Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $150,000 . Tom's explicit cost during the year totaled $85,000 . What is Tom's economic profit for his first year in business?

The evidence indicates that during the 1770s, the American colonists were

(a) among the most heavily taxed people in the European world. (b) among the most lightly taxed people in the European world. (c) taxed at a rate that was similar to other people in the European world. (d) taxed at rates that can't be compared to other rates due to lack of data.

Economic profit is defined as the difference between revenue and ____

a. explicit cost b. total economic cost c. implicit cost d. shareholder wealth e. none of the above