The congressional act that established the U.S. central banking system in 1913 was the

Why does a nation experience increasing opportunity cost?

A) As the nation moves from a production point within the PPF to one on the PPF, opportunity costs increase. B) As the nation moves from a production point within the PPF to another point also within the PPF, opportunity costs increase. C) When the amount of resources increases, the opportunity cost of all goods and services increases. D) Resources are not equally productive in producing different kinds of goods and services. E) Because the nation cannot produce at the unattainable production points that lie beyond the PPF.

Which of the following is the formula used for computing an accounting profit?

A) accounting profits = total revenue - implicit costs B) accounting profits = total revenue - (implicit + explicit costs) C) accounting profits = total costs - total revenue D) accounting profits = total revenue - explicit costs