The yardstick most often used to compare living standards across nations is
a. average production cost per unit
b. sales revenue per month
c. utility per capita
d. GDP per person
e. imports per year
D
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An item to which a business holds legal claim is called a(n)
A) asset. B) liability. C) loan. D) time deposit.
The monopolist can earn long-run profits even if it is not insulated with barriers to entry
Indicate whether the statement is true or false
Which of the following are human capital and physical capital, respectively?
a. for an accounting firm: the accountants' knowledge of tax laws and computer software b. for a grocery store: grocery carts and shelving c. for a school: chalkboard and desks d. for a library: the building and the reference librarians' knowledge of the Internet
In the simple circular flow model:
A. households are buyers of resources. B. businesses are sellers of final products. C. households are sellers of final products. D. there are real flows of goods, services, and resources, but not money flows.