The financial statement that sums up a firm's revenues, costs, and profit over a period of time is its
A) income statement. B) dividend yield statement.
C) price-earnings statement. D) balance sheet.
A
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Amy can study for an hour or spend that hour sleeping or going out for dinner. If she decides to study for the hour, the opportunity cost of the hour spent studying is
A) sleeping or going out for dinner, whichever she would have preferred the most. B) definitely going to slee
Normative statements i. describe how the world is. ii. describe how the world ought to be. iii. depend on people's values and cannot be tested
A) i only B) ii only C) iii only D) ii and iii E) i and iii
Which of the following is most likely to be a fixed cost for a business?
a. expenditures on low-skill labor. b. shipping charges for the delivery of products. c. managerial salaries. d. property taxes on the firm's buildings.
The basic economic problem is:
a. inflation. b. unemployment. c. poverty. d. scarcity. e. lack of money.