Which of the Following Statements Is True

question 248

Multiple Choice

Which of the following statements is true?

• A)An explicit cost is an actual cost; an implicit cost is a theoretical cost.
• B)Economic costs include both explicit costs and implicit costs.
• C)An explicit cost is more important, dollar for dollar, than an implicit cost.
• D)Explicit costs are accounting costs, not economic costs; implicit costs are economic costs, not accounting costs.

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Definitions:

Fovea

A tiny depression in the retina where visual acuity is highest, due to the high concentration of cone cells.

Opponent-Process Theory

A psychological and neurological model that explains contrasting emotions and motivations, especially in response to addiction and emotional experiences.

Color-Sensitive Cones

Photoreceptor cells in the retina responsible for color vision, responding differentially to light of different wavelengths.

Cortex

The outermost layer of the brain, involved in higher-level functions such as consciousness, thought, emotion, and reasoning.