A document requesting payment 30 days after delivery is known as a ________.
A) time draft
B) sight draft
C) spot draft
D) futures draft
A) time draft
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In the long-run equilibrium in a perfectly competitive market,
A) the firms make an economic profit. B) the firms' owners make a normal profit. C) the average total cost is maximized. D) marginal cost is at a minimum.
The economizing problem is:
A. the need to make choices because economic wants exceed economic means. B. how to distribute resources equally among all members of society. C. that people's means often exceed their wants. D. that people do not know how to rationally allocate resources.
Which of the following purchases do national income accountants consider to be investment?
A. An automobile for private, nonbusiness use B. Corporate bonds C. A new house D. Gold coins
As China switches from catch-up growth to discovery-based growth, the pace of worldwide discoveries will increase and this will raise living standards
a. in the countries that China trades with. b. in China and its neighboring countries. c. in the United States d. in China e. in all countries