The difference between a firm's assets and liabilities is its
A) net worth. B) economic profit. C) implicit costs. D) accounting profit.
A
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Is a sailboat purchased in Victoria, British Columbia, a private good or a public good?
What will be an ideal response?
Farmer Seth has a perfectly flat long-run average total cost curve over the range of output from 10,000 bushels of wheat to 100,000 bushels of wheat. Hence, over this range of output, Farmer Seth definitely experiences
A) constant marginal returns. B) constant returns to scale. C) constant economies of scale. D) none of the above.
A dedicated professor loves being in the classroom and would teach for $50,000 per year, but he is actually paid $60,000 per year. This individual
A) receives economic rent of $1100,000. B) has an opportunity cost of $110,000. C) has an opportunity cost of $50,000. D) receives economic rent of $10,000.
In the year 2003, with people focusing on television, the Internet, and talk show radio for their news and entertainment, the unemployed printing press operator is an example of
a. structural unemployment b. concealed unemployment c. frictional unemployment d. underemployment e. cyclical unemployment