Which of the following is NOT an explicit cost?
A. rent
B. taxes
C. opportunity cost of using an owner's savings
D. wages
Answer: C
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Referring to Situation #1 suppose that you decide that you have to fire the first and the third executive without hiring any replacements
What would be the opportunity cost of the second executive's work? Explain why your answer is not the same as in the question above.
__________________ —a term referring to the activities that businesses can perform to take advantage of economies of scale.
a. Scarcity b. Division of labor c. Core competency d. Specialization
Supply-side economics calls for:
a. lower taxes on businesses and individuals. b. All of the answers are correct. c. regulatory reforms to increase productivity. d. government subsidies to promote technological advance.
In order of their occurrence, the phases of the business cycle are:
A. peak, downturn, trough, upturn. B. peak, upturn, downturn, trough. C. peak, downturn, upturn, trough. D. peak, upturn, trough, downturn.