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:

Third Parties

Political parties that compete alongside the two dominant parties in a two-party system, often representing specific or alternative interests.

U.S. Political System

A democratic system of government characterized by a constitution, federalism, separation of powers, checks and balances, and a two-party system.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, starting in the United States.

Voting Patterns

The trends or tendencies in how different groups of people tend to vote, influenced by demographic factors, political affiliations, and societal issues.