Failing to be fully informed may be efficient if information
A) is free.
B) is scarce.
C) is subject to increasing returns.
D) has no opportunity cost of production.
B
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Dr. Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental Clinic. His revenues for the first year are $500,000
He paid $90,000 in rent for the dental office, $60,000 for his office manager's salary, $24,000 for the dental hygienist, $150,000 for insurance, and $6,000 for other miscellaneous costs. The normal profit from running his business is $20,000. Which of the following statements is true? A) His accounting profit is $350,000. B) His economic profit is $150,000. C) His economic profit is zero. D) His accounting profit is zero. E) None of the above answers is correct.
Who would benefit if the exchange rate with yen (in U.S. dollars) increased?
a. c and e. b. Japanese tourists. c. U.S. consumers. d. U.S. exporters. e. Japanese exporters.
Under a flexible exchange rate system, exchange rates are determined by free markets.
Answer the following statement true (T) or false (F)
If you hear a person saying "I lost my job at a call center because my employer has outsourced all customer service to India," you should conclude that this person is ________ unemployed.
A. cyclically B. structurally C. seasonally D. frictionally