To the Economist, Total Cost Includes

question 411

Multiple Choice

To the economist, total cost includes

• A)explicit and implicit costs.
• B)neither implicit nor explicit costs.
• C)implicit, but not explicit, costs.
• D)explicit, but not implicit, costs.

---

Definitions:

Trade Instruments

Financial products and contracts used in international and domestic trade to facilitate commercial transactions and manage risk.

Exemption

A legal provision relieving a person or entity from a general requirement, duty, or penalty.

Seize

To take possession of something, often by legal authority, because of a rule or law.

Suretyship

A contractual obligation undertaken by a surety to be responsible for another's performance of an obligation or payment of debt, should that party fail to perform.