Which of the following statements is true regarding the differences between economic and accounting costs?
A) Accounting costs include all implicit and explicit costs.
B) Economic costs include implied costs only.
C) Accountants consider only implicit costs when calculating costs.
D) Accounting costs include only explicit costs.
D
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A public good is ________ and ________.
A) excludable; nonrival B) nonexcludable; rival C) excludable; rival D) nonexcludable; nonrival
Because almost all economists oppose policies that restrict trade among nations, policymakers do not restrict imports of certain goods
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. The poverty line is raised each year. B. The poverty line is lowered each year. C. The poverty line stays the same from one year to the next. D. None of these statements are true.
Demand is more elastic for an item for which few substitutes are available.
Answer the following statement true (T) or false (F)