In Economics, the Cost of Something Is

question 67

Multiple Choice

In economics, the cost of something is:

• A)the out-of-pocket expense of obtaining it
• B)what you give up to get it
• C)always measured in units of time
• D)always higher than people think

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Definitions:

FASB Accounting Standards Codification

The authoritative source of generally accepted accounting principles (GAAP) for public and private companies, established by the Financial Accounting Standards Board (FASB).

Health Care Entities

Organizations involved in the provision of health care services such as hospitals, clinics, and nursing homes.

Statement of Activities

A financial report that shows all revenue and expenses for a specific period, often used by nonprofit organizations.

Net Assets

The difference between total assets and total liabilities, indicating the actual worth of an organization's equity.