An implicit cost is (Multiple Choice)

An implicit cost is
 a. any cost a firm cannot avoid in the short run
  b. any expenditure a firm makes
  c. an opportunity cost
  d. accurately measured in accounting statements
  e. ignored by economists

QUESTION 2

Unlike implicit costs, explicit costs
 a. reflect opportunity costs
  b. include the value of the owner's time
  c. are not included in a firm's accounting statements
  d. are actual cash payments
  e. do not change as a firm's output changes

QUESTION 3

A firm's opportunity costs of using resources provided by the firm's owners are called
 a. sunk costs
  b. fixed costs
  c. explicit costs
  d. implicit costs
  e. entrepreneurial costs

QUESTION 4

Cash payments for steel to be used in production would be an example of
 a. sunk costs
  b. fixed costs
  c. explicit costs
  d. implicit costs
  e. entrepreneurial costs

QUESTION 5

Which of the following are implicit costs for a typical firm?
 a. insurance costs
  b. electricity costs
  c. opportunity costs of capital owned and used by the firm
  d. cost of labor hired by the firm
  e. the cost of raw materials