ch9 - Name Date ch9 1 Jacquelyn is a student at a major...

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Name: __________________________ Date: _____________ ch9 1. Jacquelyn is a student at a major state university. Which of the following is not an example of an explicit cost of her attending college? A) tuition B) textbooks C) the salary that she could have earned working full-time D) computer lab fees 2. Sarah's accountant tells her that she made a profit of $43,002 running a pottery studio in Orlando. Sarah's husband—an economist—claims Sarah lost $43,002 running her pottery studio. This means her husband is claiming that she incurred ________ in ________ costs. A) $86,004; implicit B) $43,002; implicit C) $43,002; explicit D) $86,004; explicit 3. If economic profit for a firm is negative: A) the firm should exit the industry in the long run. B) accounting profit must be negative. C) the firm should stay in business so long as accounting profit is positive. D) the firm will not owe any taxes to the government.
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This note was uploaded on 03/15/2011 for the course ECON 101 taught by Professor Drwang during the Spring '11 term at National Taiwan University.

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ch9 - Name Date ch9 1 Jacquelyn is a student at a major...

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