The Out-Of-Pocket Expenses Incurred in Producing a Good Are Also

question 69

Multiple Choice

The out-of-pocket expenses incurred in producing a good are also known as

• A) implicit costs.
• B) fiduciary costs.
• C) explicit costs.
• D) capital costs.
• E) wages and prices.

---

Definitions:

Positive Question

A question concerning the way the world actually is (fact-based) rather than how it should be (value-based).

Decent Standard

A level of living or quality of life that is considered suitable or acceptable by general societal norms.

Cost Of Living

The amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time.

Economic Growth

The increase in the production of goods and services in an economy over a period of time.