In Which Country, as Described in the Textbook, Were Marchers

question 16

Multiple Choice

In which country, as described in the textbook, were marchers attacked at a Gay Pride parade in 2001?

• A) Russia
• B) Iran
• C) Serbia
• D) Hungary

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Definitions:

Implicit Costs

Implicit costs are the opportunity costs of using resources owned by the business for production instead of lending, selling, or renting them out.

Accounting Profits

The net income for a company determined by subtracting total expenses from total revenues, according to generally accepted accounting principles (GAAP).

Short Run

A period of time during which at least one factor of production is fixed, usually considered in economic models and analyses.

Long Run

A period of time in economics sufficiently long to allow for all inputs to production, such as plant and equipment, to be varied (as opposed to just the amount of labor or raw materials).