What is production? What economic factors are involved in production?
What will be an ideal response?
Production involves any activity that converts resources into goods and services that can be consumed. Production requires the use of all kinds of resources—natural resources, capital, and human resources, so the owners of all these resources are involved with production.
Economics
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In the United States, if a customer at HDFC bank writes a check and the recipient of the check deposits the check in Citibank, then the check is cleared by:
A) Citibank. B) the Fed. C) HDFC bank. D) either HDFC bank or Citibank.
Economics
The value of the CPI for the reference base period is always
A) 100. B) 0. C) 1. D) 50. E) None of the above, because the value of the CPI is not always the same for all reference base periods.
Economics