An example of a final good is:
A. chocolate chips purchased by Nabisco to make Keebler chocolate chip cookies.
B. chocolate chips purchased by you to make chocolate chip cookies.
C. chocolate chips purchased by a restaurant to make a chocolate chip cookie pie to sell.
D. chocolate used to make Cocoa Rice Krispies.
B. chocolate chips purchased by you to make chocolate chip cookies.
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The labor force excludes those:
A. younger than age 16 years old. B. who don't want to work. C. who are disabled and can't work. D. The labor force excludes all of these.
If different people own the different stages of production of a commodity, a contract or market relationship helps to minimize transaction risks and creates economic value
Indicate whether the statement is true or false
Entrepreneurs can delegate every one of the following tasks to labor except:
A. hiring and training new employees. B. assuming business risk and uncertainty. C. supervision of the production process. D. marketing the goods and services produced.
The nominal exchange rate is the
A) rate of return on Treasury bills, notes, and bonds. B) rate at which stocks and bonds may be exchanged for currency. C) the rate at which domestic bank deposits and foreign bank deposits are exchanged. D) the price of one country's currency in terms of another country's currency.