The Fourteenth Amendment to the Constitution

question 45

Multiple Choice

The Fourteenth Amendment to the Constitution

• A) gained considerable support from President Johnson.
• B) became the central issue of the midterm election, because Johnson spoke against Republicans, and Democrats appealed to voters' prejudices.
• C) generated little controversy; all Americans endorsed it.
• D) joined Democrats and Republicans in a shared cause.

---

Definitions:

Explicit Costs

Direct, out-of-pocket payments for resources or services used in the production of goods or services.

Implicit Costs

Denotes the opportunity costs of utilizing resources owned by the firm for its operations, instead of allocating them elsewhere to earn a return.

Total Cost

The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.

Accounting Profit

The difference between total revenue and explicit costs of a business.