From the 1960s through the 1990s military expenditures increased as a percentage of GDP and they were a major influence in the continued growth of government outlays

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.

In terms of the numbers of firms in the U.S. economy, the most common type of firm is the

a. corporation b. partnership c. sole proprietorship d. nonprofit organization e. limited partnership corporation