Which of the following is a liability of a family?
A. Checking account balance
B. Mortgage
C. Share of stock
D. House
Answer: B
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When entry barriers into a market are high,
a. a monopolist will always be able to make an economic profit. b. rival firms will enter and drive price down to the level of per-unit costs if the firms in the market are making economic profit. c. entry into the market will not take place, at least not quickly, even if the firms currently in the market are making economic profits. d. the producers in the market will have little or no incentive to produce efficiently (at a low cost).
Income mobility is:
A. how likely the income associated with each job in the country will change in relative terms. B. how likely the income associated with each job in the country will increase over time. C. how much income is stored in offshore banks. D. the ability to improve one's economic circumstances over time.
1998 appears to have been a year of
Consider the following hypothetical annual growth rates of real GDP:
a) economic expansion
b) recession
c) depression
d) growth recession
e) stagflation
Federal subsidies to farmers can have the effect of creating a surplus in the market for certain crops
Indicate whether the statement is true or false