A firm's accounting profit does not include its:
a. explicit costs.
b. sunk costs.
c. fixed costs.
d. opportunity costs.
e. variable costs.
d
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A recession can best be defined as a period of time in which
A. total output of the economy falls. B. total output of the economy rises very slowly. C. total unemployment falls. D. total international trade fails to rise. E. the rate of inflation falls below zero.
The expenditure approach values ________ and the income approach values ________
A) goods and services at market prices; goods and services at factor prices B) services only at factor prices; goods only at market prices C) only goods at market prices; only services at factor prices D) goods and services at market prices; services at factor prices E) goods and services at factor prices; goods and services at market prices
Refer to Figure 4-3. What is the total amount that Kendra is willing to pay for 2 ice cream cones?
A) $1.50 B) $3.00 C) $5.50 D) $6.50
In the Central Utah Project, the water delivered from dams to users
a. is very well utilized, because planners allocated water to its highest valued uses and users. b. cannot generally be traded, so is often wastefully used in low-valued uses. c. is often sold to water-short cities by farmers who can then enjoy a profit from the sale. d. is very expensive to the users who get it.