You spend $20 on a lottery ticket instead of buying groceries. The $20 spent on the lottery ticket represents an ________ and the forgone groceries represent an ________
A) explicit cost; explicit cost
B) implicit cost; explicit cost
C) explicit cost; implicit cost
D) implicit cost; implicit cost
C
Economics
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The U.S. government imposes import quotas on many agricultural products, especially products that receive price supports. Offer an economic explanation for this
What will be an ideal response?
Economics
In Econland population increased from 1 million to 1.1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $19,000 per worker per year. Total output in Econland ________ and the average standard of living ________.
A. increased; increased B. increased; decreased C. decreased; decreased D. decreased; increased
Economics