Economic or pure profit is calculated by subtracting: explicit costs from revenu
ID: 1206095 • Letter: E
Question
Economic or pure profit is calculated by subtracting: explicit costs from revenue. implicit costs from revenue. implicit costs from normal profit exp[licit and implicit costs from revenue. Income elasticity measures how sensitive purchases of a specific product are to changes in: the price of other products. the price of the same product. income, the general price level. Fixed costs are often described by accountants as: costs which vary with output. "overhead" or" sunk costs". multiple costs. costs incurred to repair an item. An increase in the price of a good will cause total revenue to fall if price elasticity of demand is: elastic. inelastic. unit elastic. perfectly elastic. The most effective form of business organization for raising money to finance the expansion of its facilities is a: partnership. corporation. conglomerate. sole proprietorship. If a business decreased the price of its product from $10 to $9 when demand was price inelastic, total revenues would: decrease. increase. remain unchanged. be perfectly inelastic. Which of the following is not a characteristic of a product with relatively inelastic demand? The product is regarded by consumers as a necessity. There are large numbers of good substitutes for the product. Buyers Spend only a small percentage of their income for the product. Consumers have had only a short time period to adjust to price changes. Which of the following is correct? A person who purchases a corporate bond is borrowing money from a corporation. A person who purchases corporate stock is buying ownership in the corporation. A person who purchases a corporate bond is guaranteed to earn dividends from stock. A person who purchases corporate stock gets the option to buy other shares of stock at lower prices. Which of the following will cause the demand schedule to be relatively elastic? There are a limited number of substitutes for the product. There is a significant amount of time available to make the purchase decision. The product is considered a necessity. Purchases of the product require only a small portion of the buyer's total budget.Explanation / Answer
(18) The economic or pure profit is calculated by subtracting both implicit cost and explicit cost from revenue. The correct answer is option (D).
(19) The income elasticity measures the price of some other product. The correct answer is option (A).
(20) Fixed cost are often described by accountants as multiple cost. The correct answer is option (C).
(21) An increase in the price of a good will cause total revenue to fall if price elasticity of demand is elastic. The correct answer is option (A).
(22) The most effcetive form of business organisation for raising money to finance the expansion of its facilities is a corporation. The correct answer is option (B).
(23) If a business decreases the price of its product from $10 to $9 when demand is price inelastic, total revenues would decrease. The correct answer is option (A).
(24) The one which is not a characteristic f a product with relatively inelastic demand is there are large number of good substitutes for the product. The correct answer is option (B).
(25) The correct answer is option (A). A man who purchases corporate bond is borrowing money from a corporation.
(26) The correct answer is option (C). The cause of demand scheule to be relatively elastic is that the product is considered a necessity.
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