In defining economic costs, economists emphasize
A. Explicit and implicit costs while accountants recognize only explicit costs.
B. Only explicit costs while accountants recognize only implicit costs.
C. Only explicit costs while accountants recognize explicit and implicit costs.
D. Explicit and implicit costs while accountants recognize only implicit costs.
Answer: A
You might also like to view...
Which of the following statements about the central bank is TRUE?
A) Only the central bank may hold foreign reserves and intervene officially in exchange markets. B) Central banks have little power to alter macroeconomic conditions. C) Today, central banks' reserves consist largely of gold. D) The Federal Reserve holds only a small level of official reserve assets other than gold. E) Central banks never inject money into the economy.
If an increase in the price of good X causes the demand curve for product Y to shift to the right, then X and Y are most likely to be which of the following?
a. Shoes and laces b. Tennis balls and tennis rackets c. Turkey and chicken d. Knives and forks e. DVD players and DVDs
Suppose Fed's purchase of government bonds results in a $120,000 increase in the excess reserves of a particular bank. What would be the applicable reserve requirement for the whole banking system to be able to expand the money supply by $600,000?
a. 10 percent b. 12 percent c. 16 percent d. 20 percent e. 25 percent
Adding together the growth rate of labor input and the growth rate of labor productivity yields the growth rate of
a. nominal GDP. b. actual GDP. c. potential GDP. d. final GDP.