The rules of accounting generally require that ________ costs be used for purposes of keeping a company's financial records and for paying taxes. These costs are sometimes called ________ costs
A) explicit; accounting B) total; economic
C) real; explicit D) economic; legal
A
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Individuals who have never been the best at doing anything
A) cannot have a comparative advantage in producing any product. B) perform all tasks at a higher opportunity cost than others. C) can still have a comparative advantage in producing some product. D) must have an absolute advantage in at least ones task.
Why is it important for consumers to know the change in relative price of a good or service they consume?
a. It allows them to calculate the actual rate of inflation. b. It helps them understand whether they are still getting the most “bang for their buck.” c. It allows them to calculate how much more expensive one good is compared to another. d. It helps them understand that any increase is due to inflation.
Which of the following explains why GDP per capita is likely to decline in less developed countries?
A. Unemployment growth is greater than population growth. B. Population growth is greater than inflation. C. GDP growth is greater than capital investment growth. D. Population growth is greater than GDP growth.
For a monopolist, ______.
a. its demand curve is downward sloping b. its marginal revenue is less than price c. existing economic profits can be sustained over time d. all of these