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:

American Exceptionalism

The belief that the United States is unique among nations with respect to its ideals of democracy, liberty, and a distinct cultural heritage.

Military Aid

Support or assistance, typically in the form of supplies, services, or expertise, provided by one nation's military to another nation's armed forces.

Stamp Act

A 1765 British law taxing American colonists by requiring them to pay for an official stamp on paper goods, contributing to the American Revolutionary War.

Politically Active Colonists

Early American settlers who engaged in actions or movements to influence policies or leadership.