According to the U

question 5

Multiple Choice

According to the U.S.Constitution,if no one candidate receives a majority vote of the Electoral College,who chooses the president?

• A)the U.S.Senate
• B)the U.S.House of Representatives
• C)both the Senate and House in joint session
• D)the Supreme Court
• E)the people,in a runoff election

Recognize the role of profits and losses in the allocation of society's resources.

Comprehend the basic principles of loan interest, including factors affecting interest rates and the relation between loan size and period.

Identify the characteristics of economic resources and differentiate between them (e.g., land, labor, capital).

Understand the notion of the time-value of money and its implications for financial decisions.

---

Definitions:

Total Cost

The sum of all the expenses incurred in producing a good or service, including both fixed and variable costs.

Average Cost

The cost per unit of output, calculated by dividing the total cost of production by the number of units produced.

Marginal Cost

The additional cost incurred in producing one more unit of a good or service.

Variable Cost

Costs that change in proportion to the level of production or sales activity of a business.