Gross domestic product is equal to the market value of all final goods and services:
a. exchanged during a period.
b. produced domestically during a period.
c. produced by the citizens of a nation during a period.
d. produced domestically during a period minus the depreciation of productive assets.
b
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Bonds are
A) promises to repay loans. B) promissory notes issued by partnerships. C) promissory notes issued by proprietorships. D) shares of ownership in a corporation.
If we accept the principle of “caveat emptor” - “let the buyer beware,” why then is there concern about the ethics of advertising. If the consumer is responsible to make the decision, is there anything to justify restricting the advertiser? Explain your view.
What will be an ideal response?
The increase in output that results when one more unit of a variable input is hired is called
A. average physical product. B. marginal physical product. C. total physical product. D. marginal revenue.
Efficiency occurs when
A. the economy has a fair and just distribution of income. B. the economy is producing what people want at least possible cost. C. unemployment is low and prices are stable. D. all markets are in equilibrium.