All goods and services produced in a country in one year are called its__________________?

A. Gnp
B. Gdp
C. Ndp
D. None of these

Using part of income/saving for more income is called_________________?

A. Investment
B. Busyness
C. Consumption
D. Entrepreneurship

Total consumption deducted from total income is called__________________?

A. Net income
B. Gross income
C. Saving
D. None of these

An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ?

A. Command economy
B. Closed economy
C. Open economy
D. None

The total revenue of a film less all its economic costs is called_____________________?

A. Economy profit
B. Pure profit
C. Above normal profit
D. All these

To charge different prices for the goods of the same standard is called___________________?

A. Prices discrimination
B. Prices differentiation
C. Oligopoly
D. Prices elasticity

The monetary payment a firm must make to an outsider to obtain a resource____________________?

A. Implicit cost
B. Explicit cost
C. Net cost
D. Total cost

An organization which employs resources to produce a good or service for profit and own and operates one or more plants is called_______________?

A. Company
B. Factory
C. Firm
D. None

A market in which money of one nation can be used to purchase the money of other nation is called____________________?

A. Money market
B. International market
C. Foreign exchange market
D. All of these

Legally established maximum price of a good or service__________________?

A. Ceiling price
B. Floor price
C. Max price
D. None