For a firm, its economic profit is usually greater than its accounting profit.
Answer the following statement true (T) or false (F)
False
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In one day, Brandon can either plow 10 acres or plant 20 acres. In one day, Christopher can either plow 14 acres or plant 14 acres. Which of the following statements about comparative advantage is CORRECT?
A) Brandon has a comparative advantage in both plowing and planting. B) Brandon has a comparative advantage only in plowing. C) Brandon has a comparative advantage only in planting. D) Christopher has a comparative advantage in both plowing and planting.
Today John says, "I will start working out tomorrow." Yet as tomorrow arrives, he doesn't. This is an example of
A) time inconsistent preferences. B) time consistent preferences. C) exponential discounting. D) future-biased preferences.
A demand curve is a
A) graphical representation of the demand schedule. B) graphical representation of alternative demands. C) horizontal line connecting amounts demanded at various income levels. D) graphical relationship, that includes several things such as tastes, time, and supply.
In game theory, an example of a payoff could be:
A. being the first mover in a game. B. sharing information with a select few that others aren't privy to. C. monetary gains made by a player. D. giving an advantage to only one player.