Which of the Following Is an Explicit Cost in Jim's

question 224

Multiple Choice

Which of the following is an explicit cost in Jim's business venture?

• A) the salary Jim could have earned at another job
• B) the interest Jim does not earn because he invested his savings in his business
• C) the wages Jim pays his workers
• D) Jim's normal profit
• E) Answers A, B, and D are correct.

---

Definitions:

One-way ANOVA

A statistical test used to determine if there are any statistically significant differences between the means of three or more independent (unrelated) groups.

Freshmen

Refers to students in their first year of a program of study at high schools, colleges, or universities.

Variance

A measure of how much values in a set differ from the mean of the set.

Central Tendency

A descriptive summary of a dataset through a single value that reflects the center of the data's distribution, often illustrated by the mean, median, or mode.