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☆☆☆☆☆Cards in this guide (12)
What is the total of all goods produced in a year called
GNP
In a period of inflation there are too many goods and not enough money
false
Caveat emptor means that the producer will be protected against fraudulent business practices but must protect the consumer
false
Which of these terms defines a time when there is an increase in money and a decrease in goods
Inflation
A machine wearing out is an example of which of these
capital consumption
The factors of production are the beginning of the process that makes up the
gross nationaly product
Non-durable goods are those things which wear out quickly like stockings shoes pencils and paper
TRUE
Aggregate means that the majority agree with a concept or theory true or false
false!!
Is an organization that produces and distributes a good or service for profit called a business yes or no
Yes
Which of these is the most widely used statistical report for comparing economic trends
Consumer price index
What are goods produced inside the US that are sold and shipped for use in other countries called
Exports
Are gross domestic product and net national product equal
(gross national product or GNP) minus depreciation = net national product
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