Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. A similar office space in the same building rents for $545 per month. What is the economic profit earned by Joey's dad?
A) Profit of $245
B) Profit of $100
C) Loss of $100
D) Loss of $245
D
Economics
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If Ford Motor Company and General Motors Corporation were to merge, this would represent
A. a horizontal merger.
B. a cartel.
C. a vertical merger.
D. an up-and-down merger.
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The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as
A) human capital. B) labor productivity. C) technology. D) real GDP.
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Total revenue minus only explicit costs is called
a. accounting profit. b. economic profit. c. average total cost. d. implicit profit.
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High-powered money minus reserves equals
A) reserves. B) currency in circulation. C) the monetary base. D) the nonborrowed base.
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