A statement of assets and liabilities of any business entity is called

A) a balance sheet. B) an income statement.
C) a statement of net worth. D) a cash flow statement.


A

Economics

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The satisfaction or happiness one gets from consuming a good or service is called

A. profits. B. utility. C. income. D. price.

Economics

In 1980, the U.S. budget was ________, private saving was ________ domestic investment, and foreign borrowing was ________

A) in deficit, higher than, not needed to finance deficit B) balanced, roughly equal to, not needed to finance deficit C) balanced, less than, substantial. D) surplus, greater, negligible

Economics

Which of the following commodity bundles represents two goods that are perfect substitutes?

a. Ink and fountain pens b. Diesel and diesel cars c. Butter and margarine d. Webcams and computers

Economics

The short-run average total cost (ATC) curve of a firm will tend to be U-shaped because

a. larger firms always have lower per-unit costs than smaller firms. b. at low levels of output, AFC will be high, while at high levels of output, MC will be high as the result of diminishing returns. c. diminishing returns will be present when output is small, and high AFC will push per-unit cost to high levels when output is large. d. diseconomies of scale will be present at both small and large output rates.

Economics