Which of the Following Is an Example of an Implicit

question 149

Multiple Choice

Which of the following is an example of an implicit cost that a firm might incur?

• A)the out-of-pocket expense to hire resources
• B)taxes owed to the state and Federal governments
• C)the rental value of the office space the company owns and uses for itself
• D)the revenue a firm generates in using its resources

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Definitions:

Teamsters Union

A labor union representing a diverse membership of blue-collar and professional workers in various industries across the United States and Canada.

Time Standards

Predetermined times established for performing tasks, used to set work schedules and measure productivity.

Shipping Business

A sector involved in the transportation of goods by sea, encompassing freight shipping companies, container shipping, and logistics services.

Operations Chart

A chart depicting right- and left-hand motions.