If a Newly Elected Government Takes Actions That Makes Its

question 42

Multiple Choice

If a newly elected government takes actions that makes its country's courts more efficient and less corrupt,then

• A)producers will have greater confidence that they will benefit from their efforts.
• B)producers are likely to be more specialized.
• C)buyers and sellers will be more likely to honor contracts.
• D)All of the above are correct.

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Definitions:

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.

Accountants

Professionals responsible for managing and auditing financial records, ensuring accuracy and compliance with legal requirements.

Short Run

Describes a period in which some factors of production or inputs are fixed, limiting the ability of a business to fully adjust to market changes.

Long Run

A period in which all factors of production and costs are variable, and firms can adjust all inputs.