Which of the following is an implicit cost to a firm that produces a good or service?
A. Labor costs
B. Foregone profits of producing a different good or service
C. Costs of operating production machinery
D. Costs of renting or buying land for a production site
Answer: B
You might also like to view...
Net exports of goods and services is equal to the value of
A) exports plus the value of imports. B) imports minus the value of exports. C) domestic consumption minus the value of imports. D) exports minus the value of imports. E) domestic consumption minus the value of exports.
Refer to the figure above. Which of the following is true?
A) Firm 2 should follow Strategy X if Firm 1 follows Strategy X. B) Firm 2 should follow Strategy Y if Firm 1 follows Strategy Y. C) Firm 2 should follow Strategy X if Firm 1 follows Strategy Y. D) Firm 1 should always follow Strategy X.
__________ generally results in increases in per-capita GDP
a. Civil war b. High levels of inequality in the distribution of land ownership c. Investment in human capital d. A stock of natural resources
A higher interest rate makes _____ less attractive. Therefore the quantity of loanable funds demanded decreases
Fill in the blank(s) with correct word