Real gross domestic product (GDP) is measured in terms of _____
a. current-year prices
b. base-year prices
c. foreign currencies
d. the quality of goods produced
e. hours of employment
b
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In order to induce risk-averse people to invest in risky ventures, an additional sum of money is often paid to them along with the return
a. True b. False Indicate whether the statement is true or false
You withdraw some of your savings to invest in a new business venture. Which of the following statements is true?
a. The return you will earn from this new investment is your opportunity cost. b. The interest rate you would have earned in the bank is higher than the return from this investment. c. The return you expect to earn from this new investment must exceed your opportunity cost. d. The return you expect to earn from this new investment must equal your opportunity cost.
The organization of petroleum exporting countries (OPEC) is an example of a(n)
A) oil monopoly B) cartel C) competitive arrangement D) prisoner's dilemma
Market demand is
A. the demand for and supply of a good or service. B. a movement along the demand curve in response to the market. C. total equilibrium demand for the market. D. the total quantities demanded of all consumers of a particular item at given prices.