Answer: a. Explicit Cost
b. Implicit cost
c Implicit cost
d. Explicit cost
Explanation:
Implicit cost is refers to the cost which has happened already but might not be shown as a separate expense. It is the opportunity cost which occurs when internal resources are used towards a project. Explicit costs, are the tangible assets and also the monetary transactions that can be found in real business opportunities.
Based on the explanation above, the answer to the following include:
a The wholesale cost for the guitars that Andrew pays the manufacturer = Explicit cost
b. The rental income Andrew could receive if he chose to rent out his showroom = Implicit cost
c. The salary Andrew could earn if he worked as an accountant = Implicit cost
d. The wages and utility bills that Andrew pays = Explicit cost
The federal government is considered a bureaucracy primarily because it is a complex system of organisation which functions based on some specific established principles.
Opportunity Cost is also known as Economic Opportunity Loss and it is the highest value alternative forgone.
Answer:
Monetary Policy
Explanation:
The Fed is the shortened term for the Federal Reserve or the United State's Central Bank and Tools of Monetary Policy are communications, actions and tools employed by the Fed to regulate the activities of the economy by regulating the activities of the its member financial institutions.
Specifically, the Federal Reserve has three economic goals as directed by the Congress and they include, moderate long-term interest rates, stable prices and maximum employment. By controling interest rates, making direct lending or buying the treasury bill sof financial institutions among others, the Fed carries out these three economic goals.
Answer:
The correct answer to this question is D) When on a television, National milk council is giving a message to the public, to drink milk , that would be called advertising.
Explanation:
Advertisement can be defined as a form of communication, where the main objective is to try influencing the behavior of target consumers. Here a product or service is being brought in to the attention of target consumers, so that consumers can be urged to buy that product or service. A producer develops a message here and places that message to the consumer ( in this question through TV done by national milk council ), with the intention of persuading the consumers to buy that product or service.
