During Sporting Events at the Local High School,Steven Urangi Runs

question 170

Multiple Choice

During sporting events at the local high school,Steven Urangi runs a concession stand.The costs associated with the purchase of hot dogs,mustard,relish,ketchup,chips,soft drinks,paper napkins,and cups are all examples of which type of costs?

• A)marginal
• B)variable
• C)fixed
• D)liquidity

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Definitions:

Open Economy

An economy that engages in international trade, allowing goods, services, and capital to move freely across its borders.

National Saving

National saving is the sum of private and public savings in an economy, essentially the portion of national income that is not spent on consumption or government expenditure.

Consumption

The use of goods and services by households. It includes spending on durable goods, nondurable goods, and services.

Loanable Funds

The market where savers supply funds for loans to borrowers, often illustrated by the supply and demand for loans.