Which of the following concepts cannot be illustrated by the production possibilities frontier?
a. efficiency
b. opportunity cost
c. equality
d. trade-offs
c
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________ is the difference between the willingness to pay and the price paid for a good
A) Producer surplus B) Consumer surplus C) Seller's profit D) Revenue
Suppose Ben buys out Jerry's ownership in the firm but retains him as a salaried employee. If so,
a. economic profit increases b. economic profit decreases c. there is no change in economic profit d. there is no change in accounting profit e. accounting profit increases
Corporate income taxes account for about what percent of federal revenues?
A. 6 percent. B. 9 percent. C. 18 percent. D. 24 percent.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Silvia has a comparative advantage in producing ________, and Art has a comparative advantage in producing ________.
A. beef; beef B. computers; computers C. computers; beef D. beef; computers