Money spent for the factors of production is an explicit cost.Question 17Select one:TrueFalse

True or false: A production budget is unique in that it does not show costs; it is always expressed in units of product.True false question.TrueFalse

The costs associated with the use of resources are called:Multiple choice question.implicit costs.economic costs.explicit costs.accounting costs.

Fill in the Blank QuestionFill in the blank question.In costing, only costs that change in total with changes in production levels are included in product costs.

Choice is necessitated by _____.*1 pointA. demand and supplyB. cost of productionC. production possibility curveD. scarcity of resources

An example of an explicit cost of production would be theGroup of answer choicescost of forgone labor earnings for an entrepreneur.lost opportunity to invest in capital markets when the money is invested in one's business.lease payments for the land on which a firm's factory stands.value of the time the business could've spent producing something else.