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:

Organisational Context

The internal and external environment in which an organization operates, including its culture, structure, and external market conditions.

Work Attitudes

Employees' feelings, beliefs, and thoughts about their jobs, colleagues, and organizations, which can affect their work behavior and performance.

Personal Growth

The process of improving oneself through activities that enhance self-awareness, develop talents, and potential, contribute to the realization of dreams and aspirations.

Organisational Size

The scale of a company or institution, measured by the number of employees, revenue, or other relevant metrics.