Owner-provided capital and owner-provided labor are examples of
A) explicit costs.
B) implicit costs.
C) normal rate of return.
D) accounting costs.
Answer: B
Economics
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The figure above illustrates Mary's production possibilities frontier. If Mary wants to move from point b to point c, she must
A) improve technology. B) increase the accumulation of capital. C) give up some of good Y in order to obtain more of good X. D) give up some of good X in order to obtain more of good Y.
Economics
A tax that is imposed on an imported good is called a
A) tariff. B) quota. C) government license. D) patent.
Economics