Which of the following contributed to the sharp economic downturn during 2008?
a. rising housing and stock prices
b. falling housing and stock prices
c. rising housing prices but falling stock prices
d. falling housing prices but rising stock prices
B
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How does the production of a U.S. firm located in France affect U.S. GDP? How does the production of a French firm located in Ohio affect U.S. GDP?
What will be an ideal response?
The production function describes: a. the relationship between the quantity of inputs utilized and the quantity of output produced. b. how inputs are most profitably used in production
c. the most cost-effective method of combining various inputs in the production process. d. the relationship between a firm's revenue and its level of production.
The "standard of deferred value" function of money means it is:
a. Unit in terms of which everything is valued and the basis for establishing relative prices between goods and services. b. Asset people can use to accumulate wealth. c. Barter value of a product for which a nation has a comparative advantage. d. Asset individuals get for goods and services and then use later to purchase other goods and services. e. The unit in terms of which people write contracts.
Which of the following is NOT true about investment goods?
A.) They add to the nation's stock of capital. B.) They can be used to replace worn-out equipment. C.) They can expand the nation's production possibilities. D.)They increase the retirement benefits for individuals.