The costs of labor and land used to produce a product is
A) administrative costs.
B) costs of goods sold.
C) net profit plus the cost of capital.
D) none of these choices.
B
You might also like to view...
The principle of voluntary exchange is the concept that a voluntary exchange between two people makes both people better off
Indicate whether the statement is true or false
In the run up to the war in Iraq that began in 2003, one of the many concerns raised was that a war could result in a decrease in the supply of oil. At the same time, the U.S
economy was having a hard time recovering from the recession of 2001 and, as a result, incomes of many consumers had decreased (due to layoffs, wage cuts, and so forth). All else constant, it was reasonable to predict, with certainty, that the combination of these two factors would cause the equilibrium: A) quantity of oil to decrease. B) quantity of oil to increase. C) price of oil to increase. D) price of oil to decrease.
For most goods and most people, marginal utility probably: a. continues to increase as larger quantities are purchased. b. declines as consumption increases
c. plummets after the first few units but soon begins to rise. d. is negative after the first unit of a good is purchased.
Answer the following statement(s) true (T) or false (F)
1. Trans-boundary pollution linked to electricity generation can be modeled as an international externality whereby the MSB is lower than the MEB of electricity. 2. The Montreal Protocol and its amendments address the phase out of those chemicals primarily responsible for climate change. 3. Chlorofluorocarbons (CFCs) are a group of chemicals believed to contribute to depletion of the ozone layer. 4. The United States ratified the Kyoto Protocol in 2001 during the Bush administration. 5. The flexible mechanisms relevant to the Kyoto Protocol include a system of tradable allowances for greenhouse gases.