What are explicit cost and implicit cost?
What will be an ideal response?
Explicit cost is the actual monetary payments for inputs while implicit cost is the opportunity cost of the inputs that do not require a monetary payment.
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___________ is the speed and ease of retrieving cash or turning another type of investment into cash
a. Morbidity b. Liquidity c. Asset building d. Lifetime earning credit
Which of the following actions should be discussed with an attorney before undertaking as the action could be considered legal?
A) an agreement with a competitor firm to set prices B) an agreement with a competitor firm to not sell to a particular customer C) an agreement with a competitor firm to adjust output levels D) an agreement with a customer about the resale price the customer will charge for the product
There are several government agencies in the United States that regularly check the balance sheets of banks. This is done to ensure that: a. banks take on risky projects that will earn high returns. b. banks have a positive net worth. c. banks earn sufficient profits
d. banks lend to customers with poor credit ratings.
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Of the labeled points, only ________ are attainable.
A. T and U B. W, X, Y, Z, V, and T C. X, Y, and Z D. W, X, Y, Z, and V