Which of the following would be shown on IBM's accounting statement?
a. revenue, implicit costs, explicit costs, and economic profit
b. revenue, implicit costs, explicit costs, and accounting profit
c. revenue, explicit costs, and economic profit
d. revenue, explicit costs, and accounting profit
e. revenue, implicit costs, and accounting profit
D
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If the opportunity cost of producing cheese is higher in Greece than it is in Italy, then:
a. Greece should specialize in producing cheese. b. Italy should specialize in producing cheese. c. both Greece and Italy should produce cheese. d. Greece gives up fewer goods to produce cheese than Italy does. e. Italy has a better economy than Greece.
The logistical costs associated with implementing a tax are called the:
A. deadweight loss. B. administrative burden. C. total surplus. D. tax revenue.