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:

Narrative Review

A technique for literature reviews in which the author locates and reports on all the studies he or she can find, providing a qualitative summary.

Spatial Abilities

The ability to comprehend, rationalize, and recall the spatial relationships between objects or areas.

Mathematical Abilities

The capacity to perform and understand various mathematical operations, concepts, and problem-solving techniques.

Cerebral Hemispheres

The two halves of the brain, each controlling the opposite side of the body and specializing in different functions, such as language and spatial abilities.