Costs That Are Included in the Economic Concept of Cost

question 131

Multiple Choice

Costs that are included in the economic concept of cost but that are NOT explicit costs are:

• A)outlay costs.
• B)accounting profits.
• C)implicit costs.
• D)economic profits.

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Definitions:

Veins

Mineral deposits that fill cracks in rocks, often distinguished by their different materials from the surrounding rock.

Hydroelectric Dams

Dams built to generate electricity by using the energy of water flowing through turbines.

Ocean Tides

The regular rise and fall of the sea level caused by the gravitational pull of the moon and sun on the Earth's oceans.

Turbines

Machines for producing continuous power in which a wheel or rotor, typically fitted with vanes, is made to revolve by a fast-moving flow of water, steam, gas, air, or other fluid.