Accountants and Economists differ in their calculations of profits in that the former consider
a. sunk costs
b. implicit costs only
c. explicit costs only
d. fixed costs
c
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Which of the following will result in an increase in labor productivity?
A) a decline in the capital stock per hour worked B) a decline in the amount of human capital per worker C) an increase in technology D) a decrease in the number of people attending institutions of higher education
When the Fed makes an open market purchase, long-term real interest rates will ________, which will ________ GDP
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Researcher Terry Anderson claims that with respect to the supply of water, trading it would be
a. wrong and counter-productive. b. essentially impossible due to lack of technologies to move the water. c. highly productive and bring cooperation among the traders. d. a problem, since monopolists would come to own too much.
Refer to the below demand graph for a farm product. Which of the following will cause the largest increase in total revenue for farmers?
A. A decrease in the price from PA to PC
B. A decrease in the price from PB to PC
C. An increase in the price from PC to PA
D. An increase in the price from PC to PB