All money costs can be regarded as _______.

Social costs

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Opportunity costs

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Explicit costs

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Real costs

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Solution

The correct option is B Explicit costs

An explicit cost is a direct payment made to others in the course of running a business, such as wage, rent and materials, as opposed to implicit costs, which are those where no actual payment is made.

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Similar questions

Which of the following statements about opportunity cost is TRUE?

I. Opportunity cost is equal to implicit costs plus explicit costs.
II. Opportunity cost only measures direct monetary costs.
III. Opportunity cost accounts for alternative uses of resources such as time and money.

Q. Opportunity costs are a result of __________.

The opportunity cost of holding money is:

Q. Define marginal opportunity cost along a PPC.

Q. You have Rs.

1, 000

as your pocket money. You can deposit this money in a bank and get RS.

1, 100

after a year. However, you have two other choices:
(i) lend this money to your friend who is ready to pay you Rs.

1, 050

after an year, or
(ii) keep the money with you as cash in hand.
What is the opportunity cost of keeping the money as cash in hand?

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All money costs can be regarded as _______.

The correct option is B Explicit costs An explicit cost is a direct payment made to others in the course of running a business, such as wage, rent and materials, as opposed to implicit costs, which are those where no actual payment is made.

The correct option is B Explicit costs

An explicit cost is a direct payment made to others in the course of running a business, such as wage, rent and materials, as opposed to implicit costs, which are those where no actual payment is made.