Accounting profit Accounting profits are typically: Velg ett alternativ: smaller than economic profits because the former do not take implicit costs into account. greater than economic profits because the former do not take implicit costs into account. greater than economic profits because the former do not take explicit costs into account. O equal to economic […]

Supply curve – technological change An improvement in production technology will: Velg ett alternativ: shift the supply curve to the right. shift the supply curve to the left. shift the demand curve to the left. increase equilibrium price. The correct answer and explanation is : Correct answer: shift the supply curve to the right. Explanation:

Internalizing cost of pollution By requiring car producers to install emission control devices on cars, the government forces these producers to internalize some of the external costs of auto pollution. This will lead to the equilibrium price of cars: Velg ett alternativ: increasing and the quantity decreasing. increasing and the quantity increasing. decreasing and the

Characteristics of monopolistic competition Which assumption is part of the model of monopolistic competition? Velg ett alternativ: There are few buyers and sellers. Firms make identical products. There is no collusion among firms. There are significant barriers to entry into the market.  The correct answer and explanation is : Correct Answer: There is no collusion

Price discrimination Successful price discrimination requires that: Velg ett alternativ: all buyers have the same price elasticity of demand. buyers with inelastic demand be charged lower prices than buyers with elastic demand. buyers with inelastic demand be charged higher prices than buyers with elastic demand. all buyers be charged the same price regardless of their

Price rationing The rationing function of prices refers to the fact that government must distribute any surplus goods that may be left in a competitive market. Velg ett alternativ: False True The correct answer and explanation is : Correct answer: False Explanation (Approx. 300 words): The statement is false because it misrepresents the concept of

Tapers are identified by two different means in the machining industry. The first is angular dimension, and the second is:a. total length of part.b. diameter of part at one end.c. both length of part and diameter change.d. None of the above. The correct answer and explanation is : The correct answer is b. diameter of

Which of the following lathe setups would produce a taper about 1″ long and 3 degrees on a workpiece?a. Compound rest angledb. Tailstock offsetc. Taper attachmentd. All of the abovee. None of the above The correct answer and explanation is : The correct answer is d. All of the above. Explanation: In lathe operations, a

Identify each group of spending outlays as mandatory or discretionary. Mandatory government employee salariesunemployment compensationincome assistance + food stampsSocial SecurityMedicareDiscretionary funding for scientific researchdefenseinternational aid The correct answer and explanation is : Mandatory Outlays: Discretionary Outlays: In summary, mandatory outlays are those that are required by law and typically include entitlement programs such as Social

What is the practice in your area? Run an individual branch circuit? Connect it to one of the 20-ampere small-appliance branch circuits? The correct answer and explanation is : The correct practice is to run an individual branch circuit. Here’s the explanation: In residential electrical systems, the National Electrical Code (NEC) provides guidelines on how