An item to which a business holds legal claim is called a(n)
A. opportunity cost.
B. loan.
C. asset.
D. liability.
Answer: C
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Suppose sugar is exported from a nation. In the sugar market who does NOT benefit from the exports?
A) domestic consumers B) domestic producers C) workers in the industry D) foreign consumers
Every firm that has the ability to affect the price of the good or service it sells will
A) earn a short-run profit but break even in the long run. B) shut down in the short run. C) have a marginal revenue curve that lies below its demand curve. D) have a perfectly elastic demand curve.
The government's $168 billion plan to stimulate the softening economy in 2008 failed partly because the tax cuts were temporary
a. True b. False Indicate whether the statement is true or false
Answer the question on the basis of the following data. All figures are in billions of dollars. Proprietor's Income 20 Compensation of Employees 300 Consumption of Fixed Capital 15 Gross Investment 80 Rents 10 Interests 20 Exports 30 Imports 50 Corporate Profits 25 Taxes on Production and Imports 5 Net Foreign Factor Income 0 Statistical Discrepancy 0 Refer to the above data. Gross domestic product is:
a) $395. b) $380. c) $375. d) $360.