Homework Answers
23. Option A.
- The opportunity cost refers to the cost incurred or the benefit forgone when a person chooses a particular alternative and has to give up the production of other alternative due to the limited availability of resources.
- Even though opportunity cost is not restricted to monetary costs and forgone incomes, it may include both for an activity when a benefit is forgone.
- This is because, when a person chooses an alternative and gives up the other, he may loose both money and income while trying to compensate with the limited availability of resources.
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(A)
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(C)
(D)
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Please help with these questions,
Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not....
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27. Economic costs a. include both a normal rate of return on investment and the opportunity cost of each factor of production. are equal to the direct costs of hiring all factors of production. are the opportunity cost of each factor of production minus any interest charges paid on borrowed funds. are equal to total revenue minus accounting profit. b.
QUESTION 5 The largest cost of attending college is Ca tuition b. tuition and books C. room and board d. foregone costs QUESTION 6 The opportunity cost of education a. increases with the level of education attainment b. does not appear to be related to the level of education attainment c. is consistent with the level of education attainment d. decreases with the level of education attainment QUESTION 7 Goods and services produced domestically but sold abroad are Ca. inelastic...
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Question 1
(A)
(B)
(C)
(D)
An advantage of centralised decision-making is: Greater effectiveness in volatile environments More motivated employees Less monitoring of decisions More rapid decision making in all contexts The total amount of variable costs will: Not be affected by relevant range considerations Change proportionately with changes in production activity Increase in per unit cost as production decreases Remain constant within a relevant range of production An opportunity cost can be defined as: A cost incurred when an...
Question 1 Accounting profits are typically: equal to economic profits because accounting costs include all opportunity costs. O greater than economic profits because the former do not take implicit costs into account. smaller than economic profits because the former do not take implicit costs into account. O greater than economic profits because the former do not take explicit costs into account.
Please help with these questions,
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