________ is called an implicit cost, while ________ is called an explicit cost
A) An accounting cost; an economic cost
B) A nonmonetary opportunity cost; a cost that involves spending money
C) A production cost; a sales cost
D) An actual cost; a hypothetical cost
Answer: B
You might also like to view...
Refer to Table 18.1. The opportunity cost of a hat in Panama is
A) 1/2 of a glove. B) 3/4 of a glove. C) 4/3 gloves. D) 2 gloves.
Average consumption in an economy is best measured by ________, while average productivity in an economy is best measured by ________.
A. output per person; output per worker B. total output; output per worker C. output per worker; total output D. output per worker; output per person
Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and a decrease in demand are represented by a movement from:
A. point c to point a. B. point b to point d. C. point d to point a. D. point a to point b.
When a consumer is at the consumer optimum
A. MUa = MUb = MUc = . . . = MUn. B. MUa/Pa = MUb/Pb = MUc/Pc = . . . = MUn/Pn. C. MUa/Pa = MUb/Pb = MUc/Pc = . . . = MUn/Pn = 1. D. TUa = TUb = TUc = . . . = TUn.