In economic terms, property means
a. everything an individual owns and the labor he/she provides
b. everything an individual owns but not the labor he/she provides
c. some things an individual owns and the labor he/she provides
d. some things an individual owns but not the labor he/she provides
Ans: a. everything an individual owns and the labor he/she provides
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The Acme Stereo Company had a capital stock of $24 million at the beginning of the year. At the end of the year, the firm had a capital stock of $20 million. Thus its
A) net investment was some amount but we need more information to determine the amount. B) net investment was $4 million for the year. C) gross investment was zero. D) net investment was -$4 million for the year.
The risk of making a loan is
A) earning profits that are too high and cause higher taxes. B) the risk that lender does not pay. C) the risk that the borrower does not pay. D) called "default risk" when taxes are not paid.