Jane was a partner at a law firm earning $223,000 per year. She left the firm to open her own law practice. In the first year of business she generated revenues of $347,000 and incurred explicit costs of $163,000. Jane’s economic profit from her first year in her own practice is ( )
A. -$39,000.
B. $124,000.
C. $163,000.
D. $184,000.
查看答案
The things that must be forgone to acquire a good are called ( )
A. implicit costs.
B. opportunity costs.
C. explicit costs.
D. accounting costs.
The value of a business owner's time is an example of ( )
A. an opportunity cost.
B. a fixed cost.
C. an explicit cost.
D. total revenue.
Which of the following statements is correct? ( )
A. Opportunity costs equal explicit minus implicit costs.
B. Economists consider opportunity costs to be included in a firm’s total revenues.
C. Economists consider opportunity costs to be included in a firm’s costs of production.
D. All of the above are correct.
An example of an explicit cost of production would be the ( )
A. cost of forgone labor earnings for an entrepreneur.
B. lost opportunity to invest in capital markets when the money is invested in one's business.
C. lease payments for the land on which a firm’s factory stands.
D. Both a and c are correct.
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