Complete the sentences to illustrate how economists and accountants view profit differently. Economic profit is always zero. typically higher than accounting profit. typically lower than accounting profit. Economic costs and accounting costs differ because accountants include both explicit and implicit costs. only explicit costs. only implicit costs. neither explicit nor implicit costs. Economic costs and accounting costs differ because economists include neither explicit nor implicit costs. only explicit costs. both explicit and implicit costs. only implicit costs.

Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.