The payment of wages by a firm is an example of:
A) an explicit cost of production.
B) an implicit cost of production.
C) an irreversible cost of production.
D) a long-run cost of production.
A
You might also like to view...
A quasi-public good is similar to a public good in that one person's consumption of the quasi-public good does not reduce the amount available for everyone else
Indicate whether the statement is true or false
_____ have faith in the free market (price) system that leads them to favor minimal government intervention
a. New Keynesian economists b. Traditional Keynesian economists c. Monetarist economists d. Traditional classical economists e. New classical economists
Which of the following does not explain why the command systems of the Soviet Union and Eastern Europe failed?
A. The failure to use money for most exchanges. B. Coordination problems. C. Prices and profits did not fluctuate to reflect wants for a different allocation of resources. D. Incentive problems.
How is economic growth shown by the production possibilities curve?
A. by moving the curve to the left B. by changing the shape of the curve from a straight line to one that is bowed C. by moving up the existing curve D. by shifting the curve to the right