Author Question: An economist's measurement of profit differs from an accountant's in that: a. accountants calculate ... (Read 85 times)

jCorn1234 · **on:** Jun 30, 2018

An economist's measurement of profit differs from an accountant's in that:
a. accountants calculate total revenue differently than do economists.
b. economists do not always include all of the opportunity costs when calculating total production costs.
c. accountants do not always include all of the opportunity costs when calculating total production costs.
d. economic profit generally exceeds accounting profit.

Question 2

An increase in the wage rate lowers the opportunity cost of leisure and induces people to enjoy more leisure.
a. True
b. False
Indicate whether the statement is true or false