Which of the Following Statements Is True

question 41

Multiple Choice

Which of the following statements is true?

• A) An implicit cost is monetary.
• B) An explicit cost is an opportunity cost.
• C) Economists consider all costs to be explicit costs.
• D) Implicit and explicit costs are always equal.
• E) Economists consider only some costs to be implicit costs.

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Definitions:

Spencer's

Likely refers to Herbert Spencer's sociological theories, which applied the principles of evolution to the study of society and emphasized survival of the fittest.

Social Change

The transformation over time of cultural values, norms, institutions, and structures within a society, often driven by collective action, technological innovation, or social policies.

Modernization

The process of adopting the latest technology, organizational practices, or cultural norms, often associated with progress and improvement in society.

Modernization Theory

is a theoretical perspective that links societal development with the adoption of modern technological, political, and economic systems, traditionally viewing such modernization as a positive and linear progression.