An economist's measurement of profit differs from an accountant's in that:
a. accountants calculate total revenue differently than do economists
b. economists do not always include all of the opportunity costs when calculating total production costs.
c. accountants do not always include all of the opportunity costs when calculating total production costs.
d. economic profit generally exceeds accounting profit.
c
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If the government regulates the market in the above figure in a way to achieve efficiency, then ________ vaccinations will be produced and consumed
A) 0 B) 30 thousand C) 50 thousand D) None of the above answers is correct.
The concept of economic rent is associated with the British economist David Ricardo (1772-1823). Ricardo analyzed economic rent for land. Which of the following is FALSE with respect to determining land rent?
A) The supply curve for land is vertical (perfectly inelastic). B) Rent is payment for a resource above its opportunity cost. C) Payment for a resource below its opportunity cost is rent. D) Ricardo assumed the quantity of land in a country is fixed.
In 2015, the trading partner from whom the U.S. received the greatest volume of imports was
A. China. B. Mexico. C. OPEC. D. Africa.
Which of the following is true?
a. Decision making should never be centralized b. If you decide to centralize the decision making authority, figure out a way to keep information hidden from it c. If you decide to centralize the decision making authority, figure out a way to transfer information to the third party d. If you decide to centralize the decision making authority, figure out a way to transfer information to the decision maker