Which of the following are implicit costs for a typical firm?
A) the cost of labor
B) the opportunity cost of capital owned and used by the firm
C) the cost of energy used in production
D) a business licensing fee
Answer: B
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Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she decides to charge each customer according to his or her willingness to pay. What is the value of consumer surplus by her customers?
A) $39 B) $28 C) $11 D) $0
The significance of dead capital is that
A) it is difficult to allocate to its most efficient use. B) its fixed cost is too high. C) it is being removed from its most efficient use. D) it replaces too many workers.
Which of the following terms describes how a good is produced in stages?
a. supply chain b. value chain c. supply trade d. value trade
Between 1981and 2003, government spending as a percentage of GDP
a. remained fairly constant at approximately 10 percent b. remained fairly constant at approximately 33 percent c. decreased from approximately 30 percent to 15 percent d. increased from approximately 15 percent to 30 percent e. increased from approximately 30 percent to 65 percent