A nonmonetary opportunity cost is called a(n) ________, while a cost that involves spending money is called a(n) ________
A) accounting cost; explicit cost
B) implicit cost; explicit cost
C) accounting profit; economic profit
D) normal rate of return; asset
Answer: B
You might also like to view...
Specialization is the result of:
A) hiring experienced workers. B) paying higher wages to experienced workers. C) workers developing a certain skill set. D) increased demand for a firm's commodity.
If airports decide to compensate people who suffer from airplane noise because their homes are under the runway approaches, to whom should they offer monetary payments? The people who
A) actually live in affected residences. B) are bothered by the noise but themselves never travel on commercial airlines. C) both own affected residences and live in them. D) either own affected residences or live in them. E) own affected residences whether or not they live in them.
If total cost equals $2,000 and quantity produced is 100 units, then
A) fixed cost is $200 and average variable cost is $18. B) fixed cost is $600 and average variable cost is $14. C) fixed cost is $500 and marginal cost is $15. D) Either A or B can be correct.
A transfer payment is a payment
A) made by the government to its current workers. B) associated with items exported to other nations. C) for in-kind services provided to the government. D) for which no services or goods are rendered.