Economic Profit Is Defined as Total Revenue

question 66

Multiple Choice

Economic profit is defined as total revenue

• A)plus total costs
• B)minus marginal costs
• C)minus variable costs
• D)minus total costs
• E)minus fixed costs

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Definitions:

Population Growth

The increase in the number of individuals in a population over a specific period of time.

Real Per Capita Output

The total real output of an economy divided by the population, measuring the average economic output per person in real terms, adjusted for inflation.

Real Output

The quantity of goods and services produced, adjusted for inflation, reflecting the actual productivity of an economy.

Real GDP

Gross domestic product adjusted for inflation; gross domestic product in a year divided by the GDP price index for that year, the index expressed as a decimal.