Explicit Costs

question 18

Multiple Choice

Explicit costs

• A) Include only payments to entrepreneurship.
• 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 opportunity costs of resources used to produce a good.

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Definitions:

Over-heating

The condition of a machine or system running beyond its normal temperature range, which can lead to failure or damage.

Axial TIR

Tolerance of radial run-out in a rotating component, measured along the axis.

Hydraulic Brake Rotor

A critical component in hydraulic braking systems, the rotor is a disc that brake pads press against to create friction and slow down the vehicle.