Asked by Bruce Eugine on May 19, 2024
Verified
Which of the following is an implicit cost of migration?
A) the cost of traveling to a new country
B) having to adapt to a new culture
C) paying application fees
D) payment to an expediter
Implicit Cost
The opportunity cost associated with a firm's use of resources that it owns, measured by the income the firm foregoes by utilizing these resources in-house rather than engaging them elsewhere for profit.
Migration
The movement of people from one place to another with the intentions of settling, permanently or temporarily, at a new location.
- Identify the differences between explicit and implicit expenses in migration and their effects on migration choices.
Verified Answer
JB
Jason BarnesMay 25, 2024
Final Answer :
B
Explanation :
Implicit costs of migration include non-monetary costs such as the emotional and psychological costs of adapting to a new culture, which are not directly paid out in money but represent a real cost to the individual's well-being and social integration.
Learning Objectives
- Identify the differences between explicit and implicit expenses in migration and their effects on migration choices.
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