Which of the following statements is false?
A) Economic costs include the opportunity costs of the resources owned by the firm.
B) Accounting costs typically include only explicit costs.
C) Economic profit will always be less than accounting profit if resources owned and used by the firm have any opportunity costs.
D) Accounting profit is equal to total revenue minus implicit costs.
D
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During the current year, Jessica sold her house, built two years ago, to Kim for $175,000 . Kim then sold the house to Dave for $185,000 . How much does GDP increase due to these transactions?
a. $370,000 b. $175,000 c. $185,000 d. $360,000 e. $10,000
Use the following table to answer the next question.Current AccountFinancial AccountCapital Account-$753,438 $30,696This country has a ________.
A. deficit in the financial account B. trade surplus C. surplus in the financial account D. deficit in the capital account
A perfectly competitive industry's market price is found by
A) finding the point on the market demand curve where the largest number of units will be purchased. B) locating the intersection of the market demand and market supply curves. C) the horizontal summation of all the industry firms' individual supply curves. D) identifying the price at which each firm realizes its largest economic profit.
Wages in most other countries have increased as a percentage of U.S. wages in the past 33 years
a. True b. False Indicate whether the statement is true or false