Which of the Following Is an Implicit Cost

question 171

Multiple Choice

Which of the following is an implicit cost?
(i) a business owner forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm
(ii) interest on debt
(iii) uncollected revenue

• A)(i) only
• B)(i) and (ii)
• C)(ii) and (iii)
• D)(i), (ii) and (iii)

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Definitions:

Measure Death

The methods or criteria used to determine the occurrence of death, which may include medical, legal, and ethical considerations.

Living Will

A legal document designating what medical treatments people want or do not want if they cannot express their wishes.

Sudden Infant Death Syndrome (SIDS)

An unexplained event, usually occurring during sleep, that results in the sudden death of an apparently healthy infant under the age of one year.

Age Range

The span of years that separates the youngest from the oldest individuals in a group or population.