Explicit Costs

question 91

Multiple Choice

Explicit costs

• A) Include only payments to labor.
• B) Are the sum of actual monetary payments made for resources used to produce a good.
• C) Include the market value of all resources used to produce a good.
• D) Are the total value of resources used to produce a good but for which no monetary payment is made. An explicit cost is a payment made for the use of a resource.

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Definitions:

Social Action

Acts and behaviors intended to bring about change in societal norms, policies, or structures, often driven by collective or individual efforts.

Reducing Inequality

Reducing Inequality involves measures and actions aimed at decreasing the economic and social disparities between different populations or groups within society.

Gross Income

The total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau.

Disposable Income

The amount of money that households have available for spending and saving after income taxes have been accounted for.