Generally When Calculating Profits as Total Revenue Minus Total Costs,accounting

question 117

Multiple Choice

Generally when calculating profits as total revenue minus total costs,accounting profits are larger than economic profits because economists take into account:

• A) only explicit costs.
• B) only implicit costs.
• C) both explicit and implicit costs.
• D) Both types of profits are always equal because they account for the same costs.

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Definitions:

Statistics

Statistics is the branch of mathematics dealing with the collection, analysis, interpretation, and presentation of masses of numerical data.

Sample Size

Sample size refers to the number of observations or individuals included in a statistical sample.

Null Hypothesis

A hypothesis that assumes no significant difference or relationship exists between certain variables; it's the default assumption to be tested against.

Research Hypothesis

A statement made by a researcher that predicts a relationship between two or more variables.