In the circular-flow diagram, which of the following items represents a payment for a factor of production?
a. interest
b. capital
c. spending by households on goods
d. spending by households on services
a
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Which of the following does free trade encourage?
A) higher rates of economic growth B) more rapid spread of technology C) domestic industries' access to larger markets D) all of the above
The statistical significance of the slope coefficient can only be tested using the F test
Indicate whether the statement is true or false
Which of the following is an example of representative money?
(A) An IOU note (B) Gold earrings (C) A fur coat (D) Diamonds
Refer to Scenario 7.4 below to answer the question(s) that follow.SCENARIO 7.4: You own and are the only employee of a company that sells custom embroidered pet sweaters. Last year your total revenue was $120,000. Your costs for equipment, rent, and supplies were $30,000. To start this business you invested an amount of your own capital that could pay you a $50,000 a year return.Refer to Scenario 7.4. Your economic profit last year was
A. -$20,000. B. $40,000. C. $70,000. D. $90,000.