If a firm has implicit costs as well as explicit costs
A) net income will always be less than accounting profit.
B) accounting profit will be zero.
C) net income will always be greater than accounting profit.
D) economic profit will be less than accounting profit.
Answer: D
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The above table shows Priscilla's marginal utility from the two goods she consumes, pizza and Pepsi. The price of a slice of pizza is $2 and of a can of Pepsi is $1. Suppose Priscilla has $6 to spend
Which combination of pizza and Pepsi will maximize Priscilla's utility? A) 3 slices of pizza B) 2 slices of pizza and 2 cans of Pepsi C) 3 cans of Pepsi and 1 slice of pizza D) 1 slice of pizza and 3 cans of Pepsi
If a country has a net capital inflow, it means they have:
A. a trade surplus. B. a trade deficit. C. more exports than imports. D. more capital goods flowing into their country than out of it.
Lower wages will a. decrease the demand for labor
b. decrease the quantity of labor demanded. c. increase the demand for labor. d. increase the quantity of labor demanded.
Carefully define the following terms, and explain their importance in economics
a. opportunity cost b. abstraction c. theory d. model e. marginal analysis