An asset is
A) anything of value owned by a person or a firm.
B) a payment by a corporation to its shareholders.
C) a nonmonetary opportunity cost.
D) anything owed by a person or a firm.
Answer: A
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Which of the following activities increases the demand for union labor?
A) a decrease in the minimum wage B) a decrease in immigration C) an increase in the union wage D) an increased desire by consumers to buy imports
The "invisible hand" described by Adam Smith refers to the
a. allocative role of markets and market forces b. importance of government intervention and central planning c. actions of successful entrepreneurs in directing the economy d. role of monopolized industries in leading the nation e. value of religious belief in creating an ideal economy
Real GDP is:
A. calculated based on goods and services valued at constant prices. B. calculated based on goods and services valued at current prices (current at the time of production). C. useful in clearly seeing changes in prices over time using GDP. D. the actual GDP that is created in the economy when we consider all items purchased.
A firm that changes its price and sees no change in the total revenues it receives is facing demand that is
A. price inelastic. B. revenue inelastic. C. unit elastic. D. price elastic.