One Difference Between Implicit Costs and Explicit Costs Is That

question 29

Multiple Choice

One difference between implicit costs and explicit costs is that:

• A) implicit costs are included in the method accountants use to compute profits, whereas explicit costs are not.
• B) implicit costs are included in economic profits, whereas explicit costs are not.
• C) explicit costs are included in the method accountants use to compute profits, whereas implicit costs are not.
• D) explicit costs are included in economic profits, whereas implicit costs are not.
• E) explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction.

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Definitions:

Structural Inequalities

Systemic disparities in access to resources, opportunities, and rights across different societal groups, often rooted in historical and institutional prejudices.

Privileged Position

refers to a status that gives certain individuals or groups advantages or benefits not widely available to others, often due to socio-economic factors, race, or gender.

White Privilege

The societal privileges that benefit white people beyond what is commonly experienced by non-white people under the same social, political, or economic circumstances.

Unearned Advantage

Privileges and benefits one receives without effort or merit simply because of societal biases towards certain groups.