Total revenue minus only explicit costs is called

a. accounting profit.
b. economic profit.
c. average total cost.
d. implicit profit.


a

Economics

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Between August 2007 and July 2008, Brazil exported more than 3.5 billion pounds of coffee to the rest of the world. Suppose the Brazilian government subsidizes the export of coffee by $0.42 per pound

Which of the following would be an outcome of this subsidy? A) Brazilian producers experience an increase in producer surplus. B) Brazilian consumers experience an increase in consumer surplus. C) Producers from the rest of the world experience a gain in producer surplus. D) Brazilian coffee exports would decrease.

Economics

Your textbook presents as an example of a distributed lag regression the effect of the weather on the price of orange juice

The authors mention U.S. income and Australian exports, oil prices and inflation, monetary policy and inflation, and the Phillips curve as other potential candidates for distributed lag regression. You are considering estimating the effect of minimum wages on teenage employment (employment population ratio) using a time series of U.S. data. Write a short essay on whether a distributed lag model would be a suitable tool to figure out dynamic causal effects in this case. What will be an ideal response?

Economics

If firms pollute when they produce:

a. marginal social cost equals marginal private cost. b. marginal private cost exceeds marginal social cost. c. marginal social cost exceeds marginal private cost. d. marginal social cost equals marginal external cost.

Economics

Households buy in the resource market and sell in the product market

Indicate whether the statement is true or false

Economics