On a bar graph comparing a firm's economic profit with its accounting profit, it will always be TRUE that
A) explicit costs will be greater in the column representing accounting profit.
B) explicit costs will be greater in the column representing economic profit.
C) total revenue will be greater in the column depicting accounting profit.
D) opportunity costs will be missing from the column depicting accounting profit.
Answer: D
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In economics, tangible merchandise is referred to as
A) invention. B) human capital. C) goods. D) services.
Why has the Federal Reserve chairman often been called the second most important person in terms of affecting the economy?
A) The Fed chairman has veto power over all federal spending. B) The Fed is in control of monetary policy. C) The Fed chairman draws the second highest salary of any official of the federal government. D) The Fed has regulatory power over all financial markets.