In the Last Half of the Twentieth Century and the First

question 79

Multiple Choice

In the last half of the twentieth century and the first several years of the twenty-first century, U.S. high school dropout rates

• A) increased
• B) declined.
• C) remained unchanged.
• D) plateaued.

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Definitions:

Implicit Costs

The opportunity costs of using resources owned by the firm for its own use, rather than selling them for a profit elsewhere.

Economic Costs

The total value of all resources used in the production of goods or services, including both explicit and implicit costs.

Opportunity Costs

The potential benefits an individual, investor, or business misses out on when choosing one alternative over another.

Accounting Profit

The difference between total revenue and explicit costs, indicating the financial gain recorded in the books of accounts.