In a market economy, what encourages firms to develop new products and production processes?
A) contracts B) insurance C) patents D) accounting rules
C
Economics
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Suppose real GDP was 120 in year 1 and 156 in year 2. The growth rate of real GDP is
A) 5.6 percent. B) 18 percent. C) 30 percent. D) 36 percent.
Economics
Which of the following best illustrates the unit of account function of money?
A) You list prices for clothing sold on your Web site, www.nattydresser.com, in dollars. B) You pay for your cruise tickets with dollars. C) You keep $50 in your backpack for emergencies. D) You keep your tips earned from your tour guide job in a separate jar at home.
Economics