An example of an implicit cost of production is:
a. the cost of raw materials used to produce bread in a bakery
b. the cost of labor in a factory that assembles DVD players.
c. the income an entrepreneur could have earned working for someone else.
d. all of the above.
c
Economics
You might also like to view...
The statement that "there is no such thing as a free lunch" means:
A) there are no tradeoffs between economic goals. B) any production requires the use of scarce resources, and thus the sacrifice of another alternative. C) choices need not be made in rational behavior. D) scarcity only exists in poor societies.
Economics
If a country has a 4 percent annual growth in real GDP and a one percent growth in population, its per capita growth of real GDP is
A) five percent. B) four percent. C) three percent. D) 1/4 = 0.25 percent.
Economics