At the beginning of the year, Tom's Tubes had a capital stock of 5 tube inflating machines. During the year, Tom scrapped 2 old machines and purchased 3 new machines. Tom's gross investment for the year totaled
A) 1 machine.
B) 2 machines.
C) 3 machines.
D) 6 machines.
C
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Discriminatory trade practices are allowed among sister WTO member countries, especially when it comes to
A) the use of child labor in agricultural and textile/apparel products. B) national security and special benefits given to other members of a free trade area. C) the protection of agriculture and textile/apparel from open trade. D) Both A and B are correct. E) Both B and C are correct.
What is the difference between the accountant’s concept of profit and the economist’s view of profit?
What will be an ideal response?
Adam Smith's book, one of the first systematic treatments of economics, was entitled
a. The Plan of the Ages. b. The General Theory of Money, Taxes, and Income. c. The Wealth of Nations. d. Principles of Economics. e. Concepts in Moral Philosophy.
What are intermediate goods? Why do economists exclude the value of intermediate goods while calculating national income?