Which of the following is an explicit cost of production?
A. the electric bill
B. wages paid to workers
C. purchases of raw material
D. Only answers A and B are explicit costs because the purchases of raw material is only an opportunity cost.
E. Answers A, B, and C are all
Answer: E. Answers A, B, and C are all
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The expected-profit-maximization rule sets ________ equal to ________ and is an ________
A) marginal revenue; expected marginal cost; operational guideline B) expected marginal revenue; expected marginal cost; operational guideline C) expected marginal revenue; marginal cost; operational guideline D) marginal revenue; marginal cost; easily obtainable goal
An average tax rate of 1% on the poor and 20% on the rich would be
A. progressive. B. proportional. C. regressive.
Open-market operations is the purchase and sale of U.S. government bonds by the Federal Reserve Bank.
Answer the following statement true (T) or false (F)
What matters most in determining efficient distribution of production over the world is
A. absolute advantage. B. efficiency. C. the stock of resources. D. comparative advantage.