Which of the following statements is correct?
a. Opportunity costs equal explicit minus implicit costs.
b. Economists consider opportunity costs to be included in a firm's total revenues.
c. Economists consider opportunity costs to be included in a firm's costs of production.
d. All of the above are correct.
c
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The Japanese health care system most closely resembles the health care system of _____, from which it was copied.
a. Great Britain b. Germany c. Canada d. the United States e. France
Which of the following would most likely occur if the federal government increased its spending and enlarged the size of the budget deficit during a period of full employment?
A. The rate of inflation would decline. B. The rate of inflation would rise. C. A recession would develop. D. Interest rates would fall.
Refer to the scenario above. The optimal strategy for Rachel is to bid a price:
A) above her willingness to pay. B) equal to half the amount she is willing to pay. C) equal to 5/6 times her willingness to pay. D) up to her willingness to pay.
When a country's import spending exceeds export spending, the country is experiencing a:
A) trade deficit. B) trade surplus. C) budget deficit. D) none of the above.