What is accounting profit?
A) gross revenue minus explicit and implicit costs
B) the same as economic profit
C) gross revenue minus implicit costs
D) gross revenue minus explicit costs
D
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When the price of a good is below the equilibrium price,
A. suppliers are unable to sell as many units as they want; they will cut output and lower prices. B. suppliers can sell as many units as they can produce; they will increase production and raise prices. C. the demand curve shifts down to reach an equilibrium price. D. the supply curve will shift up to reach an equilibrium price.
A one-year bond has an interest rate of 0.2% and is expected to rise to 0.5% next year and 1.1% in two years. The term premium for a two-year bond is 0.1% and for a three-year bond is 0.25%
What are the interest rates on a two-year bond and three-year bond according to the liquidity premium theory?
Deadweight losses represent the
a. inefficiency that taxes create. b. shift in benefit from producers to consumers. c. part of consumer and producer surplus that is now revenue to the government. d. increase in revenue to the government.
Three equivalent ways to measure GDP are total ________, total ________, and total ________.
A. profits; production; saving B. production; income; expenditure C. investment; consumption; saving D. expenditure; income; profits