In Large Cities, Especially in Congested Areas, One Way Streets

question 17

Multiple Choice

In large cities, especially in congested areas, one way streets are provided in order to

• A)reduce to a minimum the possible conflicting points
• B)increase the carrying capacity of the street
• C)eliminate, at night, the glare from head lamps of opposite vehicles
• D)all of the above

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Definitions:

Implicit Costs

Costs that represent foregone opportunities, such as the income a business owner forgoes by investing in their own company instead of elsewhere.

Explicit Costs

Directly incurred expenses in the operation of a business, such as wages, rent, and material costs, which are clearly accounted for and easy to identify.

Opportunity Costs

The potential benefits missed out on when choosing one alternative over another.

Explicit Costs

Direct, out-of-pocket payments for goods or services that are made by a business as part of its operations.