Government ownership of property and resources in the United States is
A. about as common as it is in European countries.
B. widespread; the United States is a leader in the amount of government ownership of resources.
C. relatively rare; the United States is mostly privatized.
D. rare but has been increasing rapidly as the United States catches up to other countries.
Answer: C
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Which of the following is true?
A) Profit as calculated by accountants and economic profit are not necessarily equal. B) Profit as calculated by accountants is always smaller than economic profit. C) Economic profit ignores implicit costs. D) The Internal Revenue Service taxes the firm's economic profit but not its normal profit. E) The Internal Revenue Service taxes the firm's normal profit but not its economic profit.
In a perfectly competitive market in which all firms are maximizing their economic profits, the demand and supply curves intersect at a price of $8. From this we know that each
A) firm's average total cost of producing the good is $8. B) firm's average variable cost of producing the good is $8. C) firm's marginal cost of producing the good is $8. D) firm is earning positive economic profits at a price of $8 or more.