Tommy's Teddy Bears incurs $300,000 per year in explicit costs and $50,000 in implicit costs. The shop earns $600,000 in revenues and has $1.1 million in net worth. Based on this information, what is economic profit for Tommy's Teddy Bears?
A) $250,000 B) $300,000 C) $500,000 D) $1.35 million
A
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In the United States in 2014, the percentage of people who received health insurance through a government program was about
A) 10%. B) 16%. C) 36%. D) 64%.
Even today, individuals distrust the outcome of free markets, as is evidenced by the protests against the construction of Walmarts across the nation
Indicate whether the statement is true or false
The cost of producing a car in Germany is 2,000 bushels of wheat, and the cost of producing a car in Canada is 1,200 bushels of wheat. The two countries can both benefit if the terms of trade are
a. greater than 2,000 of wheat per car b. less than 1,200 bushels of wheat per car c. between 1,200 bushels and 2,000 bushels of wheat per car, and Germany produces wheat d. between 1,200 bushels and 2,000 bushels of wheat per car, and Germany produces cars e. between 1,200 bushels and 2,000 bushels of wheat per car, and Canada produces wheat
Karl Marx said that whoever controlled a society's __________ controlled that society.
Fill in the blank(s) with the appropriate word(s).