Accounting profits are found by total revenues minus
A) explicit costs.
B) explicit and implicit costs.
C) implicit costs.
D) all opportunity costs.
Answer: A
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Which of the following shifts the demand curve for oranges?
A) disastrous weather that destroys about half of this year's orange crop B) a decrease in the price of a pound of bananas, a substitute in consumption for oranges C) an increase in the price of the fuel used to transport oranges to supermarkets D) great weather that produces a bumper orange crop this year
BHP Billiton is a Canadian company that owns mines in Canada that
A) produce nickel. After World War II, BHP Billiton began to compete with another Canadian firm, the International Nickel Company. This competition eventually ended International Nickel's monopoly in this market. B) produce coal. Until World War II, BHP Billiton had a monopoly on coal in Canada. C) produce bauxite, the mineral needed to produce aluminum. BHP Billiton began to mine bauxite after World War II. This competition eventually ended the Aluminum Company of America (ALCOA)'s monopoly in this market. D) produce diamonds.
If Juan purchases the same number of gallons of gasoline per week regardless of changes in gasoline price, Juan's demand for gasoline is:
A. perfectly elastic. B. elastic. C. perfectly inelastic. D. inelastic.
During what period did the greatest violence between organized labor and companies occur?
a. 1800-1820. b. 1860-1870. c. 1875-1895. d. 1910-1930.