In the economic way of thinking, a productive service is
A) a meritorious service.
B) something of clear value to anybody in society.
C) an activity that enables people to obtain something for which they are willing to pay.
D) all of the above.
E) none of the above.
C
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What is the present value of $500 promised four years from now at 5% annual interest?
A. $520.00 B. $400.00 C. $411.35 D. $607.75
Which of the following formulas is correct? Percentage change in:
A. price level approximates percentage change in real income minus percentage change in nominal income. B. real income approximates percentage change in nominal income minus percentage change in price level. C. nominal income approximates percentage change in price level minus percentage change in real income. D. real income approximates percentage change in price level minus percentage change in nominal income.
In the short run, firms suffering losses should always shut down.
Answer the following statement true (T) or false (F)
The government of Lithasia ran a budget deficit of $60,000 in 2014. If the tax revenue of the Lithasian government in 2014 was $320,000,000, how much did the government spend in that year?
A) $319,940,000 B) $1,060,000 C) $320,060,000 D) $49,000,000