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:

Sustainable Management

Practices and strategies aimed at managing resources and ecosystems in ways that meet current needs without compromising future generations' ability to meet their needs.

Riparian Areas

Land areas adjacent to rivers and streams that are influenced by the presence of water and support distinct plants and animals.

Grazing Fees

Charges imposed for the right to allow domestic livestock to graze on public or leased land.

Per Capita Meat Production

measures the average amount of meat generated per person within a given population, reflecting agricultural productivity and dietary preferences.