Which of the following is NOT an implicit cost?
A. opportunity cost of using an owner's savings
B. owner-provided labor
C. wages
D. owner-provided capital
Answer: C
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Most employees ________ on the value of health insurance provided by employers, and most people ________ when buying individual health insurance policies
A) pay taxes; do not get a tax break B) pay taxes; get a tax break C) do not pay taxes ; do not get a tax break D) do not pay taxes; get a tax break
All of the following issues were discussed as options for reforming the international financial architecture EXCEPT
A) how high an interest rate the lender of last resort should charge when it makes loans. B) the length of the payback period. C) the size of the loans. D) the moral hazard problem associated with a lender of last resort. E) if the lender of last resort (i.e., the IMF) should consult and collaborate with other international institutions such as the United Nations and the WTO.
If a manager's expected marginal revenue exceeds their expected marginal cost, which of the following is true?
A) The expected profit from producing another unit is negative. B) The manager is maximizing expected profit. C) To maximize expected profit, the manager should decrease production. D) To maximize expected profit, the manager should increase production.
A quota is
A) a tax imposed on imported goods. B) a legal limit on the amount of a good that can be produced by foreign owners of a firm located in a host country. C) a legal limit on the amount of a good that can be imported. D) an agreement between two countries in which the exporting country voluntarily agrees to limit its exports to the importing country.