Which of the following is the formula used for computing an accounting profit?
A) accounting profits = total revenue - implicit costs
B) accounting profits = total revenue - (implicit + explicit costs)
C) accounting profits = total costs - total revenue
D) accounting profits = total revenue - explicit costs
Answer: D
You might also like to view...
Are the concepts of equity and efficiency different? Why or why not?
What will be an ideal response?
An economy that does not have interactions in trade or finance with other economies is referred to as
A) a closed economy. B) an open economy. C) a net foreign investment economy. D) a trade-balanced economy.
The major drawback of a binding price ceiling is: a. it causes a surplus
b. government regulations of this kind are difficult to enforce c. it causes a shortage. d. none of the above; there is no drawback.
At present, what is the approximate natural rate of unemployment in the United States?
a. 4.5 percent b. 5.5 percent c. 7 percent d. 8.5 percent e. 2.5 percent