Which of the following would count as an asset in computing national wealth by using National Net Worth?
A) Wages/salaries
B) Rents on property
C) Bank Accounts
D) Public Lands
Answer: C) Bank Accounts
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Ted can study for his economics exam or go to a concert. He decides to study for his economics exam instead of going to the concert. The concert he will miss is Ted's ________ of studying for the exam
A) opportunity cost B) explicit cost C) implicit cost D) discretionary cost
The role of prices in a market economy is to
a. make producers rich at the expense of consumers b. replicate what society produced in the past c. determine the allocation of resources d. enforce what the government chooses e. force consumers to pay for business profits
Which country had the largest trade deficit in 2011?
a. Canada b. Mexico c. China d. Japan
Which of the following investments is part of a positional arms race?
A. Playing golf for fun B. Watching your friend train for a soccer game C. Studying hard for your economics exam because your professor grades on a curve D. Renting movies for the weekend