Wealth or net worth is equal to
A. assets plus liabilities.
B. assets minus liabilities.
C. income minus savings.
D. consumption plus changes in net worth.
Answer: B
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Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below. Mega Corp: TC = 5,000 + 100Q Big Inc: TC = 4,000 + 200Q For both firms, average total cost:
A. declines as quantity increases. B. declines as quantity increases for Mega Corp and increases as quantity increases for Big Inc. C. increases as quantity increases. D. is constant for all quantities.
A 10 percent decrease in the price of a Pepsi decreases the demand for a Coca-Cola by 50 percent. The cross elasticity of demand between a Pepsi and Coca-Cola is
A) 50. B) 10. C) 5. D) 0.20.
In the United States, labor productivity is approximately
a. $73 per hour. b. $94 per hour. c. $102 per hour. d. $110 per hour.
Which list ranks assets from most to least liquid?
a. currency, fine art, stocks b. currency, stocks, fine art c. fine art, currency, stocks d. fine art, stocks, currency