Which of the following would be considered an investment when calculating GDP using the expenditure method?
a. Business expenses
b. Stocks and bonds
c. Annuities
d. Retirement funds
a
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If the economy is producing at point B, the opportunity cost of gaining 12 units of consumer goods is _______ units of capital goods.
Price and quantity decisions made by a company have vital influences on
A. the firm’s labor requirements. B. consumer response to the product. C. future success of the company. D. All of the responses are correct.
The basic proposition in international trade is that
A) trade is determined by absolute advantage. B) in the long run, imports are paid for by exports. C) everyone is made better off by free trade. D) fair trade is more important than free trade.
Common property is
A) a resource that everyone is free to use as much as they want. B) property that belongs to both spouses in a marriage. C) property owned by a group such as a club or a church. D) generic property as opposed to specific property.