Mandy and Jeff Have a Net Worth of $25,000 and Total

question 7

Multiple Choice

Mandy and Jeff have a net worth of $25,000 and total assets of $140,000.If their revolving credit and unpaid bills total $2,200,what are their total liabilities?

• A)$115,000
• B)$140,000
• C)$142,200
• D)$165,000
• E)$167,200

Understand the causes, types, and effects of inflation.

Recognize the functions and impact of the Federal Reserve System on the U.S. economy.

Analyze the role of productivity and technology in economic growth.

Differentiate between the main components of a nation’s financial health (GDP, national debt, budget surplus/deficit).

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Definitions:

Quantity Supplied

The quantity of a product or service that suppliers are ready and capable of offering for sale at a specific price point.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period.

Technology

The application of scientific knowledge for practical purposes, especially in industry and in the creation of inventions and software.

Labor Cost

The total amount of financial compensation and benefits paid to employees for their work, representing a significant operating expense for businesses.