An obligation to make future payment is
A. Debt service.
B. An asset.
C. A liability.
D. Debt refinancing.
Answer: C
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Goods like exclusive designer clothes carry with them prestige value linked to their price. As a result, some people demand more of such goods as the price increases. For those people, such goods are Giffen goods.
Answer the following statement true (T) or false (F)
If marginal propensity to save equals 0.50, then the marginal propensity to consume is:
A) 1.25. B) 0.50. C) 0.70. D) 1.00.
A business owner makes 50 items a day. She spends 8 hours in producing those items. If hired elsewhere she could have earned $10 an hour. The item sells for $10 each. Production occurs seven days a week. If the explicit costs total $10,000 a month the economic profit for the month equals:
a. $2,600 b. $2,240 c. $11,760 d. $5,000
By definition, an industry with high concentration also is highly competitive
a. True b. False Indicate whether the statement is true or false