Profits A) are a cost of doing business because they are payments to others. B) are not a cost of doing business because they are owed to resource owners. C) are not a cost of doing business because they are often zero or negative. D) are a cost of doing business because entrepreneurs would not […]
Date: September 2nd, 2020
Refer to the above table (all figures in millions). Which country experienced the greatest economic growth from 2014 to 2015? A) A B) B C) C D) D ANSWER B
Date: September 2nd, 2020
Which of the following statements is TRUE about profits? A) Profits are considered a cost of doing business. B) Profits are excluded from the circular flow of the income diagram. C) The only portion of profits that are included in the circular flow diagram are the portion paid out in the form of dividends. D) […]
Date: September 2nd, 2020
Refer to the above table. Which country had the highest growth rate of real Gross Domestic Product (GDP) from 2014 to 2015? A) A B) B C) C D) D ANSWER C
Date: September 2nd, 2020
Total income is defined as A) the total amount earned by all resource owners. B) the sum of the total receipts of firms and the amount earned by households. C) the sum of the total receipts of firms less the amount of tax that must be paid. D) the total receipts of firms before taxes. […]
Date: September 2nd, 2020
Refer to the above figure. Which arrows represent items that are measured in dollar terms? A) Arrows A and B B) Arrows C and D C) Arrows A and D D) Arrows B and C ANSWER C
Date: September 2nd, 2020
By the legal definition of unemployment, a person who has quit his job to take care of his children full time is A) unemployed. B) not in the labor force. C) employed. D) in the labor force. ANSWER B
Date: September 2nd, 2020
Refer to the above figure. Which arrows represent items that are not measured in dollar terms? A) Arrows A and B B) Arrows C and D C) Arrows A and D D) Arrows B and C ANSWER D
Date: September 2nd, 2020
All of the following are incomes earned in the factor market EXCEPT A) wages. B) prices of goods and services. C) rents. D) profits. ANSWER B
Date: September 2nd, 2020
The annual cost of producing the entire output of goods and services in the economy A) includes durable goods but excludes nondurable goods. B) is total income. C) can be calculated entirely on the basis of financial transactions. D) includes financial transactions. ANSWER B
Date: September 2nd, 2020
