题目内容

Economists assume that the goal of the firm is to maximize total ( )

A. revenue.
B. profits.
C. costs.
D. satisfaction.

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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.

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The things that must be forgone to acquire a good are called ( )

A. implicit costs.
B. opportunity costs.
C. explicit costs.
D. accounting costs.

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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.

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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.

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Economists assume that the goal of the firm is to maximize total ( )

A. revenue. B. profits. C. costs. D. satisfaction.

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 ( )

The things that must be forgone to acquire a good are called ( )

The value of a business owner's time is an example of ( )

Which of the following statements is correct? ( )

A. revenue.
B. profits.
C. costs.
D. satisfaction.