30 **Question:**Which of the following is an example of something that economists would consider a cost but accountants would not?**Options:**- The interest income given up by the firm’s owner because the owner used her savings into the firm- The wages that the firm actually pays to the firm's workers- The cost of materials and supplies purchased by a firm- The cost of advertising**Explanation:**This question is designed to test the distinction between economic costs and accounting costs. - **Interest Income:** Economists consider opportunity costs, such as the potential interest income that is foregone when an owner invests personal savings into a firm, rather than earning interest elsewhere. Accountants typically do not include this as a cost.- **Wages, Materials, and Advertising:** These are explicit costs that both economists and accountants consider, as they involve actual expenditures by the firm.

For the most part, implicit expenses should be assessed and are not straightforwardly quantifiable,…

a cost but accountants would not? O the interest income given up by the firm's owner because the owner used her savings into the firm O the The wages that the firm actually pays to the firm's workers O the cost of materials and supplies purchased by a firm

a cost but accountants would not? O the interest income given up by the firm's owner because the owner used her savings into the firm O the The wages that the firm actually pays to the firm's workers O the cost of materials and supplies purchased by a firm

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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