If your business earns $200,000 in revenues, has explicit costs of $70,000, and implicit costs of $50,000, your accounting profit is
A. -$80,000.
B. $320,000.
C. $80,000.
D. $130,000.
Answer: D
Economics
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Gross revenue minus explicit costs equals
A) accounting profit. B) implicit cost. C) opportunity cost. D) economic profit.
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In 1999, around 24 percent of college students attended private schools
a. True b. False
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The terms "saving" and "savings" differ in that
A) saving is a stock, and savings are a flow. B) saving always exceeds savings. C) savings are a stock, and saving is a flow. D) savings can be negative, but saving cannot.
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The marginal propensity to save (MPS) is computed as the change in:
a. savings divided by the change in saving. b. savings divided by the change in income. c. saving divided by the change in GDP. d. None of these.
Economics