John moved his office from a building he was renting downtown to the carriage house he owns in back of his house. How will his profit change?
a. Implicit costs fall.
b. Explicit costs remain unchanged while implicit costs rise.
c. Economic profit must fall.
d. Explicit costs rise.
e. Accounting profit will rise.
E
Economics
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According to economic theory, elected government officials will favor
A) federal budget surpluses. B) balanced federal budgets. C) federal budget deficits. D) shrinking federal budgets.
Economics
Refer to Table 8-15. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2015 equals
A) 94.1. B) 105.1. C) 106.2. D) 108.5.
Economics