Explicit costs are
a. not part of opportunity cost
b. the only cost considered in opportunity cost
c. exactly the same as implicit costs
d. actual monetary payments for resources purchased
e. the opportunity costs of using resources owned by the firm
D
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The real balances effect predicts that higher prices:
a. make people worse off by reducing the value of their wealth, leading them to save more and spend less. b. make people worse off by reducing the value of their wealth, leading them to save less and spend more. c. make people better off by increasing the value of their wealth, leading them to save less and spend more. d. increase borrowing, leading to higher interest rates and less investment. e. make domestic goods relatively more expensive, increasing the demand for domestic goods and decreasing the demand for foreign goods.
In medieval Europe an important technological advance was the use of the padded horse collar for plowing. Once this idea was thought of, other people used it. This illustrates that knowledge is generally a
a. public good. b. societal good. c. private good. d. normal good.
The "exotic" mortgage instrument of recent years is exemplified by the
A. "traditional" mortgage. B. "magical-mystery" mortgage. C. "interest-only" mortgage. D. bank mortgage loan.
Many Americans are selling their used cars and buying new fuel-efficient hybrids. Other things remaining the same, in the market for used cars, ________ and in the market for hybrids ________
A. supply increases and the price falls; demand increases and the price rises B. demand decreases and the price rises; supply increases and the price falls C. both demand and supply decrease and the price might rise, fall, or not change; demand increases and the price rises D. demand decreases, supply increases, and the price falls; supply in-creases and the price falls