Which of the Following Statements Is INCORRECT

question 75

Multiple Choice

Which of the following statements is INCORRECT?

• A) A firm's total economic cost is at least as large as the firm's total accounting cost.
• B) A firm's total economic cost includes both explicit cost and implicit cost of the firm.
• C) A firm's implicit cost is the opportunity cost of non-purchased inputs.
• D) A firm's total accounting cost is at least as large as the firm's implicit cost.

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Definitions:

Measuring Impact

The process of evaluating the outcomes or changes that result from a specific activity or intervention, often focusing on the effectiveness and the value that it brings.

Financial Expenditures

The outflow of monetary resources by an organization, government, or individual, especially for purchasing goods, services, or assets, or paying off debts.

Tangible Costs

Directly measurable expenses associated with a specific action, project, or decision, such as materials, labor, and overhead costs.

Balanced HR Scorecard

A strategic planning and management system used in an organization, particularly in the HR sector, that translates an organization’s mission and vision into operational objectives and performance measures.