Explicit costs are
A) costs that are measured in dollars.
B) costs that do not involve an exchange of money.
C) the same as opportunity costs.
D) the same as implicit costs.
A
You might also like to view...
If a detrimental externality is being produced in the course of producing a good, then
A. P > MSC. B. MSC < MPC. C. incidental costs are negative. D. output is inefficiently large.
The reserve requirement is:
A. a loose guideline for how much banks must hold in reserves. B. the regulation that sets the minimum fraction of deposits banks must hold in reserve. C. currently set at $2 million for most banks. D. the dollar amount of cash banks must keep on hand and not loan out.
In the above table, what is the marginal revenue product of the 2nd worker?
A. $90 B. $1100 C. $700 D. $990
Which of the following increases in labor demand is due to a change in the product demand?
A. Access to computers increases the productivity of mail order businesses, thus increasing the demand for their workers B. Tourism increases in popularity, increasing the demand for workers at tourist resorts C. A decrease in the price of trucks decreases the cost of transporting goods, thus increasing the demand for truckers D. A change in work rules increases output per worker in the auto industry, thus increasing the demand for auto workers