The Shortest Day of the Year for a Person Living

question 51

Multiple Choice

The shortest day of the year for a person living in the Northern Hemisphere is the

• A) summer solstice.
• B) vernal equinox.
• C) winter solstice.
• D) autumnal equinox.

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Definitions:

Implicit Costs

The opportunity costs of utilizing resources owned by the firm that could have been employed elsewhere, not directly paid out in cash.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, leading to a decreased cost per unit.

Pin Factory

An example used by Adam Smith to describe the benefits of specialization and division of labor in manufacturing, increasing productivity and efficiency.

Constant Returns to Scale

A situation in production where increasing the amount of inputs results in a proportional increase in the output.