To an economist, the four factors of production are
A. Land, labor, capital, and entrepreneurship.
B. Labor, workers, profit, and services.
C. Entrepreneurship, machinery, workers, and profit.
D. None of the choices are correct.
Answer: A
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From the manager's perspective:
A) it is important to treat implicit costs as explicit in order to make sound strategic decisions. B) implicit costs are simply a theoretical construct and should be ignored in the decision-making process. C) only explicit costs matter because accounting profit is based on explicit costs. D) there is no difference between implicit and explicit costs. As such, treating implicit costs as explicit would result in double counting and an overstatement of total costs.
What is the shape of the modern short-run aggregate supply (SRAS) curve? Why?
What will be an ideal response?
According to purchasing power parity, the nominal exchange rate between the U.S. and another country should equal the price level of foreign goods divided by the price level of U.S. goods
a. True b. False Indicate whether the statement is true or false
Which statement is TRUE? Fixed costs
A) do NOT exist in the long run. B) depend on the firm's level of output. C) are zero if the firm is producing nothing. D) are the difference between total costs and average variable costs.