Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
A. Diane's wage.
B. Sam's time.
C. Diane's tips.
D. Sam's tips.
Answer: B
You might also like to view...
In order to avoid problems involved with calculating percentage changes over a wide range, economists use the base or midpoint formula to calculate percentage changes when measuring the price elasticity of demand
a. True b. False Indicate whether the statement is true or false
Many economists conclude that in-kind income programs have served to increase levels of inequality significantly from the levels suggested by aggregate income statistics
a. True b. False Indicate whether the statement is true or false
The accounting identity for the economy's factor payments can be written as ____
a. GDP = wages + interest + rents + profits b. GDP = consumption + investment + government + intermediate goods + net exports c. GDP = wages + interest + rents + net exports d. GDP = wages + interest + rents + saving + investment
The U.S. Congress instituted a system of deposit insurance for banks in:
A. 1913. B. 1789. C. 1865. D. 1934.