Unlike implicit costs, explicit costs
a. reflect opportunity costs
b. include the value of the owner's time
c. are not included in the accounting statement of the firm
d. are actual cash payments
e. do not change with the output rate of the firm
D
You might also like to view...
Refer to Figure 11-5. Based on the "catch-up line" drawn above, poorer countries are more likely to be at a point like ________, where growth in GDP is relatively ________, while richer countries are more likely to be at a point like ________,
growth in GDP is relatively ________. A) B; low; A; high B) B; high; A; low C) A; high; B; low D) A; low; B; high
The reason that some corporations grow so big is
A. double taxation. B. that they are a separate entity from their owners. C. that they have limited liability. D. that they cannot be regulated.
Supply-side inflation will increase the price level and reduce real GDP
a. True b. False Indicate whether the statement is true or false
In a closed economy that is in equilibrium, investment is equal to:
A. private saving. B. public saving. C. private saving plus public saving. D. disposable income minus consumption.