A bond is a(n):
A. claim to partial ownership of a firm.
B. agreement issued by a financial intermediary linking savers and investors.
C. regular payment made to owners of a firm.
D. legal promise to repay a debt.
Answer: D
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As the price of milk increases, producers are normally willing to supply greater quantities. This response is known as the law of
a. supply b. demand c. averages d. variable proportions e. increasing costs
In a closed economy, which of the following equations reflects investment? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y - C - G B) Y - C - T C) Y - T + TR D) C + G -T
Use the above table and assume a fixed cost of $200. At an output of 1, MC is
A. 0.
B. $100.
C. $200.
D. $300.
A bowed-outward production possibilities curve demonstrates the concept of
A) constant opportunity costs as production shifts from the production of one good to the production of the other good. B) decreasing opportunity costs as production shifts from the production of one good to the production of the other good. C) increasing opportunity costs as production shifts from the production of one good to the production of the other good. D) increasing opportunity costs at first but the opportunity costs steadily decrease as you move down along the curve.