Which of the following products is typically a wife-dominant purchase? a. food processor b. furniture c. apartment d. auto insurance CONSUMPTION Consumption refers to the use of goods and services by individuals to derive satisfaction. Consumpti...
A good institution following the definition must support the growth of an individual or the country's citizens and support economic performance and sustainability. Good institutions result in sustainable long-term economic growth in a count...
Background A public good is a good that is non-rivalrous and non-excludable in that users are not excluded from its use yet simultaneously such usage does not reduce the availability of said good. Traditional examples include air, light houses and street lighting. Bitcoin is a decentralized ...
Which of the following is infrastructure? a. Police b. Training and education c. Highways d. All of the answers above answers are correct. Infrastructure: Infrastructure refers to basic items in an economy that lead to its smooth functio...
Which of the following is a type of insurance? a. auto b. health c. life d. property e. all of the above Insurance: Insurance is a system for spreading the risk of loss among those affected. An insurance policy mitigates risk by transferring some...
Which of the following statements regarding a price-taking firm is correct? a) Demand {eq}= {/eq} price {eq}= {/eq} average revenue {eq}= {/eq} marginal revenue. b) Demand {eq}= {/eq} average revenue {eq}> {/eq} marginal revenue. ...
Which of the following statements is correct? a. When marginal product rises, marginal cost must also rise. b. Marginal cost is the price or cost of an extra variable input (for example, an additional worker or machine) divided by its marginal product. ...
GNP stands for gross national product. It is a measure of total value of all goods and services being produced by residents of a country, in a given period of time.Answer and Explanation: The following statement is untrue regarding gross national product: 2. GNP include goods ...
The IMA sponsors which of the following designations? A) CPA B) CMA C) CA D) None of the Above IMA: Institute of Management Accountants (IMA) is a professional membership organization that provides certifications of the certified management accounts (CMA) in more t...
Which of the following items would most likely have the highest total utility? a. lava. b. water. c. emeralds. d. steel. Total and Marginal Utility: Utility is a measure of the amount of satisfaction or happiness that someone receives. Total uti...