Which of the following is an example of something that economists would consider a cost but accountants would not?
A. the wages paid to employees of a firm
B. the wages that the owner of a firm could have earned in some alternative job
C. rent paid to a business's landlord
D. the cost of leather used in the production of footballs
Answer: B
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The brief success of the OPEC cartel in the 1970s can most plausibly be attributed to
A) the dependence of industrial economies on oil. B) the fact that OPEC was a cartel formed by national governments. C) the inelastic demand for oil. D) the misguided policies of the U.S. government. E) the widespread expectation of much higher prices in the future.
All other things being equal, wages will be higher when
a. employers provide less capital for their workers to use. b. workers choose not to obtain signals like education. c. workers possess less human capital. d. the job has unpleasant or risky aspects.
An economy is said to have a comparative advantage in producing a particular good if it:
A) can produce more of all goods than another economy. B) can produce less of all goods than another economy. C) has the highest cost for producing that good. D) has the lowest cost for producing that good.
In most less developed countries, the initial target of import substitution is to promote domestic production of
(a) consumer goods. (b) food and other agricultural goods. (c) capital goods. (d) manufactured intermediate goods.