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Author Question: A factor of production refers to any good or service that is: A) produced by the government. B) ... (Read 139 times)

fox

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on: Jun 29, 2018
A factor of production refers to any good or service that is:
 
  A) produced by the government.
  B) produced in a competitive market.
  C) used to produce other goods and services.
  D) produced using scarce economic resources.

Question 2

Ted can study for his economics exam or go to a concert. He decides to study for his economics exam instead of going to the concert. The concert he will miss is Ted's ________ of studying for the exam.
 
  A) opportunity cost
  B) explicit cost
  C) implicit cost
  D) discretionary cost


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akpaschal

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

A


fox

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

dreamfighter72

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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