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

Economics

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__________________ —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

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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.

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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.

Economics