Economic profits are

A) always larger than accounting profits.
B) the sum of accounting profits and implicit costs.
C) equal to the difference between total revenues and implicit costs.
D) equal to the difference between accounting profits and implicit costs.

In a real estate transaction, who has the obligation of searching the title to determine which encumbrances must be discharged?

A) Purchaser's realtor.
B) Vendor's realtor.
C) Purchaser's lawyer.
D) Vendor's lawyer.
E) Surveyor.

Refer to Figure 33-3. In Figure 33-3, Point B represents a

A) short-run equilibrium and a long-run equilibrium.
B) short-run equilibrium, and Point A represents a long-run equilibrium.
C) long-run equilibrium, and Point A represents a short-run equilibrium.
D) long-run equilibrium, and Point C represents a short-run equilibrium.

Two dimensions of emotional states determine if a shopper will react positively or negatively to a consumption environment. These two dimensions are best described as being:

A) pleasure and pain.
B) avoidance and satisfaction.
C) deal making and arousal.
D) pleasure and arousal.

Private-sector strikes and lockouts typically end because:

A) the federal government intervenes with a "back-to-work" order.
B) the parties eventually tire of bickering.
C) they are costly in terms of lost profits and lost wage income.
D) the parties rely heavily on outside arbitration.

Adjusting entries are usually entered in the work sheet before they are entered in the general journal.