The Younger Segment of the U

question 30

Multiple Choice

The younger segment of the U.S.population is more diverse than older segments,in part,because:

• A) Young people are more likely to be counted by the census bureau
• B) Older people return to their country of origin
• C) Birthrates among people of color are higher than among whites
• D) Minorities don't live as long as whites

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Definitions:

Explicit Costs

Direct, out-of-pocket payments made by firms for the use of inputs and resources in the production process.

Implicit Costs

Costs that represent the opportunity cost of using resources owned by the firm for its own production instead of earning income elsewhere.

Accounting Profit

The net income reported on the financial statements, calculated as total revenues minus explicit costs.

Economic Profit

The difference between the total revenue generated by a business and the total costs, including both explicit and implicit costs.