In Economics, Cost Is ________, and Benefit Is ________

question 334

Multiple Choice

In economics, cost is ________, and benefit is ________.

• A) what you must give up to get something; what you are willing to give up to get it
• B) what you are willing to give up to get it; what you must give up to get something
• C) the amount of money that you pay for something; the amount of money that someone else is willing to pay you
• D) what you are willing to pay on the margin; what the government pays you when you are unemployed or retired
• E) the amount of money that you pay on the margin; the amount of money that you receive on the margin

---

Definitions:

Factory

An establishment or complex of establishments involved in the machine-based production or assembly of merchandise.

Work in Process Account

An account in the general ledger representing the costs of incomplete products in manufacturing at any given time.

Cost Ledger

A subsidiary ledger that records the individual costs of production, providing detailed cost information.

Period Cost

Expenses that are not directly tied to the production of goods and are expensed in the period in which they are incurred, such as selling and administrative costs.