Wealthy consumers do not have to make decisions on what to buy or how much to save

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.

When politicians support policies such as imposing punitive tariffs on imports, which are popular among voters but which also reduce economic efficiency, we refer to this as:

A. Regulatory capture B. Voter failure C. Limited and bundled choice D. Paradox of voting