A business owner makes 50 items a day. He spends 8 hours in producing those items. If hired elsewhere he could have earned $10 an hour. The item sells for $10 each. Production occurs seven days a week. If the explicit costs total $10,000 a month, the accounting profit for the month equals:

Shirking of one's duties is often encountered in team production settings because

a. few individuals are well-intentioned b. teamwork is recognized as less significant than individual performance c. teammates face a dilemma posed by a dominant strategy to shirk d. reputation effects dominate in long-term teams e. teamwork can be less than the sum of the individual parts

Foreign repercussions of changes in domestic imports cause the true domestic spending multiplier to be less than 1/(MPS+MPI)

a. True b. False Indicate whether the statement is true or false