Credit is:
A) the loan that a debtor receives.
B) the income that an employee earns.
C) any good that cannot be consumed but is used for the production of other goods.
D) any good that is available for free.
A
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Sophie is willing to sell her soccer ball for $10. Ruby is willing to pay $20 for the soccer ball. Sophie and Ruby agree on a price of $16. The gains from trade for Sophie equals ________ and the gains from trade for Ruby equals ________.
A. $5, $5 B. $6, $4 C. $10, $20 D. $4, $6
According to this Application, workers in the EU were more productive than workers in Latvia in the 1990s, yet EU nations still purchased products from Latvia. This is because Latvia ________ in the production of the products it sold to EU nations
A) used fewer resources B) had a higher opportunity cost C) had an absolute advantage D) had a comparative advantage
The compensated demand curve holds the consumer's utility fixed as the price changes
Indicate whether the statement is true or false
If corn is an input into the production of ethanol, will a decrease in the price of corn increase the supply of ethanol or decrease the supply of ethanol?