Implicit costs can be defined as
A) accounting profit minus explicit cost.
B) the non-monetary opportunity cost of using the firm's own resources.
C) the deferred cost of production.
D) total cost minus fixed costs.
Answer: B
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When a pharmaceutical company advertises that its allergy medication is clinically proven to alleviate hay fever symptoms, the pharmaceutical company is engaging in
A) informational advertising. B) trademark protection. C) persuasive advertising. D) direct marketing.
In the market for labor:
A. firms create the supply. B. the price in the market is the interest rate. C. individuals are the sellers of the good. D. there is never disequilibrium.
The first step in forming a corporation is to
a. find a large number of partners b. take out a business loan c. obtain a charter from the state government d. hire more staff e. pay dividends to stockholders
Who is not included in the labor force by the Bureau of Labor Statistics?
a. Anita, who is on temporary layoff b. Lauren, who has retired and is not looking for work c. Raymond, who does not have a job but has applied for several in the last week d. None of the above is correct.