Accounting profits are typically
A) greater than economic profits because accounting profits do not include explicit costs.
B) greater than economic profits because accounting profits do not include implicit costs.
C) smaller than economic profits because accounting profits do not include explicit costs.
D) equal to economic profits in the long run.
Answer: B
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Changes in aggregate demand
A) could be caused by changes in the spending decisions of the households, businesses, the government, and foreigners. B) are very uncommon. C) are unlikely to change quickly in response to economic events. D) are primarily based on changes in firms' abilities to produce products. E) are not affected by changes in government policies.
Important sources of conflict in colonial America include conflicts between all of the following except
(a) Slaves and masters (b) Native Americans and colonists (c) Puritans, Roman Catholics, and Protestants (d) Indentured servants and masters