Activities designed to convert resources into goods and services is known as
A. consumption.
B. production.
C. scarcity.
D. supply.
Answer: B
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What is the relationship shown by the circular flow among income, total expenditure, and GDP?
What will be an ideal response?
If the coupon payment on a bond is $350 and the coupon rate is 7%, then what is the face value of the bond?
A. $5,000 B. $374.50 C. $24.50 D. $528.57 E. There is not enough information provided to answer this question.
What is a patent used for?
a) to disseminate information b) to restrict ownership c) to protect inventors for as long as they live d) to assign property rights
Average product of labor is calculated as
A. (total product) x (total units of labor). B. (marginal product) / (total product). C. (total units of labor) / (total product). D. (total product) / (total units of labor).