Suppose that for a particular business there are no implicit costs. Then
a. accounting profit will be greater than economic profit.
b. accounting profit will be the same as economic profit.
c. accounting profit will be less than economic profit.
d. the relationship between accounting profit and economic profit cannot be determined without more information.
b
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Discuss that factors that help explain the rapid productivity growth in the United States after 1995
Which of the following income maintenance programs is designed to establish nationwide minimum incomes for the aged, the blind, and the disabled?
A. the food stamps program B. the Old-Age Survivors' and Disability Insurance (OASDI) program C. the Supplemental Security Income (SSI) program D. the Temporary Assistance to Needy Families (TANF) program
The area above the market supply curve and below the market price
A) is equal to the total amount of producer surplus in a market. B) is equal to the marginal cost of the last unit produced. C) is equal to the total amount of economic surplus in a market. D) is equal to the total cost of production.
The imposition of a tariff on a product is least likely to result in a(n):
A. Increase in the efficiency in the domestic industry producing the product B. Increase in the price of the product C. Decrease in the quantity of imports D. Decrease in the real incomes of workers in other industries