The Unemployment Claim Is Usually Evaluated in the First Instance

question 16

Multiple Choice

The unemployment claim is usually evaluated in the first instance by an unemployment officer or agency in the area where the:

• A)employee was terminated.
• B)office is located.
• C)employee was hired.
• D)worker resides.

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Definitions:

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs in the production process.

Opportunity Costs

The value of the best alternative foregone when a decision is made to pursue a particular action, essentially the cost of choosing one option over another.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production, instead of earning income elsewhere.

Explicit Costs

Direct, out-of-pocket payments made for the operation of a business, such as wages, rent, and materials.