Out-of-pocket expenses such as wages and raw materials are
A) direct costs.
B) an owner-provided capital cost.
C) implicit costs.
D) explicit costs.
Answer: D
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Which characteristic would best be associated with perfect competition?
A. price takers B. product differentiation C. nonprice competition D. few sellers
Since the 1970s, the income tax system in the U.S. has become
a. less regressive. b. more aggressive. c. less progressive. d. regressive e. more proportional.
All normal-form games have at least one dominant strategy
Indicate whether the statement is true or false
More risk-averse people will:
a. hold fewer risky assets because marginal utility is rapidly diminishing. b. hold fewer risky assets because marginal utility is greater. c. hold fewer risky assets because rates of return are more uncertain. d. hold fewer risky assets because marginal utility is negative.