The difference between the accountant's and the economist's measurement of cost is equal to implicit costs.
Answer the following statement true (T) or false (F)
True
Accounting cost refers to the explicit dollar outlays made by a producer. Economic cost, in contrast, refers to the value of all costs, both explicit and implicit.
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We all behave as speculators in our economic transactions
A) because everyone likes to gamble. B) because we all act in the hope of benefits from a correct anticipation of future events. C) unless we never buy on credit. D) unless we use the services of middlemen.
This year a country loaned more to the rest of the world than it borrowed from the rest of the world. In addition, the country has invested more in the rest of the world than other countries have invested in it
The country is currently a ________ and also a ________. A) net lender; creditor nation B) net borrower; creditor nation C) net borrower; debtor nation D) debtor nation; net lender