An example of an explicit cost of production would be the
a. cost of forgone labor earnings for an entrepreneur.
b. lost opportunity to invest in capital markets when the money is invested in one's business.
c. lease payments for the land on which a firm's factory stands.
d. Both a and c are correct.
c
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Any dollar amount received by a seller above the marginal cost of production is known as a
A. producer surplus. B. willingness to accept. C. consumer surplus.
A U.S. firm buys apples from New Zealand with New Zealand dollars it got in exchange for U.S. dollars. New Zealand residents then use these dollars to purchase oranges from the U.S. Which of the following increases?
a. New Zealand's net capital outflow and New Zealand's net exports b. only New Zealand's net exports c. only New Zealand's net capital outflow d. neither New Zealand's net exports nor New Zealand's capital outflow
Kuznets' inverted-U hypothesis
a. implies that things must get worse before they get better. b. suggests that inequality will worsen and then improve as a country grows. c. suggests that inequality will improve and then worsen as a country grows. d. points out six characteristics of modern economic growth.
A woman named Sheila who retired becomes bored and begins to look for a job. During the time she is searching for work, she would be classified as:
A) structurally unemployed. B) cyclically unemployed. C) frictionally unemployed. D) not unemployed because she was not working before she started looking for a job.