_--------economies Include _--------

question 44

Multiple Choice

_--------economies include _--------.

• A)Advanced; France, Australia and South Korea
• B)Emerging; Taiwan, Russia and Singapore
• C)Advanced; Russia, Canada and Singapore
• D)Advanced; the U.S., Taiwan and Russia
• E)Emerging; Saudi Arabia, Poland and Taiwan

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Definitions:

Competitive Price-Taker Firm

A business that accepts market prices as given because it has no power to influence them.

Economic Profit

The difference between the total revenue received from the sale of an output and the total opportunity costs of the inputs used.

Economic Losses

Monetary losses incurred from business operations or other economic activities, often delineated from accounting losses.

Positive Profit

A financial gain that occurs when the revenues earned exceed the costs incurred.