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Questions and Answers
An economy is only concerned with the production and consumption of goods, not services.
An economy is only concerned with the production and consumption of goods, not services.
False (B)
Technological evolution is not a factor that influences an economy.
Technological evolution is not a factor that influences an economy.
False (B)
Economic transactions occur when two parties agree to the value of the transacted good or service, commonly expressed in a certain currency.
Economic transactions occur when two parties agree to the value of the transacted good or service, commonly expressed in a certain currency.
True (A)
Monetary transactions account for the majority of the economic domain.
Monetary transactions account for the majority of the economic domain.
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Economic activity is spurred by production which uses natural resources, labor, and capital.
Economic activity is spurred by production which uses natural resources, labor, and capital.
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