An economist left her $100,000-a-year teaching position to work fulltime in her own consulting business. In the first year, she had total revenue of $200,000 and business expenses of $150,000 . She made a (an):
a. economic profit.
b. accounting loss but not an economic loss.
c. implicit profit.
d. economic loss.
d
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The above figures show the market for hamburger meat. Which figure(s) shows the effect of a nation-wide strike by butchers and meat-packers?
A) Figure B B) Figure C C) Figure D D) Figures B and C
Suppose in a given year, GDP was $7,242 billion and the GDP chain price index for that year is 117.5 . Real GDP is:
a. $5,488 billion. b. $6,163 billion. c. $6,740 billion. d. $7,789 billion.
Price elasticity of demand measured over a range of prices and quantities along the demand curve is _____
a. point elasticity b. arc elasticity c. income elasticity d. cross elasticity e. price elasticity
Increased production, but not increased inflation, will result in higher:
A. nominal GDP. B. money GDP. C. real GDP. D. current dollar GDP.