The nation's stock of capital can increase only when net new investment takes place

Accounting profit is equal to

a. marginal revenue minus marginal cost. b. total revenue minus the explicit cost of producing goods and services. c. total revenue minus the opportunity cost of producing goods and services. d. average revenue minus the average cost of producing the last unit of a good or service.

A college graduate using the summer following graduation to search for a job would best be classified as:

A. not officially a member of the labor force. B. a part of cyclical unemployment. C. a part of structural unemployment. D. a part of frictional unemployment.