The Amount of Goods and Services People Can Buy with the Money

question 33

Multiple Choice

The amount of goods and services people can buy with the money they have is called their:

• A)nominal income.
• B) consumer price index.
• C) profit margin.
• D)standard of living.

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Definitions:

Transforming Resources

Inputs used in the production process that include both raw materials (physical resources) and the effort provided by people (human resources).

First-Line Management

Managers at the lowest level of an organization who directly manage non-managerial employees.