Economic Profits and Losses

question 163

Multiple Choice

Economic profits and losses

• A) are both considered by economists to be a part of production costs.
• B) are essential to the reallocation of resources from less desired to more desired goods.
• C) have no influence on the composition of domestic output.
• D) equalize the distribution of income in the long run.

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Definitions:

Behavioral Responses

Actions or reactions of an organism as a result of external or internal stimuli.

Collective Unconscious

A concept by Carl Jung referring to the part of the unconscious mind that is derived from ancestral memory and experience and is common to all humankind.

Operant Behavior

Behavior that is controlled by its consequences, in the context of operant conditioning, whereby reinforcements or punishments shape behavior patterns.

Successive Approximation

A behavioral psychology principle where behaviors are gradually shaped to approximate the desired behavior closer and closer.