Which of the following would be considered an implicit cost of operating a business?
A) advertising expenses
B) wages paid to workers
C) a normal rate of return for investors
D) any explicit cost
Answer: C
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If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately ________.
A. $3,925 billion B. $3,846 billion C. $4,108 billion D. $4,379 billion
Traditionally, economists regarded improvements in technology as
A) unrelated to economic growth in any systematic way. B) the most important factor that helped explain economic growth, and basically the only factor that would cause economic growth. C) an important factor in explaining economic growth that was due to economic forces that also could easily be explained. D) an outside factor that helped explain economic growth.
Studies have shown links between calcium consumption and a reduction in osteoporosis. How does this affect the market for calcium?
A) The calcium demand curve shifts to the right because of a change in tastes in favor of calcium. B) The calcium supply curve shifts to the right because of a change in tastes in favor of calcium. C) The calcium supply curve shifts to the left because this new information will increase the price of calcium. D) The calcium demand curve shifts to the left because this new information will increase the price of calcium.
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for tuna. Which panel best describes what happens in this market when there is a decrease in the productivity of commercial fishermen?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)