The payment of wages by a firm is an example of:
A) an explicit cost of production.
B) an implicit cost of production.
C) an irreversible cost of production.
D) a long-run cost of production.
A
Economics
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To increase income by $120 when the slope of the curve showing the relationship between your income and work hours is 8, how many extra hours will you need to work?
A) 8 B) 15 C) 112 D) 960
Economics
Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Which country faces the lowest opportunity cost of producing beef?
A) The U.S. B) Canada C) Both countries D) Neither country
Economics