Which of the following is the formula used for computing economic profits?
A. economic profits = total revenue - implicit costs
B. economic profits = total costs - total revenue
C. economic profits = total revenue - (implicit costs + explicit costs)
D. economic profits = total revenue - explicit costs
Answer: C
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a. subsidizing b. taxing c. regulating d. encouraging
The value-added tax is a(n)
a. direct tax. b. indirect tax. c. flat tax. d. income tax.
Figure 19-3
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Of the graphs in Figure 19-3, where the dotted line shows the actual exchange rate, which one shows a country with an overvalued currency and a balance of trade deficit?
A. 1 B. 2 C. 3 D. 4
In general, the price elasticity of demand for milk will be less than that for Apple's iPod
Indicate whether the statement is true or false