A Closed-Ended Question

question 7

Multiple Choice

A closed-ended question

• A)requires the interviewee to produce something spontaneously.
• B)cannot be answered specifically.
• C)gives the interviewee wide latitude in choosing the topics that he or she feels is important.
• D)generally requires the person to recall something.

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Definitions:

Explicit Costs

Direct, out-of-pocket payments for resources employed by firms for production, such as wages or rent.

Accounting Profit

The net income a company reports on the financial statements, calculated by subtracting total expenses from total revenues.

Economic Profit

The variance between what a business earns in total and what it spends, counting both actual expenses and notional costs.

Efficient Output

The level of production where the maximum possible output is achieved with the given resources and technology, minimizing waste and cost.