an increase in the number of firms that sell good X
Suppose that a business incurred implicit costs of $400,000 and explicit costs of $3 million in a specific year. If the firm sold 100,000 units of its output at $40 per unit, its accounting:
A. profits were $1,000,000 and its economic profits were $600,000. B. profits were $3,600,000 and its economic profits were $600,000. C. losses were $600,000 and its economic losses were zero. D. profits were $600,000 and its economic profits were $1,000,000.