The $600 Paid in Property Taxes Counts as

question 59

Multiple Choice

The $600 paid in property taxes counts as

• A) An implicit cost.
• B) A normal cost.
• C) A variable cost.
• D) An explicit cost.

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Definitions:

Resources

Assets, materials, and inputs needed to produce goods and services in an economy.

Standard of Living

A measure indicating the degree of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.

Total Annual Output

The total value or volume of goods and services produced by an economy within a year.

Germany

A country in Central Europe known for its rich history, economic strength, and contributions to arts, science, and technology.