Johnny has worked as a CPA for five years and wants to open his own public accounting practice. The cost of his college degree in accounting represents
A) the opportunity cost of this endeavor.
B) a sunk cost.
C) an expense.
D) a variable cost.
B
You might also like to view...
In recent decades, the trend among central banks has been to adopt ________
A) high employment as a central goal B) a dual mandate that gives equal weight to both price stability and low unemployment. C) price stability as a central goal D) a target of zero inflation E) none of the above
Which of the following best explains why price in competitive price-taker markets will tend to be driven to the minimum average total cost?
a. homogeneous products. b. few sellers. c. firms face downward-sloping demand curves. d. free entry and exit.
Sales tax is an example of an indirect business tax
Indicate whether the statement is true or false
According to the "animal spirits" described by Keynes, when optimism reigns, households and firms
a. increase spending which results in inflationary pressures. b. decrease spending which results in deflationary pressures. c. increase spending which results in deflationary pressures. d. decrease spending which results in inflationary pressures.