Economic profits are equal to accounting profits:
a. In all cases
b. In no cases
c. When implicit costs are zero
d. When implicit costs equal explicit costs
c
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When calculating the CPI, the Bureau of Labor Statistics
A) makes certain to weight the goods and services equally so that no one product is over-weighted. B) weights the price of all goods and services produced in a year within a country's borders. C) sums the prices of the goods and services in the average urban household consumption basket. D) weights the price of goods and services in the basket relative to the importance of the average urban household budget. E) multiplies by 100 the average price of goods and services in the average urban consumer's basket.
A drought causes most fruit crops to fail, decreasing the amount of available fruit. The fruitcake market would see:
A. an increase in the supply of fruitcake. B. a decrease in the supply of fruitcake. C. no change in the supply of fruitcake, but the demand would increase. D. no change in the supply of fruitcake, but the demand would decrease.
Which of the following countries can reduce youth unemployment by adjusting its labor laws?
a. South Africa b. Spain c. India d. Greece
In every economy people vie for the economy's rationing device, a process called
A) competition. B) entrepreneurship. C) marginal benefit. D) positive economics.