721. ________ equals revenue minus all explicit costs
A.accounting profit *
722. Unemployment means that
A.people are not willing to work at the going wage rate.
B.at the going wage rate, there are people who want to work but cannot find work. *
C.there are some people who will not work at the going wage rate.
D.ther is excess demand in the labout market.
723. Opportunity cost is:
A.a cost that cannot be avoided, regardless of what is done in the future.
B.the cost incurred in the past before we make a decision about what to do in the future.
C.that which we forgot or give up when we make a choice or decision. *
D.the additional benefit of buying an additional unit of a product.
724. The circular flow of goods and incomes shows the relationship between:
A.firms and households *
B.goods and services
C.income and money
D.wages and salaries
725. The branch of economics where mathematics and statics are used to measure and analyze economics activities is called:
726. Economic profit is:
A.the difference between total revenue and the explicit costs.
B.the difference between total revenue and the opportunity cost of all the resources used in production. *
C.the difference between accounting profit and explicit costs
D.the difference between accounting profit and the oportunity cost of the market-supplied resources used by the firm
727. The father of New economics is
B.J.M keynes *
728. The problem refers to the possibility that owners and their manages may have different objectives.
B.prinipal-agent problem *
D.problem of different objects
729. The total demand for goods and services in an ecomony is known as:
A.aggregate demand *
B.gross national product
730. An input should be so allocated that the value added by the last unit is the same in all cases.
A.opportunity cost principle
B.equi-marginal principle *