Economic profit can be calculated as
A. total revenue - fixed costs.
B. total revenue - implicit costs.
C. total revenue - explicit costs.
D. total revenue - explicit costs - implicit costs.
Answer: D
You might also like to view...
The table above shows the exchange rates between various currencies and the U.S. dollar. Between 2015 and 2016, the U.S. dollar ________ against the Euro and ________ against the Japanese yen
A) depreciated; depreciated B) appreciated; appreciated C) appreciated; depreciated D) depreciated; appreciated
Which of the following contributed to the downfall of the Soviet Union in 1991?
A) the lack of a strong dictator who could coordinate economic activities B) an overabundance of high-quality goods and services C) an inability to produce low-cost consumer goods that households wanted D) government dissatisfaction with high living standards and political freedom
Which of the following statements is true?
A) In a world of efficiently used scarce resources, more of one good necessarily means less of some other good. B) The law of increasing opportunity costs assumes that all people have the same ability to produce goods. C) Efficiency implies that it is impossible to get more of one good without getting less of another. D) Even if a country has unemployed resources, it can still be operating on its production possibilities frontier (PPF). E) a and c
According to the Taylor Rule
What will be an ideal response?