The Cost of Producing Goods and Services

question 129

Multiple Choice

The cost of producing goods and services

• A)includes only the cost of factors of production used to produce output.
• B)includes the cost of factors of production and depreciation but excludes production related taxes such as sales tax.
• C)includes the cost of factors of production, depreciation, and other production related taxes such as sales tax.
• D)includes the cost of inputs used to produce the product and all production related taxes but excludes profit.

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Definitions:

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The development and application of new technologies and ideas that improve products, processes, or services.

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