Sharon Seekrits Is a Nosy Person

question 2

True/False

Sharon Seekrits is a nosy person. She likes finding out everything she can about everyone she knows. She goes to the courthouse and looks up the tax assessments for every home on her block (public record). She goes to the city, county and state budgets to look up the salary of every public employee she knows (public record). She even checks voter records to see whether her friends and neighbors voted in the last election (public, although their actual votes are not). Seekrits realizes that her friend Manny Moons has been corresponding with the Bureau of Indian Affairs to try to get McKinley Avenue declared a protected Indian burial ground. Seekrits files a Freedom of Information request for copies of the letters from the BIA. A BIA official asks Seekrits why she wants the information, but she has no answer. The official has the right to deny access to the file because Seekrits cannot justify her request.

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Definitions:

Short-Run Output

The quantity of goods and services produced over a period where at least one input, typically capital, is fixed.

Economic Profit

The financial difference resulting from deducting both visible and hidden costs from total revenue.

Profit-Maximizing Level

The point at which a business achieves its highest level of profit with its current resources and market conditions.

Economic Profit

The gap highlighted by the difference in total income and total outgoings, including every cost, for a company.