Owner-provided capital and owner-provided labor are examples of
A. accounting costs.
B. implicit costs.
C. normal rate of return.
D. explicit costs.
Answer: B
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The cultural hypothesis of economic growth claims that:
A) most of the ancient cultures of the world have almost been forgotten post-globalization. B) different values and cultural beliefs cause differences in prosperity around the world. C) a common global culture is automatically created through liberal trade practices. D) values and cultural beliefs are proximate causes for differences in prosperity around the world.
An example of a job that usually involves a revenue-sharing plan would be:
A. car salesman. B. insurance agents. C. waiters and waitresses. D. All of the statements associated with this question are correct.
When social costs of an activity exceed private costs
A. this means that resources are being efficiently used. B. there is a tendency for resources to be under-utilized. C. there is a tendency for resources to be over-utilized. D. None of these is correct.
Which of the following functions of money would be violated if inflation were high?
A) unit of account B) store of value C) certificate of gold D) medium of exchange