Flannery and Gustavo Agree While Talking on the Phone to Form

question 30

Multiple Choice

Flannery and Gustavo agree while talking on the phone to form a partner-ship-The Home Source-to deal in transfers of real property.To be enforceable, their agreement must

• A)be filed in the appropriate state office.
• B)be in writing.
• C)involve the exchange of valid consideration.
• D)not involve a third party.

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Definitions:

Labor Productivity

A measure of economic performance that compares the amount of goods and services produced (output) with the number of hours worked to produce those goods and services.

Capital Per Worker

The total capital stock of an economy divided by the number of labor workers, influencing productivity.

Labor Productivity

A measure of economic performance that calculates the amount of goods and services produced per hour of labor.

Per-Worker Production Function

The relationship between the amount of capital per worker in the economy and average output per worker.