Economic profit is equal to:
A. total revenue minus the sum of explicit and implicit costs.
B. accounting profit plus implicit costs.
C. total revenue minus accounting profit.
D. accounting profit minus explicit costs.
Answer: A
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The rights of an owner to use and exchange property are
A) capitalist rights. B) socialist rights. C) property rights. D) money rights.
A decrease in real GDP would affect the U.S. economy by:
a. cutting tax revenues and raising government expenditures. b. cutting government expenditures and raising tax revenues. c. raising both tax revenues and government expenditures. d. cutting both government expenditures and tax revenues.
Developing new products and services as well as introducing new production methods are among the ways that ________ increases average labor productivity.
A. an entrepreneur B. physical capital C. human capital D. a manager
Which of the following measures can give some indication of the quality of life in an economy?
A. Life expectancy B. Literacy rates C. Child mortality D. All of these help to assess quality of life.