To find economic profit from accounting profit, it is necessary to
A) subtract dividends.
B) add retained earnings.
C) subtract the opportunity cost of capital.
D) add depreciation expense.
C
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Assume the price of good X is Px, price of good Y is Py, and B is the budget. The formula for the budget line for these two goods is:
a. PyQy / PxOx. b. PxB + PyB = B. c. PxX + PyY = B. d. (1 ? Py / B) Px.
Which well-known economist from the past asserted that "the power of population is infinitely greater than the power in the earth to produce subsistence for man?"
Singapore encourages competition in its health care market by:
A. requiring hospitals to post prices for services and by government publishing hospital performance records. B. avoiding any government involvement in the health care market. C. operating government-run hospitals to compete directly with private hospitals. D. outsourcing all of its health care services to foreign providers.
A closed shop is a
A) strike by a union in sympathy with another union's strike or cause. B) dispute involving two or more unions over which should have control of a particular jurisdiction. C) business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired. D) legal environment in which businesses may hire nonunion members conditional on their joining the union by some specified date after employment begins.