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

Economics

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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

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An average tax rate of 1% on the poor and 20% on the rich would be

A. progressive. B. proportional. C. regressive.

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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)

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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.

Economics