People debate whether or not the U.S. should allow for greater oil exploration in Northern Alaska. According to the economic way of thinking, the debate is rooted in
A) different perceptions about the additional benefits and the additional costs of oil exploration in Northern Alaska.
B) a complete lack of appreciation of the value of wildlife and the ecology of Northern Alaska.
C) a complete lack of appreciation of the value of oil in world affairs.
D) politics rather than economics.
A
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Tommy's Teddy Bears incurs $300,000 per year in explicit costs and $50,000 in implicit costs. The shop earns $600,000 in revenues and has $1.1 million in net worth. Based on this information, what is economic profit for Tommy's Teddy Bears?
A) $250,000 B) $300,000 C) $500,000 D) $1.35 million
The Gini coefficient for the United States in 1980 was 0.403. In 2014, the coefficient was equal to 0.480. This means that
A) income inequality increased from 1980 to 2014. B) there was a decrease in the amount of government transfer payments from 1980 to 2014. C) cuts in federal income tax rates in the early 1980s and 2001 helped to reduce income inequality. D) per capita income in the United States rose from 1980 to 2014.