4. Which of the following is considered when calculating economic profit but not accounting profit? a. implicit cost b. explicit cost C. total revenue 1. Which of the following is an example of an implicit cost of going out for lunch? a. the amount of the tip you leave the waiter b. the total bill you charge to your credit card c. the cost of gas to drive to the restaurant d. the value of the time you spent eating lunch e. all of the above d. marginal cost e. All of the above are considered when calculating accounting profit. 2. Which of the following is an implicit cost of attending college? a. tuition 5. You sell T-shirts at your school's football costs $5 to make and sells for $10. Each game lasts two hours and you sell 100 shirts per game. You could always be earning $8 per hour at your other job. Which of the following is correct? Your accounting profit from selling shirts at a game is a. $1,000 and your economic profit is $500. b. $500 and your economic profit is $1,000. c. $500 and your economic profit is $484. d. $484 and your economic profit is $500. e. $500 and your economic profit is also $500. games. Each shirt b. books c. laptop computer d. lab fees e. forgone salary 3. Which of the following is the best definition of accounting profit? Accounting profit equals total revenue minus depreciation and total a. explicit cost only b. implicit cost only. c. explicit cost plus implicit cost. d. opportunity cost. e. explicit cost plus opportunity cost.
4. Which of the following is considered when calculating economic profit but not accounting profit? a. implicit cost b. explicit cost C. total revenue 1. Which of the following is an example of an implicit cost of going out for lunch? a. the amount of the tip you leave the waiter b. the total bill you charge to your credit card c. the cost of gas to drive to the restaurant d. the value of the time you spent eating lunch e. all of the above d. marginal cost e. All of the above are considered when calculating accounting profit. 2. Which of the following is an implicit cost of attending college? a. tuition 5. You sell T-shirts at your school's football costs $5 to make and sells for $10. Each game lasts two hours and you sell 100 shirts per game. You could always be earning $8 per hour at your other job. Which of the following is correct? Your accounting profit from selling shirts at a game is a. $1,000 and your economic profit is $500. b. $500 and your economic profit is $1,000. c. $500 and your economic profit is $484. d. $484 and your economic profit is $500. e. $500 and your economic profit is also $500. games. Each shirt b. books c. laptop computer d. lab fees e. forgone salary 3. Which of the following is the best definition of accounting profit? Accounting profit equals total revenue minus depreciation and total a. explicit cost only b. implicit cost only. c. explicit cost plus implicit cost. d. opportunity cost. e. explicit cost plus opportunity cost.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answers are 1.D 2.E 3.A 4.A 5.C....
I need explanation for each of them.
Transcribed Image Text:4. Which of the following is considered when calculating
economic profit but not accounting profit?
a. implicit cost
b. explicit cost
C. total revenue
1. Which of the following is an example of an implicit cost of going
out for lunch?
a. the amount of the tip you leave the waiter
b. the total bill you charge to your credit card
c. the cost of gas to drive to the restaurant
d. the value of the time you spent eating lunch
d. marginal cost
e. All of the above are considered when calculating accounting
profit.
e. all of the above
2. Which of the following is an implicit cost of attending college?
a. tuition
5. You sell T-shirts at your school's football games. Each shirt
costs $5 to make and sells for $10. Each game lasts two hours
and you sell 100 shirts per game. You could always be earning
$8 per hour at your other job. Which of the following is correct?
Your accounting profit from selling shirts at a game is
a. $1,000 and your economic profit is $500.
b. $500 and your economic profit is $1,000.
c. $500 and your economic profit is $484.
d. $484 and your economic profit is $500.
e. $500 and your economic profit is also $500.
b. books
c. laptop computer
d. lab fees
e. forgone salary
3. Which of the following is the best definition of accounting
profit? Accounting profit equals total revenue minus
depreciation and total
a. explicit cost only.
b. implicit cost only.
c. explicit cost plus implicit cost.
d. opportunity cost.
e. explicit cost plus opportunity cost.
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