Innovation is the application of new technology to a production process

The accountant's definition of profits, or the definition used for tax purposes, is not wholly satisfactory from the economist's point of view because

A) accountants are paid by business firms and consequently tend to exaggerate the size of profits. B) accountants deal with empirical data while economists are interested in theoretical explanations. C) accountants tend to minimize profits in order to avoid the payment of unnecessary taxes. D) accounting costs do not include the entrepreneur's opportunity costs.

A possible benefit of unions is lower turnover among workers, which in turn leads to lower training costs.

Answer the following statement true (T) or false (F)