Restaurant Meals Are an Example of a ________ Good and Clothing

question 15

Multiple Choice

Restaurant meals are an example of a ________ good and clothing is an example of a ________ good.The pattern of interregional trade is determined primarily by ________.

• A) nontraded; traded; external economies.
• B) traded; nontraded; internal economies
• C) nondurable; durable; natural resource
• D) durable; nondurable; natural resources
• E) consumer; style; population

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Definitions:

Leap Years

Years with an extra day (February 29) added to keep the calendar year synchronized with the astronomical year or seasonal year.

Interest Computation

The process of calculating the interest due on a loan, based on the principal, interest rate, and time.

Lending Institution

An organization that provides financial loans to individuals or businesses, expecting repayment with interest.

Discounted

The process of determining the present value of a payment or a series of payments that will be made in the future, taking into consideration a specific interest rate.